Moulin de Bénavant - Tranche 2 — 8.0%/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 · 49.0/75

B1 · Instrument & Structure 9.0/10bon

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

B1.2: 3/3 - Dedicated société dédiée (SPV) HEPSP, distinct issuer, clear French law

B1.3: 1/2 - Senior ranking claimed, pledge of securities but no mortgage on energy asset registered

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Didier BOUREAUD appointed, identifiable LinkedIn profile, roles specified

B2.2: 3/5 - SEIDER: >45 MWp wind built, confirmed renewable energy expertise, 0 MW hydroelectric connected

B2.3: 1/3 - First HEPSP operation on Enerfip (T1 in progress)

B2.4: 2/3 - No proceedings, SEIDER balance sheets healthy, equity 1.9M€, moderate debt ratio

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - SEIDER GAPD (autonomous first-demand guarantee) + first-ranking pledge 100% HEPSP securities + turbine pledge

B3.2: 1/4 - SEIDER: Equity 1.9M€, low gearing (~0.35), but GAPD outstanding 1.24M€ and limited capacity

B3.3: 1/2 - No identified bank partner; near-total bond financing (80%)

B4 · Structure financière 9.0/15

B4.1: 4/5 - EDF H16bis tariff over 20 years secured, project IRR estimated within renewable energy norms with long-term PPA

B4.2: 2/4 - CCA contribution 550k€ i.e. ~18% of total cost (threshold 10-15%)

B4.3: 2/4 - Tariff guaranteed 20 years covers debt service; stress test not presented but PPA secures

B4.4: 1/2 - Estimated taux de couverture de la dette 1.2-1.5 on contracted revenues at 8%/year

B5 · Pré-commercialisation 8.0/10bon

EDF H16bis sales tariff over 20 years signed and secured for 400 kW
Permit fully cleared not confirmed (contentious proceedings ongoing)
Score: permit obtained + applicable regulated tariff → 8/10

B6 · Permis & Maturité 3.0/5

Environmental licence obtained but subject to contentious proceedings (Limoges court decision expected early 2028)
Ready-to-build stage confirmed
Construction not blocked by proceedings, but residual legal risk → 3/5

B7 · Marché & Localisation 2.0/3

France renewable energy market in growth (PPE3 adopted Feb
2026, H16bis regulated tariff secured)
Temporary overcapacity risk signalled by RTE
Overall context favourable for hydroelectric
Score: established market with contractualised tariff → 2/3

Points forts

✓EDF H16bis tariff over 20 years secured for 400 kW, maximum revenue visibility.

✓SEIDER GAPD + first-ranking pledge 100% HEPSP securities provide multi-level coverage.

✓SEIDER: experienced renewable energy developer, >45 MWp built, healthy balance sheets.

✓Dedicated SPV HEPSP, clear legal structure, simple obligations French law.

✓Enerfip: PSFP licensed platform, zero historical renewable energy default, excellent track record.

Risques identifiés

!Environmental licence subject to contentious proceedings, court decision expected early 2028.

!SEIDER: GAPD guarantor with limited equity (1.9M€) against commitment of 750k€ (T2) + 1.5M€ (T1).

!No identified bank partner, financing 80% by bond debt without external bank validation.

!HEPSP created in 2022, no operational history or revenues generated at this stage.

!Hydrological risk documented (droughts) capable of impacting output and profitability.

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