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.

Saint-Priest CRE — URBA 441

Strong

score / 100

Yield

6.5%/yr

Duration

48 months

Min. ticket

50 €

Amount raised

371 k€

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À propos

Bond financing of 371 k€ for construction of a 3.863 MWc ground-mounted photovoltaic plant at Saint-Priest-Taurion (Haute-Vienne, 87), carried by SPV Urba 441, subsidiary of Urbasolar (Axpo group). Project CRE award-winning, at advanced ready-to-build stage with cleared building permit, accepted connection convention and electricity sales tariff secured at 88 €/MWh over 20 years. Simple obligation bullet, 4 years, without security.

Plateforme · 23.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF currently valid, fonds propres-2022-2 licence verified
Maximum score

A2 · Track Record 6.0/6✓ max

Default rate 0.00% → 6/6
Delay rate 0.32% (<5%) → 6/6
Average realised return 7.95% compliant with announced renewable energy range (5-9%) → 6/6
A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6

A3 · Rigueur de sélection 3.0/4bon

Documented selection process (published risk score 2/5, internal committee), but overall selection rate not explicitly published
Leading renewable energy platform in France since 2014, 537 projects financed

A4 · Santé financière 3.0/4bon

Independent profitable platform (net income approximately 600K€ 2022), more than 10 years in existence, 30-50 employees, consistent growth
Acquisition of Lumo end of 2025
No listed institutional shareholder → 3 points vs 4 points for group subsidiary

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF licence → reflection period 4 days plus mandatory continuity plan (1 point)
Segregated accounts required by agrément AMF status (1 point)
Enerdeal secondary market operational since 2023 (1 point)

Projet · 45.0/75 (50.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) URBA 441, clear French law; but junior structuring noted

B1.3: 1/2 - Junior declared, senior debt 81%, explicitly subordinated rank

B2 · Opérateur & Track record 14.0/15bon

B2.1: 4/4 - Managers appointed (Antoine Milloud, Gilles Attolini et al.), verifiable public profiles

B2.2: 5/5 - Urbasolar >550 MWc operated, >750 plants commissioned, Axpo subsidiary

B2.3: 2/3 - Several operations on Enerfip/Lendopolis with no incident reported

B2.4: 3/3 - société dédiée (SPV) balance sheet negative (nature of SPC under construction), but Axpo group sound

B3 · Garanties & Sûretés 2.0/15faible

B3.1: 0/9 - No security expressly retained

B3.2: 0/4 - Guarantor not formally identified

B3.3: 2/2 - Senior bank financing granted (Caisse d'Épargne AURA involved, connection convention signed, 81% senior debt financing plan confirmed)

B4 · Structure financière 13.0/15bon

B4.1: 5/5 - Project IRR over 30 years solid, CRE PPA 88€/MWh over 20 years signed

B4.2: 4/4 - Sponsor equity 10% of CAPEX compliant with CRE requirements, senior debt 81% confirmed

B4.3: 3/4 - 20-year guaranteed tariff substantially reduces exposure; stress test not formalised but revenues contractualised

B4.4: 1/2 - Project taux de couverture de la dette years 1-9 positive but net income positive only year 10 onwards

B5 · Pré-commercialisation 8.0/10bon

Building permit secured plus network connection accepted (March 2026) plus CRE tariff 88€/MWh over 20 years signed
Final physical connection not yet confirmed by network operator
Score adjusted thanks to live data: ENERGY project at advanced ready-to-build stage

B6 · Permis & Maturité 4.0/5bon

Building permit obtained (May 2024) and cleared of all appeals
Connection accepted (March 2026)
CRE tariff secured
Land under promise to lease (not finally executed) → not 5/5
Construction not yet commenced at dossier date

B7 · Marché & Localisation 1.0/3faible

Score adjusted thanks to live data: renewable energy market France solar remains supportive (CRE regulated tariff)
But Haute-Vienne location secondary market; office/commercial market in decline documented (-7% volume 2024)
ENERGY class mitigates local real estate market impact

⚠ Alertes détectées · −5 pts déduits

Aucune garantie réelle sur ce projet −5 pts

No security whatsoever on 371 k€ project (>500K€ threshold) - no mortgage, pledge, joint and several guarantee or personal guarantee documented

Points forts

✓Urbasolar Axpo subsidiary: sponsor of very high quality, >550 MWc operated, CRE France leader.

✓Electricity sales tariff secured at 88 €/MWh over 20 years via CRE call for tenders.

✓Building permit obtained and cleared, network connection accepted: advanced ready-to-build stage.

✓Enerfip PSFP platform AMF, zero historical default, excellent renewable energy track record.

✓Senior bank debt (81% of CAPEX) confirms viability of financing plan.

Risques identifiés

!Absolute absence of security for investors: junior rank obligations without real guarantee or surety.

!Land under promise to lease only (not executed), residual risk on land security.

!SPV URBA 441 presents negative equity (-5 798€): balance sheet entirely dependent on group.

!Repayment conditional on project commissioning and operational cash flows (construction and refinancing risk).

!Offering reserved for residents of departments bordering Haute-Vienne: limited investor liquidity and diversification.

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