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Voltaire ENR — CRE GH-015
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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.

Voltaire ENR — CRE GH-015

Strong
70
score / 100
Yield
7.0%/yr
Duration
36 months
Min. ticket
10 €
Amount raised
108 k€
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À propos

Refinancing of equity (10% of CAPEX) for a 842 kWc roof-mounted photovoltaic facility, operational since March 2026, located in Mont-de-Marsan in Landes (40). The issuer is Voltaire ENR, subsidiary of Watt & Co group, renewable energy developer founded in 2009. Simple bullet obligation over 3 years at 7% rate, unsecured, with CRE tariff secured at 90.5€/MWh over 20 years.

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 · 47.0/75 (52.0 brut, red flags −5)
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate, clear French law
B1.2: 2/3 - Direct loan Voltaire ENR (société dédiée (SPV) subsidiary), no separate dedicated société dédiée (SPV)
B1.3: 1/2 - Junior rank declared, no senior debt formally documented
B2 · Opérateur & Track record 11.0/15
B2.1: 4/4 - Judith Escande appointed, Didier/Arthur Jimenez identified publicly
B2.2: 4/5 - Watt & Co founded 2009, 230 MW in operation/construction, solid track record
B2.3: 2/3 - Enerfip outstanding 15M€, prior operations with no incident reported
B2.4: 1/3 - Voltaire ENR fonds propres 262K€ only, gearing >100x; solid group holding but société dédiée (SPV) highly leveraged
B3 · Garanties & Sûretés 2.0/15faible
B3.1: 0/9 - No security explicitly documented
B3.2: 0/4 - No guarantor formally identified
B3.3: 2/2 - Senior bank financing documented (TCMA), banking partners present
B4 · Structure financière 14.0/15bon
B4.1: 5/5 - Operational project, PPA 90.5€/MWh over 20 years CRE, solid project IRR
B4.2: 4/4 - Crowd = 10% CAPEX; 90% senior bank financing, equity contribution compliant
B4.3: 3/4 - 20-year guaranteed tariff protects against price volatility; stress test not formalised
B4.4: 2/2 - taux de couverture de la dette >1.5 on CRE contractualised revenues estimated
B5 · Pré-commercialisation 10.0/10✓ max
  • Operational project since March 2026, permits cleared, network connection completed, 20-year CRE PPA signed at 90.5€/MWh
  • Roof emphyteutic lease secured
  • Maximum ENERGY score
B6 · Permis & Maturité 5.0/5✓ max
  • Planning permission obtained November 2022, prior notification filed August 2022, network connection confirmed March 2025, project operational March 2026
  • All permits cleared
B7 · Marché & Localisation 2.0/3
  • French renewable energy market in growth (trend: rising), secured CRE tariff eliminates market price risk
  • Network constraints and electricity price volatility noted → 2/3
⚠ Alertes détectées · −5 pts déduits
Aucune garantie réelle sur ce projet −5 pts

No real or personal security documented on this 108K€ bond transaction - no mortgage, pledge or joint and several guarantee.

Points forts
✓Operational photovoltaic project since March 2026, construction risk nil.
✓CRE tariff guaranteed 90.5€/MWh over 20 years, revenues fully secured.
✓Watt & Co group solid: +100 employees, 230 MW operational/construction.
✓Senior bank financing (90% CAPEX) validates the project independently.
✓Enerfip platform renewable energy leader, zero historical default, PSFP licence.
Risques identifiés
!No security retained for this transaction - investor unprotected in case of default.
!Voltaire ENR equity very weak (262K€) against 43M€ balance sheet (extreme gearing).
!Junior rank of obligations in case of insolvency - repayment subordinated to senior debt.
!Network constraints and electricity price volatility noted on renewable energy market 2026.
!Very low amount (108K€): limited liquidity on Enerdeal secondary market.
Score card
Score card — Voltaire ENR — CRE GH-015
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