À propos
Second tranche of participatory financing for construction of a lithium battery electricity storage power station (11 MW / 22 MWh) at Fagnières in Marne (51), developed by VALOREM Group via SAS Fagnières stockage. The first tranche has already raised 2 M€; this campaign targets 1.3 M€ additional on a total loan of 3.3 M€. Site works opening scheduled August 2026.
Plateforme · 20.0/25
A1 · Statut réglementaire
8.0/8✓ max
- agrément AMF licence AMF fonds propres-2023-22 in force since November 2023
- Also registered statut réglementaire CIP and IFP with registre ORIAS
- Maximum regulatory status achieved
A2 · Track Record
5.0/6bon
- Default 0.0% → 6/6
- Delay 0.35% (<5%) → 6/6
- Actual vs announced return not explicitly communicated → 0/6
- A2 = (6×0.5)+(6×0.3)+(0×0.2) = 4.8 → rounded to 5
A3 · Rigueur de sélection
2.0/4
- Selection process mentioned implicitly (700 fundraisings over €400M, 0% default)
- Selection rate not explicitly published in available data
A4 · Santé financière
3.0/4bon
- Backed by 123 Investment Managers group since 2021, >10 years in existence (founded 2014), healthy growth, no platform distress signal
- Non-listed institutional group → 3 pts
A5 · Protection investisseurs
2.0/3
- agrément AMF licensed → 4-day reflection period + mandatory continuity plan (1 pt)
- Lendopolis acquisition November 2024 suggests segregated payment infrastructure (1 pt)
- Secondary market not documented (0 pt)
Projet · 48.0/75
(53.0 brut, red flags −5)
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate French law
B1.2: 2/3 - société dédiée (SPV) SAS Fagnières dedicated storage, clear French law
B1.3: 1/2 - Rank not formally registered, no documented known senior debt
B2 · Opérateur & Track record
13.0/15bon
B2.1: 4/4 - Nicolas David appointed, Valorem Group transparent, public site
B2.2: 5/5 - Valorem >30 years, 4.5 GW in development, 1.8 TWh produced, ENERGY >50 MWp
B2.3: 3/3 - 153 fundraisings, 1099 due dates honoured, 95 projects repaid
B2.4: 1/3 - Balance sheet not provided, gearing not verifiable
B3 · Garanties & Sûretés
10.0/15
B3.1: 7/9 - GAPD granted by Valorem SAS parent company, bank/insurer not specified
B3.2: 3/4 - Valorem SAS: 150M€ turnover, solid group, equity estimated >5M€, gearing not published - 3 points
B3.3: 0/2 - No banking partner mentioned, total amount 3.3M€ > 2M€
B4 · Structure financière
10.0/15
B4.1: 5/5 - PPA or regulated storage tariff with network access contract, ENERGY market in strong growth
B4.2: 3/4 - Valorem contributes group equity, first tranche 2M€ already raised, coherent structure
B4.3: 2/4 - No explicit stress test but crowd Loan-to-Cost (ratio prêt/coût total) 39% (1.3/3.3M€) very low, structurally compensates
B4.4: 0/2 - taux de couverture de la dette not published, storage revenues not explicitly contractualised
B5 · Pré-commercialisation
6.0/10
- Permits and connection not explicitly confirmed discharged
- Site works scheduled August 2026 (advanced development phase)
- Network insertion at Fagnières HT substation documented
- No published contractualised PPA - 6 points (permit not confirmed discharged, connection in progress)
B6 · Permis & Maturité
3.0/5
- Site works scheduled August 2026, HT electrical substation identified, project in advanced instruction stage
- No building permit explicitly confirmed discharged in the file - 3 points (permit under instruction)
B7 · Marché & Localisation
3.0/3✓ max
- France renewable storage market in strong growth (rising)
- Sustained institutional demand, binding 2030 targets
- Valorem established player, no exit price risk. - 3 points
⚠ Alertes détectées · −5 pts déduits
Pas de financement bancaire
−5 pts
No banking partner identified on total loan of 3.3 M€ (>2 M€) - external validation absent
Points forts
Valorem Group: 30 years experience, 153 participatory fundraisings with no default or delay
GAPD from parent company Valorem SAS covering capital and interest
Strategic infrastructure inserted into existing HT substation, connection facilitated
Second tranche of a loan of which the first (2M€) is already successfully raised
Renewable storage market in strong growth, supported by regulatory 2030 targets
Risques identifiés
No banking partner identified on total loan of 3.3 M€
Storage revenues not contractualised (no published PPA or capacity contract)
Balance sheet and gearing of Valorem SAS (GAPD guarantor) not communicated in the file
Building permit not confirmed discharged, site works not yet commenced as at file date
Volatility of electricity market prices and risks of subsidy policy change
Voir toute l'analyse Lendosphere →
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