Ensol Abonnement Sud (T3) — 8.0%/an · 30 mois

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 · 38.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) Ensol Abonnement Sud, clear French law

B1.3: 1/2 - Senior ranking claimed, no known senior debt, not registered at the conservatoire

B2 · Opérateur & Track record 7.0/15faible

B2.1: 3/4 - Founders named (Paul de Roussel de Préville, Martin d'Hoffschmidt), no photograph in document

B2.2: 2/5 - Company created 2023, 2 tranches completed, entrepreneurial experience but young renewable energy

B2.3: 2/3 - 2 previous tranches on Enerfip without reported incident

B2.4: 0/3 - Company created 13/03/2025 according to ECSP file; balance sheet not available; insufficient data

B3 · Garanties & Sûretés 5.0/15faible

B3.1: 6/9 - Pledge of 100% of Ensol Abonnement Sud shares registered, 1st rank on société dédiée (SPV)

B3.2: 0/4 - Issuer société dédiée (SPV) without assets constituted in construction phase; guarantor Ensol created 2023, equity not verifiable

B3.3: 0/2 - Senior bank financing of 5M€ being secured, not granted as of date

B4 · Structure financière 7.0/15faible

B4.1: 3/5 - Project IRR not disclosed; recurring revenues 20 years on subscriptions, PPA equivalent via regulated tariff; bridge model before long-term refinancing → 3 pts

B4.2: 2/4 - Ensol equity contribution 550K€ out of 5.55M€ total = 10% → 2 pts

B4.3: 1/4 - No documented stress test; dependence on unsecured bank refinancing → 1 pt

B4.4: 1/2 - Post-financing taux de couverture de la dette not calculable at this stage; revenues contracted on subscriptions but gradual ramp-up → 1 pt

B5 · Pré-commercialisation 6.0/10

530 installations already in operation (3,000 kWc), subscription model in active deployment
2 previous tranches having financed 300 installations
Tranche 3 deployment targeted early 2026 according to live data
Building permit not applicable (residential installations <9kWc, prior declaration sufficient)

B6 · Permis & Maturité 3.0/5

Activity established since 2023, residential installations (<9kWc) not requiring formal planning permission
Ensol legal documents in order
Active ramp-up phase with deployment ongoing → 3 pts for established activity with sound legal structure

B7 · Marché & Localisation 2.0/3

French residential renewable energy market in strong growth (+30% installations <9kWc)
Reduction in surplus buyback tariff (12→4ct/kWh) favours batteries
Established and attractive market with long-term regulatory support
Risk: possible electricity price decline

Points forts

✓Enerfip platform leading renewable energy France, zero historical default, PSFP licence

✓Dedicated SPV with 100% pledge of issuer shares

✓20-year recurring subscription model, 530 installations already in operation

✓Institutional support: 14M€ raised in April 2025 (Breega, Terra Nea)

✓Residential battery market accelerating following tariff reduction

Risques identifiés

!Bank refinancing of 5M€ unsecured as of date: high principal repayment risk

!Company created in 2023, balance sheet and financial ratios not available over 3 financial years

!Guarantee limited to pledge of shares in an SPV in construction phase without constituted assets

!Dependence on operational deployment of installations before revenue generation

!Risk of property owner non-cooperation and deployment delay documented in risk factors