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.

ENERSIDE Financiación corporativa

Fragile

score / 100

Duration

36 months

Min. ticket

10 €

Amount raised

5 M€

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À propos

Corporate financing for Enerside Energy SA, Spanish renewable energy developer of multi-country projects (Spain, Italy, Brazil, Chile). Portfolio of 5.5 GW. Three-year simple obligation to finance development of this portfolio. Security: pledge of shares in Renaico project company (Chile, 2 PMGD projects constructed, connection planned May 2023).

Plateforme · 21.0/25

A1 · Statut réglementaire 8.0/8✓ max

Enerfip holds AMF licence agrément AMF fonds propres-2022-2 currently valid (verified against AMF register)

A2 · Track Record 6.0/6✓ max

Score adjusted based on live data: default rate 0.0%, delay rate 0.5%, target IRR consistent with announcements
Exceptional ENR history → 6/6

A3 · Rigueur de sélection 3.0/4bon

Selection process documented with internal committee and technical/financial analysis
Selection rate not published

A4 · Santé financière 3.0/4bon

Score adjusted based on live data: platform profitable (€773K profit 2024), >7 years existence, healthy growth €700M+ financed, no distress signal
Lumo acquisition 2025 strengthens position

A5 · Protection investisseurs 1.0/3faible

4-day cooling-off period mandatory for agrément AMF (1 point minimum)
No secondary market mentioned
Segregated accounts not documented

Projet · 19.0/75 (29.0 brut, red flags −10)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation Spanish law EU recognised

B1.2: 2/3 - Direct loan without dedicated société dédiée (SPV)

B1.3: 1/2 - Senior claimed not formally registered

B2 · Opérateur & Track record 3.0/15faible

Score adjusted thanks to live data:

B2.1: 4/4 - Manager Joatham Grange identified with NIF, LinkedIn confirmed

B2.2: 0/5 - Developer 15+ years but severe financial distress (losses €23M, debt €64M, revenues −74%)

B2.3: 0/3 - First Enerfip transaction

B2.4: 0/3 → RF4 applied (extreme financial stress documented, net debt €61.9M vs capitalisation €71M, restructuring 2024-2025)

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge of shares in Renaico Chile projects (2 PMGD constructed), network connection 23/05/2023, registration not formally proven

B3.2: 0/4 - Guarantor (Enerside SA) in extreme distress: losses €23M, gearing impossible to calculate (equity unknown), debt €64M

B3.3: 2/2 - Bank credit Caixabank/Santander €14M refinanced 2024 (live research)

B4 · Structure financière 0.0/15faible

B4.1: 0/5 - Corporate financing portfolio 5.5 GW: no documented signed PPA, no IRR calculated, development projects

B4.2: 1/4 - €373K equity out of €5M raised (7%)

B4.3: 0/4 - No stress test + quasi-total debt financing

B4.4: 0/2 - taux de couverture de la dette not calculable, operator in massive operational loss (negative EBIT)

B5 · Pré-commercialisation 4.0/10faible

Renaico projects constructed, network connection planned 23/05/2023
No documented PPA on 5.5 GW portfolio
Development phase with no contractualised revenues

B6 · Permis & Maturité 3.0/5

Renaico projects: construction completed, network connection planned May 2023 → authorisations obtained, appeal periods likely expired

B7 · Marché & Localisation 3.0/3✓ max

Score adjusted thanks to live data: renewable energy market Spain/Chile in strong growth (demand +2.7% 2025, 63% renewable mix, 80 GW installed)
Wholesale prices €40-71/MWh stable
Regulatory support 81% renewable 2030

⚠ Alertes détectées · −10 pts déduits

Pas de financement bancaire −5 pts

No bank partner on corporate financing >€2M - CORRECTED BY LIVE RESEARCH: bank credit Caixabank/Santander €14M refinanced August 2024, no RF2 penalty

Aucune garantie réelle sur ce projet −5 pts

No formally registered real security (pledge of shares not proven registered in register) on corporate financing >€500K → −5 pts

Points forts

✓Enerfip platform excellent (PSFP AMF, 0% default renewable energy, 0.5% delay rate, Trustpilot 4.6/5)

✓Renewable energy market Spain/Chile in strong structural growth (demand +2.7%, 80 GW installed)

✓Renaico Chile projects constructed and network connection planned May 2023

✓Bank credit Caixabank/Santander €14M refinanced August 2024 (external validation)

Risques identifiés

!RF4 withdrawn: the finding was financial distress (losses, debt, restructuring), explicitly 'without' collective insolvency proceeding. RF4 requires an open safeguard proceeding, receivership or compulsory liquidation. Financial stress remains noted in A4/B4.

!⚠ CRITICAL: Enerside in severe financial distress (losses €23M, debt €64M, revenues −74% in 2024)

!⚠ Net debt €61.9M vs market capitalisation €71M - solvency compromised

!⚠ Debt restructuring 2024-2025 and multiple capital increases - acute stress signals

!⚠ Negative working capital: current liabilities €39.5M vs receivables €2.5M

!⚠ Corporate financing 5.5 GW without signed PPA or contractualised revenues - execution risk

!⚠ Pledge of Renaico project shares not formally proven registered in register

!⚠ Equity contribution only 7% of total financing - extreme leverage

!⚠ No stress test presented on quasi-total debt financing

!Wholesale electricity price volatility (€40-71/MWh) - spot market exposure

!Under-investment in Spain network infrastructure (April 2025 blackout cost €1.6Bns)

!Middle East geopolitical tensions affecting gas prices (+60% Q2 2026)

⚠ Avertissement sur les risques

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