À propos
Obligatory financing of 5 M€ (Lendosphere tranche: 2.5 M€) for portfolio of 110 photovoltaic solar farms in mainland France, developed by Orion Energies (founded 2009, 366 solar farms in operation). Portfolio totals 25.2 MWc with revenues guaranteed by EDF OA contract over 20 years. 12 solar farms already built, 39 in finalisation, 59 to be built.
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 · 51.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate 7%, clear French law
B1.2: 2/3 - Loan via Mession (Orion subsidiary), well documented
B1.3: 1/2 - Rank not formally registered, no known senior debt blocking
B2 · Opérateur & Track record
11.0/15
B2.1: 4/4 - Augustin Clément, co-founder president, appointed and identifiable
B2.2: 4/5 - 366 solar farms in operation, 67 MWc operated, 17 years
B2.3: 1/3 - First operation identified on Lendosphere
B2.4: 2/3 - No known proceeding, balance sheet not communicated, partial information
B3 · Garanties & Sûretés
8.0/15
B3.1: 6/9 - Pledge of 49% of Mession shares registered; no mortgage or real asset registered
B3.2: 1/4 - Guarantor strength not evaluable, Mession balance sheet absent
B3.3: 1/2 - Bank financing approximately 23.96M€ being secured, bank unnamed
B4 · Structure financière
10.0/15
B4.1: 4/5 - EDF OA PPA 20 years signed plus rate approximately 96€/MWh; IRR not explicit but contractualised revenues solid
B4.2: 2/4 - fonds propres operator approximately 1.85M€ i.e. approximately 6% of total cost
B4.3: 2/4 - EDF contractualised revenues mitigate stress; downside scenario not documented
B4.4: 2/2 - Estimated turnover 2.7M€/year, taux de couverture de la dette above 1.5 on EDF revenues
B5 · Pré-commercialisation
8.0/10bon
- Permits purged not specified but 76% under long-term notarised lease, 12 solar farms in operation, 39 in finalisation
- EDF OA rate 20 years confirmed for portfolio
- Score 8/10 - significant progress
B6 · Permis & Maturité
4.0/5bon
- 76% of projects under notarised lease, 12 built, 39 in finalisation, EDF OA connection in progress
- Permits purged not explicitly confirmed for remaining 59 - 4/5
B7 · Marché & Localisation
2.0/3
- French renewable energy market in growth (1,418 MW Q1 2026), EDF OA PPA secured, but underlying slowdown in new project development and dependence on Asian modules
- Established market - 2/3
Points forts
366 solar farms in operation, 17 years sectoral experience documented.
EDF Obligation d'Achat contracts 20 years at approximately 96 €/MWh guarantee revenues.
76% of solar farms under long-term notarised lease already secured.
Long-term bank financing of approximately 23.96 M€ being secured.
12 solar farms already built and 39 in finalisation at time of fundraising.
Risques identifiés
Bank financing approximately 23.96 M€ not yet finalised; financing plan completion risk.
Pledge of 49% of Mession shares only; no mortgage or real asset in guarantee.
59 solar farms out of 110 remaining to be built; execution risk and cost overrun risk.
Mession balance sheet not communicated; guarantor strength impossible to evaluate.
Dependence on Asian photovoltaic modules with supply chain risks and cost increase risks.
Voir toute l'analyse Lendosphere →
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