Verso Développement — 9.0%/an · 48 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 · 28.0/75 (33.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate clear French law

B1.2: 2/3 - Direct loan operator (no société dédiée (SPV)), French law

B1.3: 1/2 - No known senior debt, de facto first ranking unregistered

B2 · Opérateur & Track record 10.0/15

B2.1: 4/4 - Romain Verdier appointed corporate officer, Xavier Caïtucoli founder publicly identifiable

B2.2: 4/5 - 65 MWc operational, founded 2021, 1 GW pipeline, major shareholders

B2.3: 1/3 - First operation on Enerfip

B2.4: 1/3 - Equity capital in sharp decline, rising losses, high gearing, refinancing wall 2026

B3 · Garanties & Sûretés 0.0/15faible

B3.1: 0/9 - No security provided, explicitly mentioned in the file

B3.2: 0/4 - Guarantor itself in difficulty (negative equity, losses)

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

B4 · Structure financière 5.0/15faible

B4.1: 2/5 - Project IRR not documented, no overall PPA on corporate entity; projects predominantly in development

B4.2: 1/4 - Equity engaged but in sharp erosion (17 M€ for 166 M€ assets)

B4.3: 0/4 - No corporate stress test, Loan-to-Cost (ratio prêt/coût total) not applicable, negative operational cash-flow

B4.4: 2/2 - H2 CarlHYng project with secured 10-year SHS contract; partial PPA revenues on PV

B5 · Pré-commercialisation 6.0/10

H2 CarlHYng project: firm 10-year contract with SHS documented (8 points level)
PV pipeline 65 MWc operational with revenues
Non-contracted e-SAF projects
Weighted score: 6/10 reflecting portfolio maturity mix

B6 · Permis & Maturité 3.0/5

Established activity over 2 years (founded 2021), valid licences, 65 MWc connected operational
Advanced development projects documented
Sound legal structure but young company (under 5 years)

B7 · Marché & Localisation 1.0/3faible

Stable French renewable energy market with regulatory support, but commercial volume uptick expected only 2026-2027
Corporate financing with no underlying located asset. e-SAF market not yet established

Points forts

✓65 MWc operational PV, credible 1 GW pipeline with major institutional shareholders (80 M€ equity).

✓Firm 10-year contract with SHS for H2 CarlHYng project, secured remuneration.

✓Technip Energies partnership on Dezir e-SAF project, significant industrial dimension.

✓Enerfip platform licensed as PSFP, zero default renewable energy track record, very solid.

✓Experienced management team (Xavier Caïtucoli former Direct Energie / TotalEnergies).

Risques identifiés

!No security provided on the issuance; risk of total loss in case of Verso Energy default.

!Refinancing wall approximately 40 M€ within less than one year (2026) with negative operational cash-flow.

!Equity capital in sharp erosion: -42% in 2025 (17 M€ for 166 M€ assets), debt/equity ratio 231%.

!Corporate financing not earmarked for specific project; use of funds not traced by security.

!e-SAF projects (Dezir, 1.5 bn€) still in study phase without permits or contracted revenues.

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.