Finance a portfolio of 22 agrivoltaic and agriculture-compatible projects in France
Melvan Horizon is a portfolio of photovoltaic projects in France comprising 13 agrivoltaic projects and 9 agricompatible projects with a total capacity of 169 MWp .
A French independent green energy producer, Melvan develops, finances, builds and operates solar and wind installations across France. A long-standing partner of Total Energies Invest, the company has extensive experience in crowdfunding, particularly with projects such as Corail , Archipel and Saint-Sulpice .
For this new fundraising round, the Melvan Group aims to raise a total of €5,000,000 in several tranches, including a first tranche of €2,000,000 . The issue will be carried out through simple bonds with an interest rate of 8.5% over 3 years.
The funds raised will be used to develop the Melvan Horizon project portfolio and support other development, construction and acquisition activities carried out by Melvan. The company has already commissioned several projects with a total operational capacity of 4 MW . Today, it is developing a portfolio of 800 MWp of solar projects.
Shareholders
In June 2025, Melvan raised €25 million in minority funding to accelerate its growth in France .
As part of this funding round, Melvan chose to partner with active, specialized minority financial partners who share its vision and commitment to the energy transition.
The consortium consists of:
- IDIA Capital Investissement, alongside regional investors from the Crédit Agricole group , including SOFILARO, Centre Loire Expansion —a private equity subsidiary of Crédit Agricole Centre Loire—and Val de France Énergies —a private equity subsidiary of Crédit Agricole Val de France
- Bpifrance , through its Environmental Impact Funds team, which supports key players in the energy and environmental transition in France
- OCCTE , a management company based in Occitanie, via its FPCI OCCTE OCCIGEN investment fund dedicated to energy transition projects and players in France.
The offer
Finance the growth of a French and independent green energy producer
Melvan Horizon offers an investment opportunity in financing a portfolio of 22 photovoltaic projects across France in multiple tranches . For this first tranche, you will directly contribute to financing the development of agrivoltaic and agricompatible projects.
OBJECTIVE
The crowdfunding operation aims to raise €5,000,000 in multiple tranches , following the development pace of the projects. For this first tranche, the company aims to collect €2,000,000 with an annual interest rate of 8.5% over 3 years .
To minimize the impact of potential development delays, the project sponsor has included an optional one-year extension of the financing maturity. In return, the remuneration rate for this optional year will be increased to 9% .
USE OF FUNDS
The funds will be used to finance part of the equity required for the development and construction of a portfolio of 169 MWp of photovoltaic projects located in metropolitan France , as well as to continue other development, construction, and acquisition actions carried out by Melvan.
REPAYMENT
Repayment of the bonds will be made through the sale of projects or securing senior debt.
It is planned for three years after the issuance date of Tranche No. 1. However, Melvan Horizon will have the option to extend the loan term by an additional year. The interest rate offered for this collection is 8.5% per year, with a bonus interest rate of 0.5% only for the additional year .
SECURITY
Investors benefit from a first-rank pledge on 100% of the shares of the issuing company that owns the projects .
Melvan Horizon commits to maintaining a ratio (amounts collected / target portfolio value) below 50% . This means that the issuer will have the option to substitute projects in the portfolio with new ones, particularly to ensure compliance with the ratio or replace abandoned projects.
LEGAL STRUCTURE & TOTAL ENERGIES INVEST’S ROLE
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
Melvan Horizon -
Obligation
8.5%/year over 3 years
- PEA-PME
Simulation - Rate : 8.5% / year on 3 ans
Initial investment:
€5,000
Repayments and interest:
€6,275
In 3 transfers
| Date | Interest* | Capital | Amount |
| 23/06/2027 | €425 | €0 | €425 |
| 23/06/2028 | €425 | €0 | €425 |
| 23/06/2029 | €425 | €5,000 | €5,425 |
| Total | €1,275 | €5,000 | €6,275 |
|
*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. |
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The project
Melvan Horizon is a portfolio of French photovoltaic projects , including 13 agrivoltaic projects and 9 agricompatible projects. Within 2 to 4 years, the projects will reach a “ready-to-build” maturity stage, enabling liquidity through either the sale of the projects or the securing of senior debt.
The portfolio includes:
- 22 projects with secured land rights
- 9 projects for which an environmental risk analysis has been completed or an impact study exemption has been obtained
- 6 projects that have a construction permit filed
With the exception of one project whose energy will be valued through a corporate power purchase agreement, these projects are
eligible for CRE (Commission de Régulation de l’Énergie) tenders
, allowing them to benefit from secure electricity purchase tariffs.
💡 Agrivoltaics and agricompatible photovoltaics: what’s the difference?
As the energy transition increasingly mobilizes agricultural land in France, the French government has sought to regulate this practice, notably with the 2023 APER law. This law introduces two legal categories for photovoltaic installations on agricultural land, distinguished by their objectives, criteria, and uses:
- Agrivoltaics aims to install solar panels while genuinely supporting agricultural production.
- Agricompatible photovoltaics involves installing solar panels on previously agricultural land that is now low-yielding. There is no real need for agricultural services in such projects.
Example of a project
Agrivoltaic project No. 21 is located on a plot annexed to the greenhouses of a farm that has been producing and marketing vegetable plants, aromatic plants, small fruits (berries), and flowers since 2022 . Current production takes place in greenhouses.
Developing an agrivoltaic project on land that has been unused for several years will allow the farm to expand its operations while diversifying its production . The shade generated by the solar panels will be leveraged to cultivate new vegetable and aromatic plant varieties better suited to these microclimatic conditions.
The choice of species will be determined based on their positioning relative to the photovoltaic panels. For example, heat-sensitive varieties will be installed under the panels, while those requiring more sunlight will be placed in the inter-row spaces.
The farm’s goal is to grow and diversify its offerings while improving agricultural productivity through the integration of renewable energy . The panels will help reduce water and thermal stress on crops, depending on the chosen species, thereby enhancing their resilience to high temperatures. This system will also contribute to better valorization of agricultural land by combining food and energy production while providing the farm with additional income.
Finally, the operator aims to strengthen its economic development, particularly in its seasonal activity , by diversifying its products. It plans to offer potted and/or bouquet aromatic herbs for the local market, particularly to nearby supermarkets.
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Impact
Project owners
Melvan, independent French producer of renewable energies
Acteur indépendant de la production d’énergie renouvelable en France, Melvan est née de l’association de fondateurs passionnés et engagés depuis plusieurs dizaines d’années dans le secteur des énergies renouvelables. C’est est una empresa de tamaño humano donde cada colaborador está comprometido con la transición energética .
El productor francés de energías renovables ha adoptado el estatus de sociedad con misión para reforzar su compromiso con un desarrollo responsable y la transición energética. Este estatus ahora guía todas sus acciones, con el objetivo de producir electricidad renovable y concienciar a los territorios sobre los desafíos energéticos.
Al unirse a las 1.600 sociedades con misión en Francia, Melvan reafirma su voluntad de conciliar el rendimiento económico con el impacto social y ambiental.
La empresa desarrolla y explota centrales solares y eólicas en la Francia metropolitana y en los territorios de ultramar . Se esfuerza por desarrollar y explotar proyectos cuya ambición va más allá de la simple producción de electricidad renovable, para generar beneficios sociales adicionales en los territorios donde se implantan sus proyectos. Melvan diseña soluciones innovadoras, adaptadas a las necesidades de los actores locales y respetuosas con el medio ambiente.
Melvan ya ha puesto en marcha varios proyectos con una capacidad total en explotación de 4 MW. Hoy en día, la empresa cuenta con un portafolio de casi 2 GWc de proyectos fotovoltaicos, de los cuales 800 MW están en desarrollo.
Los socios
Laurent ALBUISSON
Ingeniero Arts & Métiers, Laurent ALBUISSON ha trabajado sucesivamente en la ADEME, Vergnet (fabricación de aerogeneradores), Aérowatt (PYME de explotación de parques solares y eólicos – cotizada en bolsa) y luego en Quadran (actor francés de referencia en eólica/solar/hidro/biogás – hoy propiedad de Total).
Esta trayectoria profesional combina 25 años de espíritu emprendedor y compromiso con el surgimiento y despliegue de las energías renovables, guiado por una voluntad de autonomía en la acción y la toma de decisiones, lo que le ha llevado a gestionar y administrar numerosas empresas, y a implicarse en los órganos profesionales, en particular en el SER.
Pierre-Yves BARBIER
Ingeniero del INSA, Pierre-Yves BARBIER cuenta con más de veinte años de experiencia en el sector de las energías renovables (eólica y solar), habiendo trabajado sucesivamente en Vergnet, Aérowatt, Quadran y RES en diferentes funciones operativas y de gestión (responsable de negocios, jefe de proyecto, director de agencia, director de BU).
En 2008, cofundó y dirigió la empresa Heliowatt, hoy líder en el sector de las cubiertas fotovoltaicas en Francia, vendida a Aérowatt en 2011. Hasta febrero de 2020, dirigió el departamento solar de RES Francia.
También ha ocupado diversos cargos como administrador, en particular en la SCIC ENERCOOP LR (proveedor alternativo y cooperativo de energía renovable) y en ENERPLAN (sindicato de profesionales de la energía solar en Francia).
Sébastien DUBOIS
Sébastien ocupó el cargo de Director General de RES Francia hasta noviembre de 2020.
Graduado en Ciencias Empresariales (DECF), lleva 20 años trabajando en el sector de las energías renovables, desempeñando funciones de Dirección Comercial, Financiera y de Financiación, así como de Dirección General.
En 2008, fundó la empresa Eneryo – filial francesa del fondo Novenergia, adquirida en 2019 por Total EREN –, de la que fue presidente durante 6 años. Al cofundar Melvan, Sébastien tiene como objetivo participar en la creación de un futuro líder independiente de la transición energética.
El equipo
La accionariado
En junio de 2025, Melvan realizó una ronda de financiación minoritaria de 25 millones de euros para acelerar su desarrollo en Francia .
En el marco de esta ronda de financiación, Melvan ha optado por asociarse con socios financieros minoritarios, activos y especializados, que comparten su visión y compromisos en favor de la transición energética.
El consorcio está compuesto por:
- IDIA Capital Investissement, junto con inversores regionales del grupo Crédit Agricole, como SOFILARO, Centre Loire Expansion , filial de capital inversión de Crédit Agricole Centre Loire, y Val de France Énergies , filial de capital inversión de Crédit Agricole Val de France.
- Bpifrance , a través de su equipo de Fondos de Impacto Ambiental, que acompaña a actores estructurantes de la transición energética y ambiental en Francia.
- OCCTE , sociedad de gestión con sede en Occitania, a través de su fondo de inversión FPCI OCCTE OCCIGEN, dedicado a proyectos y actores de la transición energética en Francia.
Our analysis
Risk overview
Development risk
Risk relating to authorizations issued to the company and land, and third-party appeals against authorizations issued.
Mitigation methods
Development risks are mitigated by the diversification of the portfolio, which consists of 23 projects at various stages of development. Furthermore, the average progress of the projects is quite satisfactory: 12 of the 23 projects have completed their environmental impact studies, and of those, 6 have already submitted their building permit applications.
Operating risks
Risk related to an activity that depends on a limited number of key persons responsible for carrying out the planned strategy. The risk is that one of these key persons leaves the project.
Mitigation methods
The Melvan Group has recently demonstrated its ability to develop and construct solar projects through to the operational phase for its own account. It is on this basis that the developer has begun developing its new portfolio of agrivoltaic and agri-compatible projects. The developer has recently completed several fundraising rounds to finance its various project portfolios through Total Energies Invest. The preferred strategy for selling energy is to secure a CRE award. If the auctions are unsuccessful, Melvan will enter into PPAs to sell the projects’ energy.
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.
