À propos
Financing by simple obligations for construction of a portfolio of 50 stand-alone BESS batteries (10.75 MWh cumulative) via SPV Solarion 20, subsidiary of Alnitakion (Orion Energies group). Assets at ready-to-build stage, with no guaranteed purchase tariff (full merchant model). Repayment bullet over 12 months (tranche 1 over 40 months total), with planned bank refinancing.
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
7.0/10
B1.1: 5/5 - Simple obligations at fixed rate, French law
B1.2: 1/3 - Issuer Alnitakion holding with no own assets, structural subordination to Solarion 20 creditors
B1.3: 1/2 - Senior rank at issuer level claimed, but structurally subordinated to Solarion 20
B2 · Opérateur & Track record
10.0/15
B2.1: 4/4 - Augustin and Hadrien Clément-Fromentel appointed, CVs provided, public profiles
B2.2: 4/5 - Orion Energies founded 2009, >500 MWc developed, 0 MW BESS delivered documented
B2.3: 2/3 - 2 tranches repaid in 2021 (Solarion 10/13) on Enerfip
B2.4: 2/3 - Healthy balance sheet (equity 37.9M€), gearing 37% but EBITDA/sales 7% weak
B3 · Garanties & Sûretés
7.0/15faible
B3.1: 6/9 - First ranking pledge of Solarion 20 securities plus unsecured pledge on RTB assets
B3.2: 1/4 - Alnitakion holding with no own assets, limited guarantor strength
B3.3: 0/2 - No identified banking partner, project <2M€ current tranche
B4 · Structure financière
5.0/15faible
B4.1: 2/5 - Full merchant revenues with no PPA or regulated tariff, taux de couverture de la dette post-refinancing 1.51x-2.06x
B4.2: 0/4 - Issuer equity contribution not quantified, N/A declared
B4.3: 2/4 - taux de couverture de la dette >1.5x documented in BP, but absence of formalised stress test
B4.4: 1/2 - taux de couverture de la dette 1.5-2.0 post-refinancing on non-contractualised revenues
B5 · Pré-commercialisation
4.0/10faible
- Permits under instruction variable by asset
- 59% of projects have received grid connection agreement, 100% grid connection agreement requested
- No PPA signed, full merchant revenues
- Aggregator not yet selected
B6 · Permis & Maturité
4.0/5bon
- 100% of assets have grid connection agreement requested, 59% grid connection agreement obtained
- Land (leases) 100% finalised
- Construction phase 2026-2028
- Small-scale assets, low administrative stakes
B7 · Marché & Localisation
2.0/3
- French BESS market in structural expansion (PPE3 adopted, transition to 15 minute spot)
- French pipeline under-developed vs Europe
- Full merchant revenues exposed to electricity volatility (40.8 €/MWh April 2026)
Points forts
Orion Energies founded in 2009, >500 MWc developed, long track record.
Two Enerfip operations repaid without incident (Solarion 10/13).
First ranking pledge of Solarion 20 securities and pledge on RTB assets.
100% of assets with grid connection agreement requested, 59% grid connection agreement obtained.
French BESS market structurally favourable with PPE3 adopted.
Risques identifiés
100% full merchant revenues with no guaranteed tariff or signed PPA - high volatility.
Alnitakion issuer with no own assets: structural subordination to Solarion 20 creditors.
BESS track record non-existent for Orion Energies (0 MW delivered documented).
Aggregator not yet selected at time of fundraising.
Issuer equity contribution not quantified (N/A declared in file).
⚠ Avertissement sur les risques
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