W&nergy Cognac – Pyrogazéification Verallia

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.

W&nergy Cognac – Pyrogazéification Verallia

Average

score / 100

Yield

9.0%/yr

Duration

36 months

Min. ticket

50 €

Amount raised

2 M€

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À propos

Participatory financing of 2 M€ via simple obligations to refinance equity contributions (convertible obligations Eiffel Gaz Vert) of a biomass pyrogasification unit under construction in Cognac (Charente). The sponsor is Charwood Energy (listed Euronext Growth), the issuer is W&Energy (subsidiary 51% Charwood / 49% Eiffel Gaz Vert). Construction started in February 2026, service start expected mid-2028. Enerfip obligations are junior rank in relation to Caisse des Dépôts (senior debt 7 M€).

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 (43.0 brut, red flags −8)

B1 · Instrument & Structure 7.0/10

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

B1.2: 2/3 - Issuer W&Energy, dedicated société dédiée (SPV) well documented

B1.3: 0/2 - Explicitly junior rank, senior debts CDC and BPGO in higher rank

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Adrien Haller (CEO founder), Eric Fossard (COO), appointed, documented profiles

B2.2: 3/5 - Group 20 years biomass, listed Euronext Growth, but 0 pyrogasification unit delivered industrially

B2.3: 1/3 - First transaction on Enerfip

B2.4: 1/3 - Net results negative in 2024 and 2025, equity 3M€, group not yet at equilibrium

B3 · Garanties & Sûretés 6.0/15faible

B3.1: 6/9 - Pledge 100% W&Energy shares registered; quality inferior to mortgage

B3.2: 1/4 - Equity Charwood Energy 3.0M€ (2025), negative results, high gearing

B3.3: 2/2 - CDC bridge lender 7M€ identified; BPGO interim credit 2.7M€ identified

B4 · Structure financière 7.0/15faible

B4.1: 3/5 - PPA Verallia over 21 years contracted; IRR not communicated; solid long-term contract

B4.2: 2/4 - Equity contribution approximately 28% (CCA holding + capital), supported Eiffel Gaz Vert

B4.3: 1/4 - No stress test presented in the file

B4.4: 1/2 - taux de couverture de la dette not provided; contracted revenues 21 years but project pre-operation

B5 · Pré-commercialisation 8.0/10bon

Energy sales contract 21 years with Verallia (no
2 global glass), long-term secured revenues
Permits and senior financings signed
No standard PPA but equivalent solid industrial contract
Score 8/10

B6 · Permis & Maturité 4.0/5bon

Construction launched February 2026; senior financings released (CDC, BPGO); Verallia contract signed
Building permission obtained implicitly (site in progress)
MSI expected mid-2028
Network connection not confirmed definitively - 4/5

B7 · Marché & Localisation 2.0/3

Pyrogasification market in growth (+4%/year Europe), PPE3 adopted Feb
2026 favourable
Emerging technology at industrial scale, first project of this size in France - residual market risk
Score 2/3

⚠ Alertes détectées · −8 pts déduits

Obligation convertible sans garantie −8 pts

Pledge of shares without mortgage nor privilege registered on real asset - junior instrument without real guarantee registered on industrial asset: -8 pts

Points forts

✓Verallia contract 21 years securing project revenues over long duration.

✓Senior financing CDC (7M€) and BPGO agreed, validating structure.

✓Sponsor Charwood Energy listed Euronext Growth, supported by Eiffel Gaz Vert.

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

✓Construction started February 2026, concrete progress stage documented.

Risques identifiés

!Explicit junior rank - investors reimbursed after CDC, BPGO and other seniors.

!First industrial pyrogasification project in France, real technological risk.

!Charwood Energy in consecutive net losses (-2.18M€ in 2025, -3.6M€ in 2024), weak equity.

!Pledge of W&Energy shares as sole security, without real guarantee on industrial asset.

!MSI expected mid-2028 with final reimbursement at 3 years: significant construction delay risk.

⚠ Avertissement sur les risques

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