Renouvellement du Parc Éolien de Dosnon et Lhuître

Lendosphere Renewable energy Financé

Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Renouvellement du Parc Éolien de Dosnon et Lhuître

Fragile

score / 100

Yield

7.5%/yr

Duration

36 months

Min. ticket

1 k€

Amount raised

200 k€

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À propos

Participatory financing for the development of the repowering of the Dosnon and Lhuître wind farm (Aube, 10), carried by VALOREM and SEM Énergie de Troyes. The environmental authorisation will be filed end of 2026, the project is therefore in advanced development phase without permit obtained. Obligation repaid quarterly over 3 years at rate 7% or 8% depending on investor profile.

Plateforme · 19.8/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF fonds propres-2023-22 in force since November 2023
Maximum status on the grid

A2 · Track Record 4.8/6bon

Default 0.34% (<1%) → 6/6
Delay 0.41% (<5%) → 6/6
Actual return vs announced: not explicitly communicated → 0/6
A2 = (6×0.5)+(6×0.3)+(0×0.2) = 4.8

A3 · Rigueur de sélection 2.0/4

Proven specialisation in renewable energy with €420M raised since 2014
No selection rate published nor detailed description of the analysis committee

A4 · Santé financière 3.0/4bon

Backed by 123 IM group, 90 employees, operational platform since 2014
Acquisition of Lendopolis in 2024 = expansion, not distress
Non-listed group/tier 1 institutional → 3 pts

A5 · Protection investisseurs 2.0/3

agrément AMF licensed → reflection period + continuity plan mandatory (1 pt)
Third-party escrow account for payments documented (1 pt)
No secondary market mentioned (0 pt)

Projet · 27.0/75 (32.0 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 operator borrowing, well documented

B1.3: 1/2 - Simple obligation with no known senior debt, de facto rank not registered

B2 · Opérateur & Track record 12.0/15bon

B2.1: 4/4 - Vincent Caillet appointed, VALOREM publicly identifiable

B2.2: 5/5 - 1.8 TWh produced, 4.5 GW in development, >30 years renewable energy expertise

B2.3: 2/3 - +€58M raised, 100% maturities honoured, solid multi-platform history

B2.4: 1/3 - Balance sheet not provided in the file, verification incomplete

B3 · Garanties & Sûretés 2.0/15faible

B3.1: 2/9 - Implicit personal guarantee not notarised; no documented real guarantee

B3.2: 0/4 - Guarantor not financially evaluated

B3.3: 0/4 - No banking partner mentioned, amount <€2M no RF2

B4 · Structure financière 4.0/15faible

B4.1: 2/5 - Development phase, no PPA revenues, IRR not calculable

B4.2: 0/4 - No documented equity contribution, participatory financing only

B4.3: 0/4 - No stress test, no taux de couverture de la dette available

B4.4: 2/2 - VALOREM >€150M turnover, proven operational solidity

B5 · Pré-commercialisation 2.0/10faible

Development phase, permit application planned end of 2026
No PPA or permit obtained
Neighbouring Vallandreux wind project integrated
Score 2/10 complies with ENERGY grid pre-development

B6 · Permis & Maturité 1.0/5faible

Environmental authorisation not filed, file in preparation for end of 2026
Pre-development phase confirmed
Score 1/5 ENERGY grid

B7 · Marché & Localisation 3.0/3✓ max

Renewable energy market in France in strong growth
Score adjusted thanks to live data: rising trend confirmed, sustained institutional demand, EDF public offering rate guaranteed 20 years

⚠ Alertes détectées · −5 pts déduits

Aucune garantie réelle sur ce projet −5 pts

No documented real guarantee on this wind project development - personal guarantee not notarised only, no registered mortgage or pledge

Points forts

✓VALOREM: 30 years renewable energy expertise, 1.8 TWh produced, 100% repayments honoured.

✓Partnership with SEM Énergies, strong territorial anchoring with local elected representatives.

✓Repowering: reuse of existing infrastructure, +52% production expected.

✓Rate 7-8% per annum compliant with ENERGY standard, progressive quarterly repayment.

✓Renewable energy market in France in strong growth, target 40% energy reduction 2030.

Risques identifiés

!Project in pre-development phase: environmental authorisation not filed, permit absent.

!No registered real guarantee; funds serve only to finance studies.

!No signed PPA, no confirmed grid connection, project IRR not calculable at this stage.

!Repayment conditional on success of studies and subsequent permit acquisition.

!Absence of financial balance sheet of operator SPV provided; gearing not verifiable in the file.

⚠ Avertissement sur les risques

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