Hélion — 7.0%/an · 36 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 · 43.0/75 (48.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan from Solarion SAS, French law, well documented

B1.3: 1/2 - Junior rank explicitly declared, senior bank debt present (EUR 22.5M)

B2 · Opérateur & Track record 11.0/15

B2.1: 4/4 - Augustin and Hadrien Clément named, roles specified, ESSEC/ESCP profiles identifiable

B2.2: 4/5 - Orion Energies 17 years, 80 MWc in operation, Weinberg Capital EUR 15M in equity

B2.3: 2/3 - Multiple Enerfip operations completed, outstanding EUR 14.6M with no reported incident

B2.4: 1/3 - Solarion SAS net debt EUR 8.2M exceeds total assets EUR 7.2M; issuer balance sheet very tight

B3 · Garanties & Sûretés 4.0/15faible

B3.1: 0/9 - No security pledged for this offering (expressly stated)

B3.2: 0/4 - No guarantor

B3.3: 2/2 - Senior bank debt of EUR 22.5M identified on SPVs, banking partner confirmed

B4 · Structure financière 10.0/15

B4.1: 4/5 - Average taux de couverture de la dette 1.40x on senior debt, PPA/regulated tariff in place, projects in operation

B4.2: 0/4 - Equity committed N/A, pure refinancing, no additional contribution

B4.3: 3/4 - Floor taux de couverture de la dette 1.34x documented, moderate but positive safety margin

B4.4: 2/2 - Average CAF EUR 600-800k/year, taux de couverture de la dette >1.5 post-costs on contractualised revenue

B5 · Pré-commercialisation 8.0/10bon

Permit purged, grid connection confirmed, power plants in operation with regulated tariff
115 projects in actual production
Lack of single long-term PPA signed for maximum score

B6 · Permis & Maturité 5.0/5✓ max

Established activity for over 2 years (commissioning 2021-2025), all projects in operation, legal documents in order, licences valid

B7 · Marché & Localisation 2.0/3

Solar renewable energy France, market in growth with secured regulated tariff
No commercial real estate market risk
Energy spot price stabilisation post-2043 constitutes distant risk

Points forts

✓115 photovoltaic plants in operation since 2021-2025, documented real revenue.

✓Orion Energies: 17 years experience, 80 MWc in operation, 80 employees.

✓Regulated purchase tariff secured, average DSCR 1.40x over duration.

✓Strategic shareholder Weinberg Capital Partners (EUR 15M, EUR 1.3Bn AUM).

✓Enerfip leading renewable energy platform France, zero historical default.

Risques identifiés

!Total absence of security on this offering (junior rank, priority senior bank debt EUR 22.5M).

!Capital repayment strategy relies on non-guaranteed future refinancing.

!Solarion SAS issuer balance sheet: net debt EUR 8.2M exceeds total assets EUR 7.2M.

!Capital repayment conditional on operating cash flows of SPVs via upstream dividends.

!First offering obtains pledge of 49% of shares in rank 1 ranking - this offering without any guarantee.

⚠ 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.