DEV'ENR 3 — 8.5%/an · 36 mois

Plateforme · 22.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence granted by AMF on 6 December 2022 (fonds propres-2022-2), registre ORIAS n°15003274
Status fully compliant, currently valid

A2 · Track Record 6.0/6✓ max

Default 0.8% (<1% → 6 pts×0.5=3.0)
Delay 0.8% (<5% → 6 pts×0.3=1.8)
Realised yield ~5.9% compliant with announced ranges → 6 pts×0.2=1.2

A3 · Rigueur de sélection 3.0/4bon

RES selection process documented and recognised (technical, legal, financial due diligence)
Selection rate not explicitly published in available data

A4 · Santé financière 3.0/4bon

Independent platform founded in 2014 (>10 years), no distress signals
Active European expansion (Spain, Italy, Netherlands)
Fund launch 2026
No direct institutional backing

A5 · Protection investisseurs 2.0/3

agrément AMF licensed → mandatory 4-day reflection period + continuity plan (1 pt)
Segregated accounts via third-party payment service provider Mangopay (1 pt)
No operational secondary market identified (0 pt)

Projet · 33.0/75 (38.0 brut, red flags −5)

B1 · Instrument & Structure 9.0/10bon

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

B1.2: 3/3 - Dedicated société dédiée (SPV) Dev'EnR Participatif 3, distinct issuer, clear French law

B1.3: 1/2 - Senior rank claimed, pledge constituted but formal registration not confirmed as of date

B2 · Opérateur & Track record 8.0/15

B2.1: 3/4 - Stéphane Bozzarelli appointed senior officer, identifiable; photo/LinkedIn not confirmed

B2.2: 2/5 - 1-10 MWc in operation, active developer but young (2019)

B2.3: 2/3 - Several Enerfip capital raises completed, some repaid

B2.4: 1/3 - Negative EBITDA 3 consecutive years, very high gearing (-42243%), significant losses 2025

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - First rank pledge 100% issuer securities and subsidiary SPVs registered; underlying asset = projects in development (uncertain value)

B3.2: 1/4 - Dev'EnR holding with negative/very weak equity, aberrant gearing, fragile financial position

B3.3: 0/2 - No banking partner identified on this transaction

B4 · Structure financière 6.0/15faible

B4.1: 2/5 - Projects mostly phase environmental studies, no PPA or grid connection; revenues not contractualized

B4.2: 0/4 - No operator equity contribution documented (N/A indicated)

B4.3: 2/4 - Loan-to-Value (ratio prêt/valeur actif)/Loan-to-Cost (ratio prêt/coût total) very low not applicable; but repayment depends on uncertain future RTB sales

B4.4: 2/2 - taux de couverture de la dette not calculable on projects in development; group net margin negative

B5 · Pré-commercialisation 4.0/10faible

Development phase: 8/9 projects in environmental studies, 1 building permit filed
No permits cleared, no PPA signed, no sales contractualized
Diversification across 9 projects mitigates risk
Score 4 pts: permit under examination for 1 project, remainder in development phase

B6 · Permis & Maturité 1.0/5faible

8 projects in environmental studies (pre-permit phase), 1 building permit filed not obtained
Early development stage, no permit obtained or cleared
Development phase, building permit filing ongoing/planned

B7 · Marché & Localisation 2.0/3

French renewable energy market in growth, favourable to agrivoltaic projects
Investor recovery 2026 confirmed
Interest rates stabilised
Projects in early development; RTB valuation at 110k€/MW standard market

Points forts

✓First rank pledge 100% issuer securities and subsidiary SPVs well structured.

✓Diversified portfolio of 9 agrivoltaic projects (160 MWc).

✓Institutional shareholding (SOFILARO Crédit Agricole, OCCIGEN, CA Transition B).

✓Enerfip licensed PSFP AMF, exceptional track record zero default renewable energy.

✓Buoyant French renewable energy market with investor recovery confirmed 2026.

Risques identifiés

!Dev'EnR group financial position fragile: negative EBITDA 3 years, aberrant gearing 2025.

!Repayment conditional on sale of RTB projects whose building permit obtained planned 2029-2030.

!8 projects out of 9 at environmental studies stage only, high development risk.

!Refinancing of existing debts due to mature (chain refinancing risk).

!No operator equity contribution documented, total dependence on participatory financing.