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Devenco Développement 2
EN
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.

Devenco Développement 2

Average
63
score / 100
Yield
9.0%/yr
Duration
48 months
Min. ticket
—
Amount raised
1.2 M€
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À propos

Financing development of portfolio of 11 ground-mounted photovoltaic projects (198.5 MWc) in metropolitan France and Corsica, all at secured land stage, carried by SPV Devenco Développement 2, subsidiary of Devenco group (founded 2018 by Julien HUGUES). First tranche €1.214m on total envelope €5m in 3 tranches over 4 years. Repayment strategy by exit of projects at ready-to-build (RTB) stage planned 2029-2030.

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 · 40.0/75
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Simple bonds fixed rate, French law
B1.2: 2/3 - société dédiée (SPV) Devenco Dév.2 dedicated, distinct issuer, but capital €1,000 very limited
B1.3: 1/2 - Senior rank declared, pledge registered but no mortgage inscription with land registry
B2 · Opérateur & Track record 8.0/15
B2.1: 4/4 - Julien HUGUES appointed, identifiable manager
B2.2: 2/5 - 10 MWc in operation, developer stage with some completed projects
B2.3: 2/3 - Devenco Dév.1 and Mezzanine in progress on Enerfip, no repayment recorded
B2.4: 2/3 - Sound sponsor, limited equity (€232k), moderate gearing but weak financial capacity
B3 · Garanties & Sûretés 7.0/15faible
B3.1: 6/9 - Pledge of 100% of issuer shares registered
B3.2: 1/4 - Sponsor equity €232k very limited, underlying asset = development stage projects not yet valued
B3.3: 0/2 - No banking partner identified on this project
B4 · Structure financière 10.0/15
B4.1: 4/5 - Portfolio IRR not documented but Loan-to-Value (ratio prêt/valeur actif) 50% on secured land, no PPA signed
B4.2: 1/4 - Equity contribution very limited (capital €1,000, financing almost entirely by debt)
B4.3: 3/4 - RTB exit value estimated at €19.85m for DEVEX €4m + crowd €5m, comfortable margin
B4.4: 2/2 - Implicit exit margin high (RTB portfolio value ~€20m vs costs ~€9m)
B5 · Pré-commercialisation 4.0/10faible
  • ENERGY grid: Permit under review not yet filed (filing planned 2027-2028)
  • Secured land = 4 points
  • No PPA signed, no permit filed to date
B6 · Permis & Maturité 1.0/5faible
  • ENERGY: Development phase, permits not yet filed (filings planned Q2-Q4 2028 depending on projects)
  • Secured land but very early stage
  • 1 point for structured development engagement
B7 · Marché & Localisation 2.0/3
  • French renewable energy market growth, strong regulatory support
  • Projects diversified geographically
  • Gradual recovery of investments in 2026
  • No PPA nor regulated tariff acquired
  • 2 points
Points forts
✓Enerfip platform leading renewable energy France, AMF PSFP licence, zero historical default
✓Diversified portfolio 11 projects, 198.5 MWc, zones identified in renewable energy acceleration
✓LTV 50% on secured land, RTB exit value estimated at €19.85m for €5m crowd
✓Manager Julien HUGUES identifiable, team 9 employees, 10 MWc in operation
✓Pledge of 100% issuer shares, simple bonds French law
Risques identifiés
!Very early stage: permits not filed (2027-2028), repayment conditioned on RTB exit in 2030
!Sponsor Devenco Ingénierie with very limited equity (€232k), weak financial capacity
!No PPA signed nor regulated tariff acquired across entire portfolio
!SPV issuer recently created (capital €1,000), no own financial history available
!Rate 9%/year for early development stage ENERGY projects - beyond norm (5-9%), at upper limit
Score card
Score card — Devenco Développement 2
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