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.

Ariano Irpino – AGE France SAS

Average

score / 100

Yield

9.0%/yr

Duration

24 months

Min. ticket

50 €

Amount raised

2.3 M€

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À propos

Financing of the first milestone for acquisition of a 28.2 MWp ground-mounted solar photovoltaic project located at Ariano Irpino (Italy), in Ready-to-Build (RtB) phase. The issuer is AGE France SAS, subsidiary of the Alternative Green Energy (AGE) group, specialised in renewable energy development. The interconnection substation remains to be built. Simple obligations bullet on 2 years at 9% per annum, guaranteed by pledge of SPV shares and parent company PCG.

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 · 37.0/75 (42.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) Ariano Solar Srl, issuer AGE France SAS distinct

B1.3: 1/2 - Pledge first rank claimed but convertible to possible second rank; no other known senior debt at this stage

B2 · Opérateur & Track record 7.0/15faible

B2.1: 3/4 - Carlos and Juan Gonzalez named with functions, no verified LinkedIn profile

B2.2: 2/5 - AGE founded 2015, 3 GW BESS delivered, but 0 MW solar in documented operation in Italy

B2.3: 1/3 - First Enerfip operation, verifiable reputation renewable energy sector

B2.4: 1/3 - Group in recent restructuring, entities created 2024-2025, partial accounts AGEAC HoldCo available

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge 100% société dédiée (SPV) shares registered in Italy + PCG Gammo Investments SA; convertible pledge to second rank, subordination risk

B3.2: 1/4 - Gammo incorporated Sept. 2024, no accounts available, solidity not assessable

B3.3: 1/2 - Senior bank financing envisaged but not yet granted or named

B4 · Structure financière 8.0/15

B4.1: 4/5 - RtB project with licence obtained, IRR and PPA not yet contractualised, Italian regulated tariff expected

B4.2: 0/4 - Operator equity not committed (N/A indicated); crowd finance 100% of milestone

B4.3: 2/4 - No stress test presented but Loan-to-Cost (ratio prêt/coût total) limited to this first milestone

B4.4: 2/2 - taux de couverture de la dette post-financing not calculable at this development stage; project for resale at COD documented

B5 · Pré-commercialisation 6.0/10

Main licence obtained, interconnection substation to be built, PPA under negotiation; no firm sales contract or signed PPA
Corresponds to 6/10 (licence obtained unpurged + PPA in advanced negotiation) per ENERGY grid

B6 · Permis & Maturité 3.0/5

Licence obtained (main authorisation), but interconnection substation not built and network connection not confirmed by operator
Licence obtained without final connection confirmation

B7 · Marché & Localisation 2.0/3

Renewable energy market Italy in strong growth, CAGR >5% 2024-2029, solar demand supported by Italian energy transition policy
Unstable regulatory context to monitor
Score 2/3: established market, positive but documented Italy political risk

⚠ Alertes détectées · −5 pts déduits

Pas de financement bancaire −5 pts

Project 2.3M€ >2M€ without partner bank granted and identified at date - senior bank financing envisaged but not formalised: −5 pts

Points forts

✓Enerfip platform leader renewable energy France, zero historical default, PSFP AMF licence.

✓Main licence obtained on 28.2 MWp solar project in Italy.

✓Renewable energy market Italy in strong structural growth, supported by decarbonisation policies.

✓Simple senior obligation French law, dedicated SPV, clear legal structure.

✓Pledge 100% SPV shares registered locally in Italy, PCG guarantee parent company.

Risques identifiés

!Pledge liable to be converted to rank 2 in favour of future senior bank financing.

!Gammo Investments SA (PCG guarantor) incorporated Sept. 2024, no accounts available, solidity not verifiable.

!No signed PPA or firm sales contract; energy price risk and refinancing risk at COD.

!AGE group in recent restructuring, holding entities created between 2024 and 2025, limited history.

!Interconnection substation to be built; cost and delay risk of network connection not confirmed.

⚠ Avertissement sur les risques

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