Contribute to the development of 7 photovoltaic projects in France and Italy!
Riley is a portfolio of photovoltaic power plants under development consisting of 7 projects, 4 of which are located in France and 3 in Italy. It is the first Elements portfolio whose projects are spread across several European countries. In an evolving context, this geographical diversification ensures a better distribution of risks.
The Elements Group aims to raise a total of 5,000,000 € in several tranches. The funds raised will be used for the development of the project portfolio.
The Elements Group has a significant track record in participatory fundraising. A pioneer in the financing of project portfolios under development and a historic partner of Enerfip, the group has already raised more than 22,000,000 € on participatory platforms and this amount should reach 30,000,000 € by the end of 2025. The group has also proven its reliability by repaying more than 9,000,000 € to which will be added 6,000,000 € before the end of 2025.
Shareholding
In November 2023, the Elements Group raised 50,000,000 € from a pool of investors including Enerfip, through its Enerfip For The Planet fund. This operation represents the largest fundraising in Occitanie for the year 2023.
The offer
The Elements Group, a French company based in Montpellier, offers an investment opportunity in the financing of a portfolio of 7 photovoltaic projects under development in France and Italy, grouped within the company Elements Croissance Europe 2.
OBJECTIVE
The crowdfunding operation by the Elements Group aims to raise up to 5,000,000 euros in senior-ranking bonds in a maximum of 4 tranches.
USE OF FUNDS
These funds will be used by the project holder to finance direct development costs and then indirect costs such as the general expenses of the company to ensure its activity.
REPAYMENT
The repayment of the bonds will take place through long-term refinancing or the sale of the projects once the ready-to-build stage is reached.
SECURITY
Investors benefit from a pledge of 100% of the shares of the issuing company Elements Croissance Europe 2, which holds the SPVs that in turn hold the projects to be financed.
LEGAL STRUCTURING ORGANIZATION CHART
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
Riley - Obligation 8.5%/year over 4 years
Simulation - Rate : 8.5% / year on 4 ans
Initial investment:
€5,000
Repayments and interest:
€6,700
In 8 transfers
| Date | Interest* | Capital | Amount |
| 30/05/2026 | €212.5 | €0 | €212.5 |
| 30/11/2026 | €212.5 | €0 | €212.5 |
| 30/05/2027 | €212.5 | €0 | €212.5 |
| 30/11/2027 | €212.5 | €0 | €212.5 |
| 30/05/2028 | €212.5 | €0 | €212.5 |
| 30/11/2028 | €212.5 | €0 | €212.5 |
| 30/05/2029 | €212.5 | €0 | €212.5 |
| 30/11/2029 | €212.5 | €5,000 | €5,212.5 |
| Total | €1,700 | €5,000 | €6,700 |
*Gross interest before tax, including all fees (view taxation) The result presented is not a forecast of the future performance of your investments. It is only intended to illustrate the mechanics of your investment over the investment period. The evolution of the value of your investment may vary from what is shown, either increasing or decreasing. | |||
The project
Riley is a European portfolio of photovoltaic power plants under development consisting of 7 projects, 4 of which are located in France and 3 in Italy. In an evolving context, this geographical diversification as well as the multiplicity of projects to be financed ensures a better distribution of risks.
The projects in the portfolio have been qualified on the following aspects:
- authorization: political support resolution, non-prohibitive environmental issues
- and liquidity: proven production capacity, reasonable rents, proximity to connection
The projects will reach a “ready-to-build” or “commissioning” stage of maturity within 4 years, allowing the obtaining of liquidity, either through the sale of the projects and the obtaining of senior debt, to repay the Enerfip obligations.
💡 Did you know?
The unit “MWc” (pronounced Megawatt peak) corresponds to the electrical power output of a photovoltaic panel under standard measurement conditions:
- Air temperature of 25°C
- Standard sunlight of 1,000 Watts per square meter
The “MWh” (pronounced Megawatt hour) is a unit of energy. It is a unit of power multiplied by a unit of time.
Project Characteristics
| Project | Location | Technology and agricultural activity if applicable | Power (MWc) | P90 Production (kWh/kWc) | Development Cost (k€) | Development Stage | Authorization Obtainment Date | Commissioning Date |
|---|---|---|---|---|---|---|---|---|
| 1 | France, Creuse | Agri PV on sheep and cattle farming | 18 | 1,227 | 305 | Launch of studies - Initial state | Dec-27 | Aug-30 |
| 2 | France, Pyrénées Orientales | Ground-mounted PV | 13.6 | 1,395 | 305 | Launch of studies - Initial state | Dec-27 | Aug-30 |
| 3 | France, Pyrénées Orientales | Ground-mounted PV | 15.7 | 1,329 | 305 | Secured land | Jan-28 | Jul-30 |
| 4 | France, Indre | Agri PV on sheep and cattle farming | 20 | 1,165 | 305 | Launch of studies - Initial state | Jan-28 | Jul-30 |
| 5 | Italy, Emilia-Romagna | Agri PV with tracker on wheat and soybean farm | 25 | 1,594 | 305 | Launch of studies - Initial state | Nov-27 | May-30 |
| 6 | Italy, Puglia | Agri PV with tracker on wheat, grape, and peach farm | 20.9 | 1,650 | 238 | Launch of studies - Impacts and measures | Jun-28 | Jun-32 |
| 7 | Italy, Puglia | Agri PV with tracker on apiculture and rotation of melliferous species for domestic and wild pollinators | 9.1 | 1,796 | 305 | Launch of studies - Impacts and measures | Jun-26 | Jun-30 |
| TOTAL | 122.3 | 1,438 | 2,068 |
💡 Did you know?
The P50 and P90 production capacities refer to the probability that the expected production capacity will be achieved in a year. Indeed, photovoltaic production is directly linked to the weather and therefore subject to daily and annual variations.
- The P50 production capacity corresponds to a 50% probability of achieving the expected production capacity. It is therefore optimistic as it is achieved, on average, only one year out of two.
- With the same approach, the P90 has a 90% probability of being achieved, making it more conservative.
Impact
Project owners
ADN
Empresa innovadora, Eléments crea una nueva forma de producir y consumir energía. El objetivo es permitir que los territorios aprovechen al máximo sus recursos naturales.
En contacto permanente con el territorio, Eléments ha hecho de la participación su ADN. Con la voluntad de fomentar la participación de todos los actores locales en la concepción y financiación del proyecto para que se conviertan en los primeros beneficiarios.
Oficios
Producción verde
Eléments domina todas las etapas de la realización de centrales eólicas, solares, hidroeléctricas y de almacenamiento por baterías.
Expertise multifilière
Ella valora los recursos naturales específicos y complementarios de cada territorio.
Enfoque participativo
Ella co-construye, con el territorio y sus actores, proyectos adaptados a las especificidades locales.
Visión y valores
Eléments se pone al servicio del medio ambiente para desarrollar soluciones innovadoras de producción de electricidad verde, adaptadas a las necesidades de los territorios.
Servicio y transparencia
Eléments inscribe su acción en un enfoque de servicio y diálogo con sus socios, aportando su experiencia donde sea necesaria.
Creatividad y flexibilidad
Cada proyecto, cada territorio es único: por sus recursos y por sus necesidades. Eléments concibe su servicio respondiendo a la necesidad de los territorios.
Compromiso y pasión
La acción de Eléments está guiada por las convicciones y la pasión del oficio: superar nuevos desafíos humanos y técnicos, y estar en busca permanente de soluciones.
-
Mayoritarios en el capital de la empresa, los dos fundadores de Eléments y los colaboradores han elegido rodearse de Noria, sociedad francesa de inversión en empresas de crecimiento verde.
Inversor a largo plazo, Noria aporta sus competencias y su experiencia y su apoyo financiero para el desarrollo de la sociedad Eléments.
Our analysis
Risk overview
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
Several options are being considered for the repayment of the loan: refinancing through new bank debt; repayment through the sale of RTB projects; repayment through a contribution from the parent company. In the event that the company is unable to meet its deadlines and therefore pay the annual interest and/or repay the debt, Enerfip has a 100% pledge on the securities of Eléments Croissance Europe 2, the company that owns the seven projects in the financed portfolio. This pledge would allow the company's shares, which are increasing in value as the projects develop, to be seized.
Regulatory risks
Risk of changes in regulations applicable to the sector, involving reductions in subsidies or new taxes with a significant impact on project revenues.
Mitigation methods
The development risk is controlled thanks to the solid structure of the company, which now has nearly 115 employees. Thanks to its teams, Elements has a portfolio of 100 MWp in operation/RTB, 1 GWp under review and nearly 1.9 GW in development, ensuring good diversification and a significant flow of projects for the coming years. Recent capital increases and the repayment of nearly €9 million since 2020 testify to the company's growth and a well-defined strategy enabling Elements to bring its PV project portfolios to fruition. In the coming months, Elements is also expected to repay more than €6 million thanks to the sale of several RTB projects. As part of the fundraising, Elements is committed to replacing any abandoned or delayed projects with another project from its pipeline.
Investing in this participatory financing project involves risks, including the risk of total or partial loss of the capital invested. Your investment is not covered by the deposit guarantee schemes established in accordance with directive 2014/49/EU of the European Parliament and of the Council. Your investment is also not covered by the investor compensation schemes established in accordance with Directive 97/9/EC of the European Parliament and of the Council. Return on investment is not guaranteed. This is not a savings product, and we recommend that you not to invest more than 10% of your net assets in participatory finance projects. You may not be able to sell the investment instruments when you wish. If you are able to sell them, however, you may incur losses.
