Melvan Horizon — 8.5%/an · 36 mois

Plateforme · 22.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence granted by AMF on 6 December 2022 (fonds propres-2022-2), registre ORIAS n°15003274
Status fully compliant, currently valid

A2 · Track Record 6.0/6✓ max

Default 0.8% (<1% → 6 pts×0.5=3.0)
Delay 0.8% (<5% → 6 pts×0.3=1.8)
Realised yield ~5.9% compliant with announced ranges → 6 pts×0.2=1.2

A3 · Rigueur de sélection 3.0/4bon

RES selection process documented and recognised (technical, legal, financial due diligence)
Selection rate not explicitly published in available data

A4 · Santé financière 3.0/4bon

Independent platform founded in 2014 (>10 years), no distress signals
Active European expansion (Spain, Italy, Netherlands)
Fund launch 2026
No direct institutional backing

A5 · Protection investisseurs 2.0/3

agrément AMF licensed → mandatory 4-day reflection period + continuity plan (1 pt)
Segregated accounts via third-party payment service provider Mangopay (1 pt)
No operational secondary market identified (0 pt)

Projet · 29.0/75

B1 · Instrument & Structure 7.0/10

B1.1: 5/5 - Simple bond fixed rate, French law

B1.2: 2/3 - Direct group holding loan, without dedicated société dédiée (SPV)

B1.3: 0/2 - Explicit subordination to bank debt and subsidiaries financing

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Appointed managers, CVs appended

B2.2: 1/5 - No MWp in operation documented in the file

B2.3: 1/3 - Platform history not documented

B2.4: 2/3 - Issuer created end 2024, without published accounts

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 6/9 - First ranking pledge on 100% of issuer shares

B3.2: 1/4 - Value of pledged securities not assessed, recent holding

B3.3: 0/2 - No bank partner identified

B4 · Structure financière 2.0/15faible

B4.1: 2/2 on project basis - Portfolio in development, without documented IRR or PPA

B4.2: 0/4 - Equity committed N/A

B4.3: 0/4 - No stress test

B4.4: 0/2 - Non-contracted revenues, taux de couverture de la dette absent

B5 · Pré-commercialisation 2.0/10faible

Portfolio in development or construction
Project list referred to in appended annex not provided
Neither PPA, nor tariff, nor connection documented

B6 · Permis & Maturité 1.0/5faible

Permits status and connections not detailed
Projects partially in development phase according to the file

B7 · Marché & Localisation 2.0/3

French photovoltaic market buoyant, but tariff risk flagged
Orleans live real estate data not relevant for renewables; trend stable, without adjustment

Points forts

✓Enerfip platform licensed PSFP with excellent repayment history

✓Simple bond fixed rate of 8.5%, within high renewables standard

✓First ranking pledge on 100% of issuer shares

✓Managers identified, CVs and statement of responsibility appended

✓Enerdeal dashboard available for assignments

Risques identifiés

!Bonds subordinated to bank debt and project company financing

!Issuer created in 2024, without historical financial statements or declared equity

!Portfolio not detailed: permits, connections and tariffs not documented

!5 M€ programme without identified bank partner; RF2 not applied (2 M€ tranche)

!Repayment dependent on refinancing, possible 12 month extension at issuer's discretion

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.