Fund projects for renovation and energy efficiency through CEE with LORIS ENR
LORIS ENR is a French company specializing in financing energy renovation projects through the Energy Savings Certificates (CEE) scheme. It acts as an administrative and financial intermediary between the obligated parties and construction companies carrying out energy efficiency work.
As part of its activities, and with the support of Total Energies Invest, LORIS ENR launched in 2025 a short-term bond issue to finance its CEE purchase activity from partner installers. Following the success of a first collection of €2,500,000 closed in January 2026, the company wishes to raise a new tranche of €2,500,000 , with a gross interest rate of 9% per year.
This issue will benefit from a trust security set up to control the use of funds, secure claims and protect investors . In concrete terms, the funds raised will be placed in a dedicated bank account under the control of the trustee delegate and will be disbursed exclusively for the advance payment of work costs to partner installers and subject to the presentation of appropriate supporting documents.
The offer
LORIS ENR, a French company, offers an investment opportunity in its CEE (Energy Saving Certificates) valorization activity. Through this activity, LORIS ENR finances construction companies (BTP) carrying out energy renovation work in France. In practice, LORIS ENR buys volumes of CEEs in the process of being constituted from selected partners, after verifying the operations generating the CEEs, and has them validated by the PNCEE (National Pole for Energy Saving Certificates) before selling them to counterparties with obligations to purchase CEEs, known as Obliged Parties.
For more information on how LORIS ENR’s activity works, please refer to the “Project” section.
The activity of buying, valorizing, and reselling CEEs generates a natural working capital need for LORIS ENR, which wishes to issue bonds to finance it and accelerate the volumes negotiated in a growing market.
OBJECTIVE
As part of this second tranche, LORIS ENR aims to raise 1,000,000 € in the form of senior debt, which can be uncapped up to 2,500,000 €. The overall goal of this collection is 5,000,000 €.
USE OF FUNDS
The funds will be placed in a fiduciary bank account and will allow the purchase of CEEs from the network of partner installers, which will be placed on the asset side of the Trust. Once the work and associated energy savings have been verified and deposited, the corresponding CEE premiums will be paid directly into the fiduciary account.
REPAYMENT
The repayment of the capital and the payment of the interest are guaranteed by the sale of the CEEs to the Obliged Parties, after validation of the work carried out by the partner installers. All financial flows are directed towards a fiduciary security trust , beneficiary of the CEE claims and the payments from the Obliged Parties.
The funds advanced to the installers (participatory loans) are recovered in the trust on average within 3 months, once the premiums are received. A collateralization ratio of ≤ 85% is controlled at each draw, ensuring that the CEEs in the process of being bought by LORIS ENR and placed on the asset side of the trust permanently cover the remaining outstanding bond amount.
SECURITY
For this operation, the presence of a fiduciary security trust , benefiting the bond investors, will include:
• On its asset side, the CEE claims constituted by LORIS ENR, CEE claims in the process of being bought by LORIS ENR from partner installers, and the collections upon payment of the CEEs by the Obliged Parties
• On its liability side, the funds lent by the bond investors until
complete use of said funds.
LORIS ENR will not be able to make a draw request during the last 2 months preceding the maturity date of the bond issue to ensure a recharging of the trust via the collections of CEE payments and allow an organic repayment.
TAX BENEFITS
The LORIS ENR CEE project is eligible for the PEA PME. If you wish to know more, we invite you to read our blog article on L’Empreinte , watch our video on Youtube , or browse our on the subject.
LEGAL STRUCTURE AND TOTAL ENERGIES INVEST’S ROLE
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
LORIS ENR CEE T2 -
Obligation
9%/year over 2.8 years
- PEA-PME
Simulation - Rate : 9% / year on 2.8 ans
Initial investment:
€5,000
Repayments and interest:
€6,284.35
In 12 transfers
| Date | Interest* | Capital | Amount |
| 19/04/2026 | €46.85 | €0 | €46.85 |
| 19/07/2026 | €112.5 | €0 | €112.5 |
| 19/10/2026 | €112.5 | €0 | €112.5 |
| 19/01/2027 | €112.5 | €0 | €112.5 |
| 19/04/2027 | €112.5 | €0 | €112.5 |
| 19/07/2027 | €112.5 | €0 | €112.5 |
| 19/10/2027 | €112.5 | €0 | €112.5 |
| 19/01/2028 | €112.5 | €0 | €112.5 |
| 19/04/2028 | €112.5 | €0 | €112.5 |
| 19/07/2028 | €112.5 | €0 | €112.5 |
| 19/10/2028 | €112.5 | €0 | €112.5 |
| 19/01/2029 | €112.5 | €5,000 | €5,112.5 |
| Total | €1,284.35 | €5,000 | €6,284.35 |
|
*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. |
|||
Interested in this project?
Sign up now to invest responsibly
The project
What is the CEE Scheme?
The Energy Savings Certificates (CEE) scheme was created in 2005 by the POPE Act, which sets out the guidelines for energy policy. It is based on a triennial obligation to achieve energy savings in CEE (1 CEE = 1 kWh cumac of final energy) imposed by the public authorities on energy suppliers known as the obligated parties. These obligated parties are encouraged to actively promote energy efficiency among energy consumers: from households to local authorities, including industrial and commercial enterprises.
The scheme works as follows:
- The state requires large energy suppliers (the “obligated parties”) to help energy consumers save energy.
- After helping consumers reduce their energy consumption, energy suppliers obtain CEEs, which account for the amount of energy that will be saved in the future thanks to the work carried out (measured in kWh “cumac” for Cumulative and Actualized).
- Suppliers have a volume of CEEs to obtain during each period. If the target is not met, the supplier must pay a high penalty.
- The obligated parties can also delegate each of their obligations to a third party, known as a delegate (periodically approved by the PNCEE), either totally or partially to a minimum of 1 TWhc.
The certificates issued are recorded in the national register of energy savings certificates, which also records all transactions (sales and purchases) of certificates and provides regular public information on the average exchange price of the latter. This register is accessible on the website www.emmy.fr .
In addition, checks are carried out by the National Energy Savings Certificates Office (PNCEE) to verify the eligibility of operations leading to the issuance of CEEs. In case of non-compliance, sanctions can be imposed.
💡 kWh cumac? The term “cumac” is a contraction of “cumulative” and “actualized.”
For example, the amount of kWh cumac saved following the installation of an energy-efficient device corresponds to the sum of the annual energy savings made during the product’s lifetime. The energy savings made in each year following the first are actualized by dividing the savings of the previous year by 1.04 (actualization rate of 4 %).
How Loris ENR Works
In the CEE scheme, LORIS ENR acts as a CEE delegate . The company supports businesses carrying out energy renovation work, mainly in the tertiary sector. After a rigorous selection of these partners, and after the work has been carried out, LORIS ENR mandates a check before buying the rights on the CEEs being constituted (“the CEEs in the bud”). After this purchase, LORIS ENR submits them to the PNCEE for control and validation. After this step, they can then be sold by LORIS ENR to the Obligated Parties.
LORIS ENR’s internal activity is mainly focused on companies wishing to carry out energy-saving work. The process is sequential, from the signing of the agreement, through the validation of the file with the PNCEE, to the return of the CEE premiums to the clients.
Control Methods
Once the operations have been administratively validated, they are grouped into thematic batches, depending on the type of form, the date of commitment of the operations and any alerts identified. This organization makes it possible to target actors or types of operations potentially at risk, while ensuring that sensitive cases are systematically included in the batches controlled. On-site checks are carried out at a minimum at the required regulatory rate, but can be reinforced beyond this — some operations even being subject to a 100% check, depending on the risk analysis of LORIS ENR.
The Operation
As part of its activities, LORIS ENR is seeking to issue a bond to finance its working capital needs dedicated to the purchase of CEEs from partner installers. This bond issue will be carried out through a dedicated trust, which will allow the payment of CEEs after checking their validity, in order to resell them to the obligated parties.
To Find Out More
If you would like to learn more about the CEE mechanism, do not hesitate to consult the following links:
Interested in this project?
Sign up now to invest responsibly
Project owners
LORIS ENR was founded in 2015 by its two founders, Aurélie Gaudillère and Thierry Martin, to enhance the value of Energy Savings Certificates (CEE). LORIS ENR is one of the CEE delegates accredited by the Ministry of Ecological Transition. As a delegate, LORIS ENR assists its clients in optimizing and financing energy renovation projects, thanks to the Energy Savings Certificates (CEE) scheme.
Led by Paul Petit, LORIS ENR employs 40 people. Its 2024 turnover amounts to 200 million euros. Since its creation, the company has developed solely through its own funds without resorting to third-party capital.
🤝 Synergy of the Davail Group
LORIS ENR is part of the Davail Investment group, which has several subsidiaries specializing in energy transition:
- Enerlis : A global player in decarbonization since 2013, serving real estate companies, large groups, and territories. It employs 100 people across 10 agencies and achieves a turnover of 40 million euros.
- Girasole Energies : A photovoltaic energy producer employing 100 people. Girasole has already completed over 500 photovoltaic power plants.
- Régie Solaire : An installer of solar power plants and storage systems employing 30 people, with a turnover of 10 million euros.
🔋 Resources and Exploitation Means
LORIS ENR has developed an internal platform that gives it control over its activity. This platform allows for close monitoring of regulatory developments and market requirements. The central platform tracks all activities, particularly the CEE chain from quoting for a supplier to selling to an obligated party. The platform offers complete traceability of CEEs.
Each file is reviewed and validated by an engineer under the responsibility of a project manager. Engineers thus make up the majority of LORIS ENR's human resources.
✅ ISO 9001 Certified
Certification renewed in 2021, a true mark of confidence for its clients, guaranteeing reliability and service quality.
1️⃣ First Program Funded by LORIS ENR
The first program funded by LORIS ENR, the ECCO DOM program, focuses on implementing actions for energy renovation in social housing and training for tourism actors in the French overseas territories.
👍 99.5% of CEE Applications Validated
Rigor and expertise have enabled LORIS ENR to have 99.5% of their CEE applications validated by the PNCEE.
💹 Financial Situation
The 2024 turnover shows strong growth over the 2023 exercise, reaching a record of 201 million euros compared to 78 million euros (+120%). This increase results from the rise in the number of CEEs collected and their value (+11%).
| Year | 2022 | 2023 | 2024 |
| Turnover (k€) | 53,642 | 77,525 | 201,317 |
| Total TWhc | 14.28 | 10.53 | 22.96 |
| # Obligated Parties | 12 | 14 | 15 |
| Average Price (€/MWhc) | 6.43 | 7.17 | 8.15 |
Our analysis
Risk overview
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
The establishment of a security trust for the benefit of bondholders limits their exposure in two ways: Use of funds conditional upon the actual completion of the works; Assignment of participating loan receivables + delegation of EDF cash flows directly to the trust; Control of drawdowns with verification of compliance with the collateralisation ratio at each stage. The documentation also provides for compliance with the following collateralisation ratio: (Nominal amount remaining to be repaid – cash available in the Security Trust account) / (Sum of EECs transferred to the trust's assets) less than or equal to 85%. These two elements should make it possible to maintain collateral in excess of the amount outstanding on the bonds at all times, while protecting it in the event of collective proceedings.
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 sixth period of the EEC scheme (2026-2030) has been confirmed by the government and will be implemented. Currently, two elements are still pending before official publication: i) validation by the Council of State of the provisions relating to liquid fuels and ii) the stabilisation of the government, a necessary condition for the signing of the decree. The decree of the Council of State formalising the P6 period is scheduled for publication in autumn 2025. Pending this publication, an extension of P5 is being considered in order to ensure the continuity of the scheme. To date, there is no major risk to the sustainability of the scheme.
Market risk
Risk related to being in a competitive market where new players enter the competition each year
Mitigation methods
LORIS ENR is a historically profitable company with an excellent track record of EEC applications approved by the relevant authorities, with a success rate of over 99.5%. Furthermore, LORIS ENR operates in a highly regulated sector in which delegatee status is granted by the PNCEE on behalf of the Ministry of Energy Transition. The company has significant human and financial resources, backed by a team of experts and the support of Davai Investments, an investment company specialising in energy transition and energy efficiency.
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.
