À propos
Obligation loan of €1M carried by SAS FE Saint Charles, French subsidiary of InnoVent group operating a 12 MW wind farm (Somme, in service 2018). Funds will serve to finance the extension of two solar plants in Comoros (Mitsamiouli and Foumbouni, 15.6 MWc total). Duration 3.75 years, rate 7%/year, repayment in fine of capital with quarterly interest.
Plateforme · 20.0/25
A1 · Statut réglementaire
8.0/8✓ max
- agrément AMF licence AMF fonds propres-2023-22 in force since November 2023
- Also registered statut réglementaire CIP and IFP with registre ORIAS
- Maximum regulatory status achieved
A2 · Track Record
5.0/6bon
- Default 0.0% → 6/6
- Delay 0.35% (<5%) → 6/6
- Actual vs announced return not explicitly communicated → 0/6
- A2 = (6×0.5)+(6×0.3)+(0×0.2) = 4.8 → rounded to 5
A3 · Rigueur de sélection
2.0/4
- Selection process mentioned implicitly (700 fundraisings over €400M, 0% default)
- Selection rate not explicitly published in available data
A4 · Santé financière
3.0/4bon
- Backed by 123 Investment Managers group since 2021, >10 years in existence (founded 2014), healthy growth, no platform distress signal
- Non-listed institutional group → 3 pts
A5 · Protection investisseurs
2.0/3
- agrément AMF licensed → 4-day reflection period + mandatory continuity plan (1 pt)
- Lendopolis acquisition November 2024 suggests segregated payment infrastructure (1 pt)
- Secondary market not documented (0 pt)
Projet · 48.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate French law
B1.2: 2/3 - Direct loan SAS FE Saint Charles, clear French law
B1.3: 1/2 - Unsecured obligation, existing senior bank debt but crowd rank not explicitly subordinated
B2 · Opérateur & Track record
10.0/15
B2.1: 3/4 - Grégoire Verhaeghe appointed president, Lendosphere conflict of interests disclosed
B2.2: 5/5 - 407 MW in operation, 52 parks, 25 years of existence, 18 countries, revenue €61M
B2.3: 2/3 - 60 operations on Lendosphere, all repayments honoured
B2.4: 0/3 - InnoVent SAS safeguard proceedings plan homologated TC Lille Oct.2024, litigation closed Nov.2025
B3 · Garanties & Sûretés
7.0/15faible
B3.1: 7/9 - GAPD issued by InnoVent SAS covering 50% of amount raised
B3.2: 2/4 - InnoVent SAS revenue €61M but recent safeguard proceedings plan, tight balance sheet
B3.3: 0/2 - No banking partner for this crowd raising (project <€2M for crowd portion, no RF2)
B4 · Structure financière
9.0/15
B4.1: 4/5 - Wind farm operational since 2018, revenue €2.5M/year, EDF OA contract ~€90/MWh fixed rate, induced IRR solid
B4.2: 3/4 - InnoVent equity €3M+ invested in Comoros, real documented patrimonial commitment
B4.3: 2/4 - EDF OA contractualised revenues; stress possible if contract end or wind damage
B4.4: 0/2 - taux de couverture de la dette not explicitly communicated; senior bank debt on FE Saint Charles reduces available cash flow
B5 · Pré-commercialisation
8.0/10bon
- Wind farm operational since 2018, EDF OA contract signed at ~€90/MWh, average revenue €2.5M over 6 years, availability rate 98%
- Existing and contractualised revenues
- Comoros extension: works in progress, commissioning end 2026 planned
B6 · Permis & Maturité
5.0/5✓ max
- FE Saint Charles wind farm in operation since 2018, all permits obtained and expired, network connection confirmed EDF OA
- Established activity >5 years, valid legal documents
B7 · Marché & Localisation
1.0/3faible
- Wind farm France (Somme) operational - French renewables market buoyant
- Comoros extension: emerging market outside EU, Comoros country risk non-negligible, dependence on local institutional framework
Points forts
InnoVent: 52 operational parks, 407 MW, revenue €61M, 60 Lendosphere operations with no default
EDF OA contract at fixed price ~€90/MWh on farm in operation since 2018, stable revenues
GAPD InnoVent SAS covering 50% of amount, secured French legal structure
Lendosphere platform licensed PSFP AMF, alignment of interests of managers and investors (€20,000)
Renewables market in growth, strong InnoVent international expertise in Africa since 2008
Risques identifiés
RF4 withdrawn: the safeguard proceedings plan (TC Lille, Oct. 2024) was homologated and the procedure closed in Nov. 2025. RF4 targets an active collective insolvency proceeding not homologated at the time of the raising. The antecedent remains mentioned in B2.4.
InnoVent SAS safeguard proceedings plan (Oct.2024, closed Nov.2025): solidity of GAPD guarantor weakened
Funds transferred to Comoros via inter-company loan: country risk and exchange rate risk not hedged
GAPD covers only 50% of capital: €500,000 out of €1M not guaranteed in event of default
Structural conflict of interests: Lendosphere president holds 20.5% of InnoVent (disclosed but real)
Senior bank debt on FE Saint Charles priority over wind farm flows, residual cash flow limited
Voir toute l'analyse Lendosphere →
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