Enerfip Renewable energy Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Langur Corporate T1

Average

score / 100

Yield

8.75%/yr

Duration

36 months

Min. ticket

50 €

Amount raised

2.5 M€

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À propos

Corporate bond issue (tranche 1 of €2.5M of €5M total) by Langur Holding Corporation S.L., Spanish holding active in ENR, fintech and services. Objective: partially refinance previous issue (Sol de Portugal) and finance acquisition of RTB solar project portfolios in Spain and Portugal. Bullet maturity structure over 36 months, Spanish law bond, security by second rank pledge on 10% of issuer shares.

Plateforme · 21.0/25

A1 · Statut réglementaire 8.0/8✓ max

Enerfip holds AMF licence agrément AMF fonds propres-2022-2 currently valid (verified against AMF register)

A2 · Track Record 6.0/6✓ max

Score adjusted based on live data: default rate 0.0%, delay rate 0.5%, target IRR consistent with announcements
Exceptional ENR history → 6/6

A3 · Rigueur de sélection 3.0/4bon

Selection process documented with internal committee and technical/financial analysis
Selection rate not published

A4 · Santé financière 3.0/4bon

Score adjusted based on live data: platform profitable (€773K profit 2024), >7 years existence, healthy growth €700M+ financed, no distress signal
Lumo acquisition 2025 strengthens position

A5 · Protection investisseurs 1.0/3faible

4-day cooling-off period mandatory for agrément AMF (1 point minimum)
No secondary market mentioned
Segregated accounts not documented

Projet · 38.0/75 (43.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple fixed-rate bonds, Spanish law EU

B1.2: 2/3 - Direct borrowing from Spanish issuer, recognised EU law

B1.3: 1/2 - Senior debt claimed, pledge not formally registered as at dossier date

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Luis Felipe Suárez Olea appointed, detailed CV, identifiable profile

B2.2: 2/5 - Langur Portugal 22.5 MW under construction, no documented completed ENR project

B2.3: 2/3 - 7 previous tranches repaid partially/in progress, no default reported on Enerfip

B2.4: 1/3 - Tight balance sheet (net financial debt 4.96M€ in 2025), gearing not precisely calculable; Spanish entity, Registro Mercantil verification limited in this dossier

B3 · Garanties & Sûretés 5.0/15faible

B3.1: 6/9 - Pledge of 10% of issuer company shares; pledge in pari passu second rank (HVR already pledged 15%)

B3.2: 1/4 - Holding without solid consolidated balance sheet provided, gearing and equity insufficiently documented; €226M valuation not audited

B3.3: 0/2 - No identified banking partner; corporate project without bank credit

B4 · Structure financière 9.0/15

B4.1: 4/5 - EBITDA 2025 (provisional) 3.14M€, annual debt service estimated ~437K€ on 5M€ at 8.75% → taux de couverture de la dette ~7x, highly comfortable

B4.2: 0/4 - Committed equity not specified (N/A in dossier)

B4.3: 3/4 - Stable and growing EBITDA over 3 years; stress -20% EBITDA maintains positive coverage

B4.4: 2/2 - EBITDA margin >50% of turnover, taux de couverture de la dette >2.0 on provisional 2025 data

B5 · Pré-commercialisation 6.0/10

Active portfolio (Sol de Portugal 22.5 MW construction nearly complete, connection Sept-Oct 2026), partial HVR diversification, ENR customer history
Portfolio data sparse on future acquisition targets

B6 · Permis & Maturité 4.0/5bon

Sol de Portugal portfolio: permits obtained, construction underway and nearly complete, connection planned Sept-Oct 2026
Future acquisitions not yet identified
Established activity >5 years, legal documents in order

B7 · Marché & Localisation 2.0/3

Established Iberian ENR market, strong confirmed institutional investor demand
Documented structural risks: spot price cannibalisation, solar PPA prices <€35/MWh, limited interconnection
Market in maturity/selectivity phase since 2024

⚠ Alertes détectées · −5 pts déduits

Pas de financement bancaire −5 pts

No banking partner identified on this €5M corporate project (>€2M) - financing entirely crowdfunding, no bank named.

Points forts

✓Identified manager with 24 years experience in international ENR financial structuring.

✓Growing EBITDA over 3 years, highly comfortable DSCR on current debt service.

✓7 previous tranches raised on Enerfip with no default reported at this stage.

✓Sol de Portugal portfolio 22.5 MW in final construction phase, imminent connection.

✓Iberian ENR market in structural growth with institutional investor entry.

Risques identifiés

!Pledge in pari passu second rank: limited security value, not formally registered.

!Refinancing of previous issue (Sol de Portugal) creates circular crowdfunding market dependency.

!€226M group valuation not audited by independent statutory auditor, DCF methodology not verifiable.

!No banking partner - 100% crowdfunding financing on holding without senior external credit.

!Cannibalisation of Iberian solar spot prices and PPA <€35/MWh weaken future asset profitability.

⚠ 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.