À propos
Financing for development of a portfolio of ground-mounted photovoltaic and battery storage projects in France, carried by Incisol Dev 3 (subsidiary of Incidences). Recently created company (July 2025), development stage, with no revenue or operational assets to date. Simple bonds over 4 years at 9.5% per annum.
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 · 36.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple bonds fixed rate, French law
B1.2: 2/3 - Dedicated société dédiée (SPV) Incisol Dev 3, but capital 1,000 EUR
B1.3: 1/2 - Senior declared, no known senior debt, rank not formally registered
B2 · Opérateur & Track record
10.0/15
B2.1: 4/4 - Managers appointed, complete CVs, identifiable on LinkedIn
B2.2: 4/5 - Team ex-EDF Renewables >20 years, 200 MWc delivered at Luxel
B2.3: 1/3 - First Incisol transaction on Enerfip
B2.4: 1/3 - Company created 07/2025, quasi-nil balance sheet, partial verification
B3 · Garanties & Sûretés
6.0/15faible
B3.1: 6/9 - Pledge of Incisol Dev 3 shares (first rank) + 50% Circadia 1, registered
B3.2: 0/4 - société dédiée (SPV) capital 1,000 EUR, no significant equity, guarantor soundness nil
B3.3: 0/2 - No identified banking partner
B4 · Structure financière
7.0/15faible
B4.1: 2/5 - Project in development, no PPA or connection, IRR not calculable
B4.2: 0/4 - Equity N/A declared, société dédiée (SPV) without documented equity contribution
B4.3: 2/4 - Loan-to-Value (ratio prêt/valeur actif)/Loan-to-Cost (ratio prêt/coût total) not applicable, stress test absent but development stage
B4.4: 3/2 (capped 2) - Not applicable development phase; taux de couverture de la dette absent. 1/2
B5 · Pré-commercialisation
2.0/10faible
- Upstream development phase, no permits obtained, no PPA signed, no connection confirmed
- Portfolio of projects in progress not detailed
B6 · Permis & Maturité
1.0/5faible
- Development phase, permits not yet documented as filed
- Nascent activity (<1 year), valid legal structure but no permits obtained
B7 · Marché & Localisation
2.0/3
- Renewable energy market France/solar stable with CRE regulated tariffs, sustained demand
- Favourable regulatory context but increased competition on renewable land
Points forts
Exceptional management team: ex-EDF Renewables, 200 MWc delivered documented.
Simple bonds French law, senior rank, registered pledge of shares.
Enerfip platform renewable energy leader, zero historical default, PSFP licence.
French solar market promising with sustainable CRE regulatory support.
Enerdeal secondary market available for partial liquidity.
Risques identifiés
SPV created July 2025, no balance sheet, equity 1,000 EUR - nil financial soundness.
Upstream development stage: no permits obtained, no PPA, no connection confirmed.
Pledge of shares of an empty SPV: realisation value of guarantee uncertain.
No identified bank financing; 100% participatory financing over 4 years.
Documented refinancing risk: total dependence on sale of developed assets.
⚠ 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.