Banzi Italia Storage (BESS Alten Italy 1) — 9.5%/an · 24 mois

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 · 42.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan Spanish société dédiée (SPV), recognised EU local law

B1.3: 1/2 - Senior ranking claimed, pledge in course of constitution Italian law

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - Carlos Castellanos appointed managing director, Alten site identifiable, no LinkedIn profile attached

B2.2: 4/5 - Alten founded 2006, >500 MW PV delivered, standalone BESS track record limited

B2.3: 1/3 - First operation on Enerfip, verifiable reputation elsewhere

B2.4: 1/3 - Growing net losses (ROE -21.9% in 2025), recent company Global Solar 30 capital 3,000€

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge 100% Italian société dédiée (SPV) shares, notarial deed registration Italian law

B3.2: 1/4 - société dédiée (SPV) in development with no operational assets, project balance sheet deficit

B3.3: 1/2 - No banking partner identified, project <2M€ first tranche

B4 · Structure financière 8.0/15

B4.1: 3/5 - Development phase, no PPA signed, no connection confirmed; market revenues not contracted

B4.2: 2/4 - Refinancing fonds propres already invested (2M€/5M€ = 40%); equity portion engaged documented

B4.3: 1/4 - No stress test presented; Loan-to-Cost (ratio prêt/coût total) not calculable in pure DEVEX

B4.4: 2/2 - Revenue mechanisms MACSE + capacity markets contractible long term documented

B5 · Pré-commercialisation 4.0/10faible

Development phase, single authorisation permit in instruction (admissibility validated)
No PPA or MACSE contract signed
Exit strategy by sale or entry of construction partner not contracted

B6 · Permis & Maturité 3.0/5

Admissibility validation of single authorisation request (AU) confirmed
Permit in instruction with Italian authorities
RTB stage not reached

B7 · Marché & Localisation 2.0/3

Italian BESS market strong growth (Terna target 70 GWh by 2030, MACSE mechanisms and capacity markets favourable)
Established and buoyant market
Live data confirms upward trend renewable energy Italy

Points forts

✓Alten: +20 years renewable energy experience, >500 MW PV delivered, documented international presence.

✓Italian BESS market structurally buoyant: Terna target 70 GWh storage by 2030.

✓Long term revenue mechanisms available (MACSE, capacity market up to 15 years).

✓Pledge 100% Italian SPV shares by notarial deed, first ranking documented.

✓Enerfip platform: zero historical default, AMF PSFP licence, secondary market.

Risques identifiés

!Projects in pure development phase: no PPA, no purged permit, RTB stage not reached.

!Repayment strategy based on sale or entry of partner: liquidity risk at 2 years.

!Global Solar 30 capital 3,000€, growing losses (ROE -21.9% 2025), very limited balance sheet.

!Alten's standalone BESS track record explicitly qualified as limited in the file.

!No banking partner identified; repayment entirely dependent on market exit.

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.