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Accompagner le développement de VALREA à l'international - 2
LE
Lendosphere 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.

Accompagner le développement de VALREA à l'international - 2

Very Strong
79
score / 100
Yield
6.75%/yr
Duration
48 months
Min. ticket
—
Amount raised
1.2 M€
Invest →
À propos

Bond loan of 1.2M€ (in a global loan of 5M€) to VALREA SAS, 100% subsidiary of VALOREM SAS, specialised in construction of wind farms, photovoltaic and hydroelectric facilities. The first tranche of 3.8M€ has already been successfully raised. The objective is to support VALREA's international development in Europe (Finland, Poland, Greece, Italy). Bullet obligation over 32/3 years (~3.67 years), rate 6.75%.

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 · 59.0/75
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 - Ranking not formally registered, no known senior debt
B2 · Opérateur & Track record 13.0/15bon
B2.1: 4/4 - VALOREM Group, leaders publicly identifiable
B2.2: 5/5 - 140+ renewable energy constructions completed, 4.5 GW in development, >30 years of existence
B2.3: 3/3 - 153 fundraisings, 95 fully repaid, 0 defaults
B2.4: 1/3 - Revenue 46M€, balance sheet not communicated in full
B3 · Garanties & Sûretés 10.0/15
B3.1: 7/9 - GAPD issued by VALOREM SAS (institutional group, covers capital + interest)
B3.2: 2/4 - VALOREM 150M€ revenue, gearing not specified, equity not communicated
B3.3: 1/2 - No identified banking partner on this tranche (<€2M)
B4 · Structure financière 12.0/15bon
B4.1: 4/5 - Company BtoB renewable energy construction, contractualised revenues via solid client orders
B4.2: 3/4 - VALOREM group capitalised, implicit own contribution via structure
B4.3: 3/4 - Diversified activity 5 countries, GAPD covers stress
B4.4: 2/2 - Revenue 46M€ stable, renewable energy construction margin standard >5%
B5 · Pré-commercialisation 8.0/10bon
  • Active portfolio >140 completed constructions, institutional renewable energy clients, presence in 5 European countries
  • Adequate diversification, documented solid history
  • No precise client concentration data
B6 · Permis & Maturité 5.0/5✓ max

Activity established since 2007 (>2 years), renewable energy project management, all legal documents in order, ongoing operations documented (Finland, Italy, Greece, Poland)

B7 · Marché & Localisation 3.0/3✓ max
  • Renewable energy market France in strong growth (objective x3 solar capacity by 2030)
  • Bègles: irradiation 4,650 Wh/m², productivity 1,198 kWh/kWc among the highest
  • Upward trend confirmed
Points forts
✓VALOREM group renewable energy pioneer since 1994, 140+ constructions completed, 153 fundraisings without defaults.
✓GAPD from VALOREM SAS covering the entire capital and interest.
✓Renewable energy market Europe in strong growth, Bègles among the best irradiations in France.
✓Lendosphere platform licensed PSFP AMF, track record 0% default, 0.35% delay rate.
✓International geographical diversification (5 countries) reducing dependence on French market.
Risques identifiés
!Balance sheet and gearing of VALOREM SAS not communicated in the file; GAPD solidity not precisely verifiable.
!Financing of current activity (working capital requirement) without registered security interest or identified bank.
!Risks of network connection delays in Europe that could delay projects in portfolio.
!Simultaneous fundraising Lendosphere + Lendopolis: total exposure 5M€ on single entity VALREA.
!No detailed financing plan or stress test presented in the file for this tranche.
Score card
Score card — Accompagner le développement de VALREA à l'international - 2
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