Accompagner le développement de VALREA à l'international - 2 — 6.75%/an · 32 mois

Plateforme · 22.0/25

A1 · Statut réglementaire 8.0/8✓ max

Valid agrément AMF AMF licence, licence fonds propres-2023-26 registered
Maximum score

A2 · Track Record 6.0/6✓ max

Default 0.74% (<1% → 6 pts)
Delay rate 1.14% (<5% → 6 pts)
Realised yield 6.85%/year in progression, compliant with ENR standard (5-9%) → 6 pts
A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6

A3 · Rigueur de sélection 2.0/4

Strategic ENR refocusing in 2019 documented, suggesting rigorous selection committee
No selection rate published explicitly
Non-quantified process → 2 pts

A4 · Santé financière 4.0/4✓ max

Subsidiary of Lendosphère (123 IM Group, institutional), net result +434K€ in 2024, no losses since 2019, >5 years in existence, no platform distress signal
Maximum score

A5 · Protection investisseurs 2.0/3

Approved agrément AMF → 4-day cooling-off period + mandatory continuity plan (1 pt)
Segregated accounts mandated regulatory for all agrément AMF (1 pt)
Secondary market not documented in available data (0 pt)

Projet · 54.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate French law

B1.2: 2/3 - Direct loan VALREA SAS, well documented

B1.3: 1/2 - Priority ranking claimed, GAPD covers but no mortgage registration

B2 · Opérateur & Track record 13.0/15bon

B2.1: 3/4 - VALREA/VALOREM identified, managers not named individually

B2.2: 5/5 - >140 renewable energy completions, 4.5 GW in development, subsidiary of 32-year-old group

B2.3: 3/3 - 153 platform operations, 0 delays on 1099 due dates

B2.4: 2/3 - No collective insolvency proceeding, solid group accounts, gearing detail not provided

B3 · Garanties & Sûretés 11.0/15

B3.1: 7/9 - GAPD issued by VALOREM SAS covering capital plus interest

B3.2: 3/4 - VALOREM 150 M€ revenue, >500 employees, solid equity estimated >5M€, gearing not detailed

B3.3: 1/2 - No bank partner named, project <2M€, RF2 not triggered

B4 · Structure financière 8.0/15

B4.1: 3/5 - Corporate renewable energy loan, no project IRR nor direct PPA; revenue growth documented

B4.2: 2/4 - Equity contribution by group not detailed; corporate structure without specified collateral

B4.3: 2/4 - No formalised stress test; corporate Loan-to-Value (ratio prêt/valeur actif) very low

B4.4: 1/2 - Revenue 46M€ VALREA, 150M€ group, sector margins not communicated

B5 · Pré-commercialisation 6.0/10

Active portfolio >140 completed constructions, presence in 5 European countries documented, adequate diversification
Order book data not communicated in detail
Perfect repayment history strengthens visibility

B6 · Permis & Maturité 5.0/5✓ max

Business established since 2007 (>18 years), all legal documents in order, valid licences, subsidiary of a regulated group audited annually
Maximum score

B7 · Marché & Localisation 3.0/3✓ max

France mandated to triple solar capacity by 2030, renewable energy market in Europe strong growth, Bègles solar irradiation among best in France
Rising trend confirmed by live data

Points forts

✓VALREA/VALOREM: 153 platform operations, zero delays on 1099 due dates since 2013.

✓GAPD VALOREM covering total capital and interest, solid guarantor 150 M€ revenue.

✓European renewable energy market strong growth, favourable regulatory objectives for France.

✓VALOREM group 32 years in existence, 4.5 GW in development, presence in 5 countries.

✓Lendopolis platform licensed PSFP AMF, exceptional track record (default <1%).

Risques identifiés

!Corporate loan structure without dedicated assets nor mortgage: dependency on VALOREM guarantor.

!Margins and DSCR of VALREA not communicated in public file.

!Network connection risk: RTE estimates 100 billion€ of investments necessary by 2035.

!Second tranche of overall financing: potential dilution in case of difficulties.

!VALREA managers not named individually in presentation file.

⚠ Avertissement sur les risques

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