Chile Calama Storage T2 – Projet Copihue BESS

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.

Chile Calama Storage T2 – Projet Copihue BESS

Average

score / 100

Yield

10.0%/yr

Duration

22 months

Min. ticket

50 €

Amount raised

2 M€

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À propos

Bond financing (Tranche 2) for construction of a standalone battery energy storage system (BESS) of 20 MW / 80 MWh in Calama, in northern Chile. The operator is Rely Assets S.L., Spanish company co-founded by Olivier Potart and Emeric Gouraud, having merged with Chilean developer Antuko in 2025. The project has achieved RTB status (Ready to Build), with construction commencement planned T3 2026 and commissioning in April 2027. Repayment planned through long-term bank refinancing at maturity (29/05/2028).

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 · 30.0/75 (38.0 brut, red flags −8)

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Simple obligations fixed rate 10%, Spanish law EU

B1.2: 3/3 - Dedicated société dédiée (SPV) Copihue Nuevo BESS SA, issuer distinct from sponsor

B1.3: 1/2 - Senior ranking claimed, pledge in progress but not registered with land registry

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Olivier Potart and Emeric Gouraud appointed, detailed public LinkedIn profiles

B2.2: 2/5 - 2GW pipeline but 0 MW BESS connected and delivered documented; first project RTB

B2.3: 0/3 - First operation on Enerfip, no track record

B2.4: 2/3 - Tight balance sheet (negative EBITDA, dominant shareholder debt); no insolvency proceeding identified

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 6/9 - First ranking pledge on 100% shares of Chilean société dédiée (SPV) plus on Spanish issuer company; notarised registration announced at signature

B3.2: 1/4 - Holding RelyAssets SL: assets 7.3M€ but equity less than 1M€ (60K€ issuer capital, shareholder debt 3.1M€)

B3.3: 0/2 - No banking partner identified; long-term bank refinancing envisaged but not signed

B4 · Structure financière 5.0/15faible

B4.1: 3/5 - Project IRR not disclosed; PPA not signed; spot market arbitrage revenues not contractualised

B4.2: 2/4 - Sponsor contribution approximately 4M€ announced on total cost approximately 12M€ i.e. approximately 33%; not yet formally committed

B4.3: 0/4 - No stress test presented, no documented taux de couverture de la dette, revenues not contractualised

B4.4: 0/2 - taux de couverture de la dette not calculable, arbitrage revenues not guaranteed

B5 · Pré-commercialisation 4.0/10faible

Project at RTB stage (construction permit in progress, grid connection application SAC initiated)
Permit obtained not exhausted, construction not started → score 4/10

B6 · Permis & Maturité 3.0/5

RTB status achieved: building permit obtained (preliminary works declaration sufficient from 2025), grid connection SAC in final stages
Construction site not started (T3 2026 planned)
Environmental certification SEIA required not confirmed in file

B7 · Marché & Localisation 2.0/3

Chilean BESS market in strong growth (1.5GW in construction/operation, 4.4GW in development)
Favourable regulatory framework
Risk of price cannibalisation spread and spot market volatility
Score adjusted thanks to live data: rising market but revenues not contractualised → 2/3

⚠ Alertes détectées · −5 pts déduits

Pas de financement bancaire −5 pts

No banking partner identified on project >€2M (2.03M€ raising T2 on total cost approximately 12M€) - external validation absent.

Points forts

✓Top-tier Enerfip platform: PSFP AMF, zero historical default, secondary market.

✓Simple senior obligations, dedicated SPV, clear Spanish legal structure.

✓RTB status achieved: permit and grid connection procedures initiated.

✓Chilean BESS market in strong growth, favourable regulatory framework.

✓Experienced management team (15 years energy, investment banking).

Risques identifiés

!No MW BESS delivered and connected documented for RelyAssets: first RTB project.

!No PPA or optimisation contract signed; revenues entirely dependent on spot market.

!Long-term bank refinancing not secured: significant refinancing risk.

!Dollar/Chilean peso exchange rate risk not hedged, borne by investors.

!Sponsor balance sheet very limited (equity less than 1M€, negative EBITDA), underc capitalised guarantor.

⚠ Avertissement sur les risques

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