Courthézon — 7.25%/an · 36 mois

Plateforme · 23.0/25

A1 · Statut réglementaire 8.0/8✓ max

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 · 40.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct issuer (Melvan Expansion), French law, no separate dedicated société dédiée (SPV)

B1.3: 1/2 - Rank not explicitly recorded, pledge of société dédiée (SPV) shares in first rank before bank financing

B2 · Opérateur & Track record 5.0/15faible

B2.1: 2/4 - Sébastien Dubois appointed as corporate officer, little information publicly accessible

B2.2: 1/5 - Melvan Expansion recently created, no documented renewable energy projects

B2.3: 1/3 - First transaction on Enerfip, reputation not verifiable

B2.4: 2/3 - Recent company, no insolvency proceedings, accounts unavailable

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge first rank société dédiée (SPV) shares Parc Solaire du Petit Galet before bank financing; moves to second rank post-bank financing

B3.2: 1/4 - Melvan Expansion capital 20,000€, accounts unavailable, guarantor solvency not assessable

B3.3: 1/2 - Bank financing mentioned (conditional pledge post-bank) but bank not named

B4 · Structure financière 8.0/15

B4.1: 3/5 - Project 3.4 MWc, stage not specified; connection and PPA not confirmed in file → cautious score

B4.2: 2/4 - Operator equity contribution not documented, recent holding structure

B4.3: 2/4 - No stress test presented but planned bank refinancing mitigates risk

B4.4: 1/2 - Ground-mounted solar plant with likely regulated tariff but taux de couverture de la dette not disclosed

B5 · Pré-commercialisation 6.0/10

Renewable energy project: permits and connection not confirmed in file; existing société dédiée (SPV) acquired, suggests advancement beyond pure development
Bank financing expected post-crowdfunding
Cautious score due to lack of PPA/connection documentation

B6 · Permis & Maturité 3.0/5

société dédiée (SPV) Parc Solaire du Petit Galet already incorporated and acquired; 3.4 MWc project existing
Grid connection and permit completion not confirmed in file

B7 · Marché & Localisation 2.0/3

Vaucluse (84), France ground-mounted solar renewable energy market: established and promising market
Regulated tariff or PPA likely for existing plant
No adverse data on this segment

Points forts

✓Enerfip platform leader France renewable energy, licensed PSFP AMF, excellent track record.

✓Simple bonds French law, clear and well-documented instrument.

✓Pledge first rank SPV shares before bank financing.

✓Existing ground-mounted solar project (SPV incorporated), limited construction risk.

✓Rate 7.25% per annum within market norms for renewable energy (5-9%), consistent with risk.

Risques identifiés

!Melvan Expansion recently created, capital 20,000€, no accounts available.

!No documented renewable energy projects for the operator; sector experience not verifiable.

!Pledge moves to second rank following bank financing implementation.

!PPA, grid connection and permit status not confirmed in file provided.

!Refinancing (not construction): dependence on issuer's ability to raise funds and refinance.