À propos
Bond issuance of 2.5M€ (minimum 1M€) by mylight Energy, energy supplier subsidiary of mylight150 group (Lyon, founded 2014). The company markets solar self-consumption solutions, intelligent management and electricity supply for single-family homes. Funds will serve principally to finance deposits linked to energy supplier business (80%) and working capital (20%), via the LITA platform.
Plateforme · 19.0/25
A1 · Statut réglementaire
8.0/8✓ max
- agrément AMF licence AMF fonds propres-2023-27 obtained on 10/11/2023, currently valid
- Maximum score
A2 · Track Record
3.0/6
- Default 7.05% → 3pts (threshold 3-7%)
- Delay >6 months 17.91% → 3pts (threshold 15-30%)
- Net yield 5.14% vs announced 7-10%: shortfall 1.86pp below lower bound → 3pts
- A2 = (3×0.5)+(3×0.3)+(3×0.2) = 3.0/6
A3 · Rigueur de sélection
3.0/4bon
- Published selection rate at ~5% (<20%), precise figure provided (fewer than 200 of 3500 applications)
- Process description partial, without committee detail or documented borrower KYC
A4 · Santé financière
3.0/4bon
- Independent platform operating in France, Belgium and Italy, active since ~2014 (>5 years)
- No platform distress signal identified
- No known institutional shareholder
A5 · Protection investisseurs
2.0/3
- agrément AMF licence → 1pt reflection period 4 days + continuity plan (mandatory)
- Segregated accounts presumed compliant with ECSP regulation → 1pt
- No secondary market mentioned → 0pt
Projet · 48.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Straight bond fixed rate, clear French law
B1.2: 2/3 - Direct loan to mylight Energy subsidiary, well documented French law
B1.3: 1/2 - Plain bond without known senior debt, de facto first ranking not registered
B2 · Opérateur & Track record
11.0/15
B2.1: 4/4 - Co-CEOs appointed, LinkedIn/INSEAD/ParisTech profiles verifiable
B2.2: 4/5 - Group 10 years old, 30k clients, 108M€ equity, 82M€ revenue, but supplier subsidiary in strong growth without debt repayment history
B2.3: 1/3 - First operation on LITA, solid group reputation
B2.4: 2/3 - No proceeding identified, subsidiary capital 12.743€ symbolic, group financing dependency
B3 · Garanties & Sûretés
5.0/15faible
B3.1: 5/9 - Joint and several guarantee presumed from mylight150 group; 5 documented partner banks (CIC, BNP, SG, BP, CERA), 7M€ bank guarantees already granted
B3.2: 2/4 - Group 108M€ equity raised, but issuer subsidiary balance sheet not communicated; group gearing not specified
B3.3: 0/2 - No dedicated bank credit for this bond issuance
B4 · Structure financière
10.0/15
B4.1: 4/5 - taux de couverture de la dette not precisely calculable; 2026 revenue 53M€, EBITDA 7M€, debt service coverage 2.5M€ over 3 years comfortable → estimated taux de couverture de la dette >2.0
B4.2: 3/4 - Group equity contribution via 108M€ equity, documented negative working capital model, churn <3%
B4.3: 2/4 - No formalised stress test, but recurring revenues and PPAs with banks reduce volatility
B4.4: 1/2 - EBITDA 7M€ in 2026 but issuer subsidiary symbolic capital, group profitability beginning
B5 · Pré-commercialisation
7.0/10
- 30,000 active clients, churn <3%, 1300 partner installers, established B2B2C channel
- Revenue in strong growth +89% YoY
- Recurring revenues 25-30 years documented
- Active portfolio, correct diversification → 6-7pts SME-NBFI
B6 · Permis & Maturité
5.0/5✓ max
- Established activity since 2014 (>2 years), CRE licence obtained, operation legally in order, 22 patents filed
- All energy supplier licences valid
B7 · Marché & Localisation
2.0/3
- French renewable/self-consumption market in strong growth, PPE3 favourable, 94% market unequipped
- Positive sector trend but rising competition and possible regulatory volatility → 2/3
Points forts
Solid mylight150 group: 108M€ equity raised, 5 partner banks identified.
Recurring model aligned with clients, churn <3%, structural negative working capital.
Experienced and identifiable managers (INSEAD, ParisTech, former PwC, former Google).
Massive addressable market: 94% of French roofs unequipped.
CRE licence + 22 patents create high entry barriers.
Risques identifiés
Issuer mylight Energy: symbolic share capital (12.743€), subsidiary balance sheets not communicated.
No real guarantee (mortgage, pledge) on this SME bond.
LITA platform: default rate 7% and delays >17% on historical portfolio.
Strong dependency on client growth to cover working capital and repay debts.
Stress test absent: sensitivity to regulatory slowdown (subsidies, VAT) not documented.
⚠ Avertissement sur les risques
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