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.

Moulin de Bénavent

Average

score / 100

Yield

8.0%/yr

Duration

36 months

Min. ticket

50 €

Amount raised

2.2 M€

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À propos

Construction of a 400 kW hydroelectric plant at the Moulin de Bénavent in Pouligny-Saint-Pierre (Indre, 36), carried out by issuer HEPSP (SPV subsidiary of the Municipality and SEIDER). The project is at construction-ready stage but environmental authorisation is under litigation recourse at Limoges court (decision expected early 2028). The bond offering in two tranches (1.5M€ + 750k€) finances 80% of the 2.8M€ CAPEX, with an EDF H16bis rate over 20 years secured.

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 · 40.0/75 (45.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

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

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

B1.3: 1/2 - Senior claimed, registered pledge of securities, no formal mortgage

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - Managers appointed (Boureaud, Caillaud, De Cesare), identifiable profiles, no explicit photo/LinkedIn

B2.2: 2/5 - SEIDER 45 MW wind, weak documented hydro experience

B2.3: 2/3 - First hydro operation HEPSP, SEIDER present on Enerfip

B2.4: 2/3 - SEIDER balance sheet sound fonds propres 2M€, gearing ~0.35, HEPSP société dédiée (SPV) without expected revenues

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - SEIDER guarantee up to litigation decision + first rank pledge of HEPSP securities + turbine pledge

B3.2: 2/4 - SEIDER fonds propres 2M€ gearing ~0.35 sound but fonds propres <5M€

B3.3: 0/2 - No identified banking partner on this project

B4 · Structure financière 8.0/15

B4.1: 4/5 - EDF H16bis rate 20 years secured, IRR not explicitly quantified but PPA contractualised

B4.2: 1/4 - Operator fonds propres ~20% (550k€ CCA on 2.8M€ total), of which 300k€ injected

B4.3: 1/4 - Stress test absent; litigation recourse creates total operational risk

B4.4: 2/2 - taux de couverture de la dette post-grid connection >1.5 on EDF contractualised revenues 20 years estimated

B5 · Pré-commercialisation 6.0/10

EDF H16bis rate signed 20 years, grid connection not confirmed
Permit obtained but under blocking litigation recourse preventing operations until 2028 minimum
Construction-ready phase without alternative PPA

B6 · Permis & Maturité 3.0/5

Environmental authorisation obtained but under active litigation recourse, Limoges court decision expected early 2028
Construction possible but operations blocked
Construction-ready phase

B7 · Marché & Localisation 2.0/3

Renewable hydroelectric France, secured EDF regulated rate 20 years, growing market
Location Indre, small capacity 400kW, established but niche market

⚠ Alertes détectées · −5 pts déduits

Pas de financement bancaire −5 pts

No identified banking partner on 2.25M€ fundraising (>2M€) - 100% crowd and CCA financing.

Points forts

✓EDF H16bis sales rate contractualised over 20 years, securing post-operations revenues.

✓SEIDER guarantee covering litigation recourse period, temporary investor protection.

✓First rank pledge of 100% of HEPSP securities registered.

✓Enerfip platform leading renewable France, zero historical default.

✓Sponsor SEIDER 18 years renewable experience, sound balance sheet, documented growth.

Risques identifiés

!Environmental authorisation under active litigation recourse; operations blocked until court decision (early 2028 at earliest).

!Obligation term 36 months incompatible with litigation resolution expected early 2028 - risk of extension.

!SEIDER guarantor GAPD with FP of only 2M€ to guarantee 2.25M€ - limited financial coverage.

!No banking partner on 2.25M€ financing; total dependence on crowd for construction.

!HEPSP SPV without revenues or financial history; repayment conditional on litigation outcome.

⚠ Avertissement sur les risques

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