À propos
Bond financing of 5 million € in several tranches for development of a portfolio of 22 agrivoltaic and agro-compatible projects (170 MWp) in France, carried by Melvan Horizon (subsidiary of Melvan). Funds cover development costs to reach ready-to-build (RTB) stage. Third tranche of 500k€ minimum, maturity 3 years plus 1 optional year at 9%.
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 · 39.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Plain vanilla bonds at fixed rate, French law
B1.2: 2/3 - Direct loan from Melvan Horizon (holding), clear French law
B1.3: 1/2 - Senior ranking claimed, no known senior bank debt, not formally registered
B2 · Opérateur & Track record
9.0/15
B2.1: 3/4 - Appointed directors (L. Albuisson, P-Y. Barbier, S. Dubois) without detailed public profile
B2.2: 4/5 - Melvan created 2017, >8 years, 4 MWc operated, 750 MWc in development, institutional shareholders (BPI, IDIA)
B2.3: 2/3 - Several operations in progress with no incident reported on Enerfip
B2.4: 0/3 - Negative EBITDA and net result documented; issuing entity <2 years old
B3 · Garanties & Sûretés
7.0/15faible
B3.1: 6/9 - Pledge in first rank of 100% of Melvan Horizon shares (registered)
B3.2: 1/4 - Melvan Horizon established <2 years, balance sheet unavailable, negative group EBITDA
B3.3: 0/2 - No identified bank partner on this project
B4 · Structure financière
6.0/15faible
B4.1: 2/5 - Projects in development with no PPA or connection; IRR not calculable at this stage
B4.2: 2/4 - Group plans 14.5 M€ of equity injections over 2027-2030 for total CAPEX of 121 M€
B4.3: 1/4 - Single-scenario business plan; stress test absent; repayment dependent on uncertain future injections
B4.4: 1/2 - taux de couverture de la dette not calculable; negative operational flows 2026-2027 before RTB premiums
B5 · Pré-commercialisation
4.0/10faible
- Development phase: 6 permits filed out of 22 projects, 7 land plots secured, 3 wetland diagnostics
- No PPA signed, no connection confirmed
- Projects structured as CRE but not yet RTB
B6 · Permis & Maturité
3.0/5
- 6 permits filed under review, 7 land plots secured, pre-RTB stage
- No permit cleared nor connection confirmed for entire portfolio
B7 · Marché & Localisation
2.0/3
- French renewable energy market growing (PPE3 adopted Feb
- 2026, active CRE calls for projects)
- Temporary risk of RTE overcapacity flagged but agrivoltaics in strong institutional demand
Points forts
Melvan group backed by BPI France (FIEE 2), IDIA Capital and OCCIGEN - credible institutional shareholders.
First rank pledge on 100% of issuer shares documented.
Diversified portfolio of 22 agrivoltaic projects distributed across mainland France.
Enerfip PSFP AMF licensed platform, zero historical default on renewable energy.
Raising of 25 M€ in June 2025 attests capacity to attract institutional capital.
Risques identifiés
Repayment entirely dependent on future equity injections from Melvan group, with no existing operational flows.
Negative EBITDA and net result of Melvan Horizon documented; issuing entity created in 2024.
No RTB project nor signed PPA as at offer date; early development stage for 10 of 22 projects.
Total Melvan outstanding on Enerfip already at 12.3 M€ with 3 major maturities in 2026; borrower concentration risk.
Absence of identified bank partner and absence of real security over physical asset or contractualised flows.
⚠ 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.