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Enerstorage Bulgaria (BESS Bulgarie)
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Enerfip 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.

Enerstorage Bulgaria (BESS Bulgarie)

Average
53
score / 100
Yield
10.0%/yr
Duration
24 months
Min. ticket
10 €
Amount raised
1.5 M€
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À propos

Junior financing of 1.5M€ for construction of 2 stand-alone battery storage systems (BESS) of 20MW each (100MWh total) located in Razlog, Bulgaria. Operator Energreen SA (Swiss company) has obtained RESTORE grant (EU) covering up to 50% of eligible costs. Projects in construction phase, repayment planned via asset sale after commissioning. Simple bullet obligation over 24 months at 10%/year via Enerfip platform.

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 · 31.0/75 (36.0 brut, red flags −5)
B1 · Instrument & Structure 7.0/10
B1.1: 5/5 - Simple obligations fixed rate, Spanish law EU recognised
B1.2: 1/3 - Spanish dedicated société dédiée (SPV) but issuer under Spanish law, ranking not explicitly documented on French side
B1.3: 1/2 - Junior ranking explicitly claimed, subordination to senior bank debt in place
B2 · Opérateur & Track record 9.0/15
B2.1: 3/5 - Benoît Rossier appointed, email identifiable, but LinkedIn profile not confirmed
B2.2: 3/5 - >15 years cumulative RES, +540 MW RTB, but 0 MW BESS connected documented to date
B2.3: 2/3 - Multiple fundraisings on Enerfip without reported incident
B2.4: 1/2 - No proceedings found, but Energreen SA balance sheet (cap. 104K€) very limited
B3 · Garanties & Sûretés 6.0/15faible
B3.1: 5/9 - Joint and several guarantee parent company Energreen SA (Switzerland) + escrow account
B3.2: 1/4 - Parent share capital 104K€, balance sheet very limited, financial solidity insufficiently documented
B3.3: 0/2 - Bulgarian bank financing under negotiation, no agreement signed
B4 · Structure financière 6.0/15faible
B4.1: 2/5 - Project under construction, no PPA signed, merchant market revenues, IRR not disclosed
B4.2: 2/4 - Equity contribution not quantified; RESTORE grant up to 50% CAPEX partially offsets
B4.3: 1/4 - No stress test presented; dependence on Bulgarian spot prices high
B4.4: 1/2 - taux de couverture de la dette not calculable; post-construction revenues not contracted
B5 · Pré-commercialisation 3.0/10faible
  • B5: 3/10 - Projects selected in RESTORE 1 (secured grant), construction commenced
  • No PPA signed
  • Repayment via asset sale under negotiation - no firm buyer commitment
  • Merchant revenues not contracted
B6 · Permis & Maturité 3.0/5
  • B6: 3/5 - Projects in RTB phase (ready to build), construction commenced
  • External due diligence carried out
  • Building permits obtained but absence of documented confirmation that challenge periods have lapsed
B7 · Marché & Localisation 2.0/3
  • B7: 2/3 - Bulgaria 3rd EU in installed BESS capacity, spreads 157€/MWh favourable, RESTORE active
  • Risk of spread compression with massive storage development (3 GW end 2026)
  • Market established and growing
⚠ Alertes détectées · −5 pts déduits
Aucune garantie réelle sur ce projet −5 pts

No security registered (neither mortgage nor recorded pledge) on 1.5 M€ project - parent guarantee not notarised and capital insufficient to cover exposure.

Points forts
✓Secured EU RESTORE grant, covering up to 50% of CAPEX.
✓Bulgaria 3rd EU country in installed BESS, favourable regulatory framework.
✓High day-ahead spreads (157€/MWh 2025), documented arbitrage potential.
✓Multiple prior Enerfip fundraisings without reported incident.
✓PICASSO aFRR integration opens European balancing revenues.
Risques identifiés
!Junior ranking explicitly claimed, no security registered on Bulgarian assets.
!Repayment conditional on asset sale - buyer not identified to date.
!No PPA or electricity sales contract signed; total exposure to merchant prices.
!Parent company Energreen SA capitalised at 104K€ - solidity of joint and several guarantee very limited.
!Expected spread compression with 3 GW additional BESS end 2026 in Bulgaria.
Score card
Score card — Enerstorage Bulgaria (BESS Bulgarie)
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