Hymont — 6.5%/an · 54 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 · 47.0/75 (52.0 brut, red flags −5)

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Simple bonds at fixed rate, French law

B1.2: 3/3 - société dédiée (SPV) Hymont PV dedicated, issuer distinct from TSE

B1.3: 1/2 - Unsecured bonds, no senior debt at société dédiée (SPV) level known, de facto priority rank but not registered

B2 · Opérateur & Track record 11.0/15

B2.1: 3/4 - Mathieu DEBONNET appointed, TSE publicly identifiable

B2.2: 4/5 - TSE founded 2016, >170 MWc in operation, solid renewable energy track record

B2.3: 2/3 - TSE Development + Sainte-Menehould in progress on Enerfip, no incidents

B2.4: 2/3 - No proceeding, negative EBITDA (growth), sound holding structure

B3 · Garanties & Sûretés 4.0/15faible

B3.1: 0/9 - No security interests contracted, explicitly mentioned

B3.2: 0/4 - No guarantor

B3.3: 2/2 - Syndicated financing of 95M€ at holdco level validated (Caisse des Dépôts, Crédit Mutuel Equity). Shareholder loan structured and nominative

B4 · Structure financière 14.0/15bon

B4.1: 5/5 - Crowd raising = 10% CAPEX, very low ratio

B4.2: 4/4 - 90% CAPEX financed via shareholder loan backed by syndicated financing

B4.3: 3/4 - taux de couverture de la dette 11.37x years 1-4; year 5 taux de couverture de la dette 0.71x compensated by documented CCA injection

B4.4: 2/2 - EBITDA approximately 340k€ per year, average taux de couverture de la dette 11x over Enerfip debt duration

B5 · Pré-commercialisation 8.0/10bon

Secured CRE tariff (call for bids won), permit cleared (status 'ready to build')
Equivalent long-term regulated PPA
Grid connection not yet confirmed by network operator

B6 · Permis & Maturité 4.0/5bon

Status 'ready to build' confirmed, CRE tariff obtained
Permit obtained but grid connection not yet definitively confirmed by operator

B7 · Marché & Localisation 2.0/3

French renewable energy market in growth, secured CRE tariff eliminates spot market risk
Rising trend confirmed by live data
No vacancy risk
French solar market solid

Points forts

✓CRE tariff secured over 20 years, revenue contractualised without market risk

✓Average DSCR 11.37x over first 4 years, comfortable interest coverage

✓Solid TSE sponsor: >170 MWc operated, shareholding by CDC and Crédit Mutuel Equity

✓Senior syndicated financing of 95M€ at holdco level, institutional validation

✓Crowd rate represents only 10% of total CAPEX, very limited exposure

Risques identifiés

!Complete absence of security on crowd bond, principal repayment depends on CCA injection in year 5

!Year 5 DSCR at 0.71x: principal repayment not covered by operational flows alone

!Recently incorporated SPV, no financial history, negative debt/equity ratio (-11.6x)

!Shareholder loan of 4.2M€ senior compared to Enerfip debt at SPV level

!Risk of grid connection delay (S3RENR), end 2026 service start ambitious

⚠ 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.