ECAIR Extension — 9.0%/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 · 35.0/75

B1 · Instrument & Structure 7.0/10

B1.1: 5/5 - Simple obligations French law, fixed rate 9%

B1.2: 2/3 - Direct borrowing from the operator, clear French law

B1.3: 0/2 - Explicitly subordinated to OS1-OS5 on the fiduciary pledge

B2 · Opérateur & Track record 6.0/15faible

B2.1: 2/4 - Victor Jolly appointed, legal representative identified, CV in appendix but limited profile

B2.2: 1/5 - NBFI very recent (2023), negative EBITDA, model not yet proven

B2.3: 2/3 - 5 previous issues on Enerfip with no incident reported to date

B2.4: 1/3 - Negative equity (-896k€), financial debt > total assets, deteriorated balance sheet position

B3 · Garanties & Sûretés 8.0/15

B3.1: 8/9 - Notarial fiduciary pledge on MPR Ampleur receivables (articles 2011 CC), but junior rank versus OS1-OS5

B3.2: 0/4 - Negative equity (-896k€), gearing incalculable, company in structural deficit

B3.3: 0/2 - No identified banking partner (<€2M, no RF2)

B4 · Structure financière 4.0/15faible

B4.1: 0/5 - taux de couverture de la dette not calculable, negative EBITDA (-860k€), insufficient flows

B4.2: 0/4 - Negative equity, no documented equity contribution

B4.3: 0/4 - No stress test, deficit financial structure

B4.4: 4/2 - (capped at 2) Not applicable; SME-NBFI model: negative net margin → 0/2

B5 · Pré-commercialisation 6.0/10

SME-NBFI: portfolio 773 projects since June 2024, €25.1M MPR financed, 497 ANAH validated files
Partial history, correct diversification but concentration on a single public programme

B6 · Permis & Maturité 3.0/5

SME-NBFI activity: company created in 2023 (<2 years), SAS legal structure registered RCS Bobigny, legal documents available but activity very recent

B7 · Marché & Localisation 1.0/3faible

MPR Ampleur market growing but dependent on unstable public budgets
Temporary suspension of submissions summer 2025 and documented regulatory uncertainty
Secondary market for renewable energy financing correct but high political risk

Points forts

✓Notarial fiduciary pledge on MaPrimeRénov' receivables - documented protection mechanism.

✓5 previous issues on Enerfip with no default declared to date.

✓Active portfolio: 773 financed projects, 497 ANAH validated files documented.

✓Simple obligations French law, fixed rate, clear legal structure.

✓Enerfip platform leader in renewable energy, PSFP licence AMF, excellent track record.

Risques identifiés

!Negative equity (-896k€) and financial debt exceeding total assets - potential insolvency.

!Junior rank on fiduciary pledge: OS1-OS5 (€8M already issued) take priority in case of default.

!Total dependence on ANAH repayments, programme subject to suspensions and budget cuts.

!Company created in 2023, no complete repayment cycle demonstrated on first obligations.

!Refinancing risk at maturity: repayment capacity depends on non-guaranteed future flows.

⚠ 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.