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Charroux CRE — URBA 301
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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.

Charroux CRE — URBA 301

Strong
70
score / 100
Yield
6.75%/yr
Duration
48 months
Min. ticket
50 €
Amount raised
1.1 M€
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À propos

Construction of 14.3 MWc ground-mounted photovoltaic plant at Charroux (Allier, 03), held by URBA 301, subsidiary of Urbasolar (Axpo group). Project winner CRE in September 2025, at ready-to-build stage: land secured, building permit purged (Nov. 2022), connection accepted, CRE sales tariff 77.49 €/MWh over 30 years. Simple bullet bond over 4 years, without security.

Plateforme · 21.0/25
A1 · Statut réglementaire 8.0/8✓ max

Enerfip holds AMF licence agrément AMF fonds propres-2022-2 currently valid (verified against AMF register)

A2 · Track Record 6.0/6✓ max
  • Score adjusted based on live data: default rate 0.0%, delay rate 0.5%, target IRR consistent with announcements
  • Exceptional ENR history → 6/6
A3 · Rigueur de sélection 3.0/4bon
  • Selection process documented with internal committee and technical/financial analysis
  • Selection rate not published
A4 · Santé financière 3.0/4bon
  • Score adjusted based on live data: platform profitable (€773K profit 2024), >7 years existence, healthy growth €700M+ financed, no distress signal
  • Lumo acquisition 2025 strengthens position
A5 · Protection investisseurs 1.0/3faible
  • 4-day cooling-off period mandatory for agrément AMF (1 point minimum)
  • No secondary market mentioned
  • Segregated accounts not documented
Projet · 49.0/75 (54.0 brut, red flags −5)
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Simple bonds fixed rate, French law
B1.2: 2/3 - Dedicated société dédiée (SPV) URBA 301, but junior rank explicitly stipulated
B1.3: 1/2 - Junior rank declared, senior bank debt expected, explicit subordination
B2 · Opérateur & Track record 13.0/15bon
B2.1: 4/4 - Directors appointed (Milloud, De Romanet, Attolini etc.), CVs attached
B2.2: 5/5 - Urbasolar >550 MWc operated, >750 plants commissioned, >20 years
B2.3: 2/3 - Urbasolar present Enerfip, outstanding 0€ reported, first closing URBA 301
B2.4: 2/3 - Negative equity URBA 301, but holding Axpo solvent
B3 · Garanties & Sûretés 3.0/15faible
B3.1: 0/9 - No security explicitly retained (N/A)
B3.2: 0/4 - Without formal guarantor
B3.3: 1/2 - Bank financing planned but not named
B4 · Structure financière 14.0/15bon
B4.1: 5/5 - CRE PPA 30 years at 77.49€/MWh, project IRR solid, contractualised revenues
B4.2: 4/4 - CAPEX 11.12M€, crowd 1.12M€ (~10%), equity capital plus bank debt cover 90%+
B4.3: 3/4 - Guaranteed tariff 30 years mitigates stress; business plan provided
B4.4: 2/2 - taux de couverture de la dette structurally >1.5 thanks to guaranteed CRE tariff 30 years
B5 · Pré-commercialisation 8.0/10bon
  • Building permit secured Nov
  • 2022 + connection accepted + CRE tariff 30 years signed Sept
  • Construction not yet started
B6 · Permis & Maturité 5.0/5✓ max
  • Building permit obtained and purged of all claims (Nov
  • Connection agreement received and advance paid
  • CRE tariff secured
  • Land secured
B7 · Marché & Localisation 3.0/3✓ max
  • French renewables market in strong growth, guaranteed CRE tariff independent of spot market, Allier sunshine adequate
  • Minor residual regulatory risk
⚠ Alertes détectées · −5 pts déduits
Aucune garantie réelle sur ce projet −5 pts

No security of any kind on 1.12M€ raising - no mortgage, pledge, or formal joint and several guarantee

Points forts
✓Urbasolar/Axpo: first-tier sponsor, >550 MWc operated, A+ rating
✓Guaranteed CRE tariff 77.49 €/MWh over 30 years - electricity price risk near zero
✓Building permit obtained and purged (Nov. 2022), connection accepted - permit risk eliminated
✓Enerfip: exceptional renewables track record, zero defaults in this segment
✓CAPEX 11.12M€ for 1.12M€ raised - crowd represents ~10% of total financing
Risques identifiés
!No security retained - bonds in junior rank without collateral protection
!Negative equity of URBA 301 (-19,679€ in 2025); SPV structurally loss-making before operation
!Bullet repayment at 4 years dependent on long-term bank refinancing or post-COD cash flows
!Construction delay or connection delay could postpone COD and repayment
!Concentration on single project (mono-asset SPV) without internal diversification
Score card
Score card — Charroux CRE — URBA 301
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