Reconcept - Risk and return review
Reconcept - Returns and loss rates
Reconcept – Platform statistics 2026
12000
investors
Reconcept – Pros & Cons
About Reconcept
What it is
reconcept is not a marketplace. It is a Hamburg company, reconcept GmbH, that has developed and financed renewable-energy projects since 1998 and sells its own bonds directly to private investors. The money funds its wind, solar, battery-storage, hydro and tidal projects in Germany, Finland, Canada and Spain. Since 1998 it has issued 59 investments and raised €346.2 million from investors; 15 were still running at the end of 2025.
How it works
You buy a bond of reconcept GmbH or one of its subsidiaries, from €1,000, online or through your bank. Bonds issued since 2025 pay a fixed 6.25% to 7.75% a year, usually twice a year, and repay the full amount at the end of a term of five to seven years. A new battery-storage bond at 7.0% a year was launched on 8 October 2026. You do not choose a project: reconcept decides where the money goes, and part of the money raised can refinance projects it has already built.
Returns
The fixed coupons are promises, not results. reconcept's own performance report says its 18 dissolved investments since 1998 grew investors' money by 4.12% a year on average (as of 31 December 2025): €90.0 million paid in, €107.3 million paid back. It does not explain how the average is calculated, and the report is marked as marketing material. Its first green bond paid 6.75% a year and was repaid in full on time on 24 August 2025.
Losses and defaults
reconcept publishes no figure for defaults or losses. Its report states that all bonds have so far paid interest and capital as promised, and lists every dissolved investment simply as wound up or repaid, without amounts per investment. Independent tracking of investor outcomes points to two older funds, RE01 (a solar park in Spain) and RE04 (hydro power in Canada), returning only about 35% and 85% of investors' capital when wound up in 2016.
One bond needs watching: RE15 EnergieZins 2025, a €10 million subordinated bond, was due to end in March 2026 and was listed as still running at the end of 2025. By 27 October 2026 reconcept had published no announcement that it was repaid. We have asked reconcept and will update this page when it answers.
What secures your money
Nothing is pledged to you. The bonds are unsecured: no mortgage, no pledge over the project companies, no security trustee, no guarantee and no reserve fund. Most rank equally with reconcept's other ordinary creditors; RE15 ranks behind them. The bond pages warn that a total loss is possible. Repayment depends on the group selling or refinancing its projects or raising new money. At the end of 2025 reconcept GmbH had €4.72 million in cash against €57.5 million of bonds, and its equity fell to 11.3% of its balance sheet from 14.5% a year earlier. In plain words: you lend to one company with nothing pledged to you, so getting paid back depends entirely on reconcept staying solvent.
Who runs it and its licence
The issuer is reconcept GmbH (Hamburg, commercial register HRB 111453), led by Karsten Reetz since 2006. It holds no crowdfunding, banking or fund-management licence. Its bond prospectuses are approved by Luxembourg's financial regulator (CSSF) and notified to Germany's BaFin; approval checks that the prospectus is complete, not that the investment is sound. Its sales arm, reconcept consulting GmbH, is registered as a financial investment intermediary with the Hamburg Chamber of Commerce. It publishes audited annual accounts for the parent and its bond-issuing subsidiaries.
Fees
No issue surcharge or investor fee is charged on the bonds: they are sold at 100%. Buying or selling on the stock exchange costs your bank's or broker's usual fees.
Getting your money out
Most bonds are listed on the Open Market of the Frankfurt Stock Exchange, so you can try to sell before maturity, but trading is thin and the price may be below what you paid. Some bonds, such as the Swiss-franc bond, are not listed, and RE15 had no listing. Otherwise your money comes back at the end of the term.
Our view
Return: Very Low — dissolved investments returned 4.12% a year on average (end of 2025), well below the 6.25% to 7.75% coupons of bonds issued since 2025. Risk: High (higher means more risk) — reconcept publishes no loss figures, its performance report does not show known losses on older funds, the bonds are unsecured, and the repayment of the €10 million RE15 bond due in March 2026 has not been announced. Risk-return: Very Low — a low realised return for a high level of risk.
Regulation
License / Regulation: No crowdfunding, banking or fund-management licence. reconcept GmbH issues its own bonds under prospectuses approved by the Luxembourg financial regulator (CSSF) and notified to BaFin in Germany (one also to the FMA in Austria). Its sales arm, reconcept consulting GmbH, is registered as a financial investment intermediary under §34f of the German Trade Regulation Act (register no. D-F-131-SCGE-02). No deposit guarantee or investor compensation scheme covers the bonds.
Functionality
For Investors
Useful Information
Only partly. reconcept holds no crowdfunding, banking or fund-management licence. Its bond prospectuses are approved by Luxembourg's regulator CSSF and notified to Germany's BaFin, which checks that they are complete, not that the bonds are sound. No compensation scheme covers them.
The company that issues the bond. Your money becomes its own funds and is spent on its projects; it is not kept in a segregated account. In return you hold the bond in your own securities account at your bank or broker.
€1,000 per bond (CHF 1,000 for the Swiss-franc bond). Only people living in Germany or Luxembourg can subscribe, with one bond also offered in Austria.
reconcept says its 18 dissolved investments returned 4.12% a year on average (end of 2025) and that all bonds have paid as promised. It publishes no loss figures; independent tracking of investor outcomes points to two older funds returning only about 35% and 85% of capital in 2016.
Nothing. The bonds are unsecured: no mortgage, pledge, trustee, guarantee or reserve fund. Repayment depends on reconcept staying solvent; at the end of 2025 reconcept GmbH had €4.72 million in cash against €57.5 million of bonds.
Most bonds are listed on the Frankfurt Open Market, so you can try to sell through your bank, but trading is thin and you may get less than you paid. Some bonds are not listed at all.
No issue surcharge or investor fee: bonds are sold at 100%. Your bank or broker charges its usual fees for buying, selling and holding listed bonds.
You would be an unsecured creditor in a German insolvency, paid only from whatever is left after secured lenders. Because every bond depends on the same group, they would all be affected together.
Not known yet. The €10 million subordinated bond was due to end in March 2026 and was listed as still running at the end of 2025. By 27 October 2026 reconcept had published no repayment announcement. We have asked reconcept and will update this answer.
