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Timélie Deux / De l'énergie solaire sur les toits d'une station fruitière
MI
MiiMOSA 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.

Timélie Deux / De l'énergie solaire sur les toits d'une station fruitière

Fragile
49
score / 100
Yield
5.5%/yr
Duration
60 months
Min. ticket
—
Amount raised
241 k€
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À propos

Refinancing of a photovoltaic facility installed at a fruit station in Les Mées (Alpes-de-Haute-Provence) by holding Timélie Deux, sponsored by Didier Miollan. The 241 K€ investment has already been disbursed via a treasury advance from the parent holding to its subsidiary Soleil de Lavaur. The operation is a refinancing over 60 months at fixed rate of 5.5%, without security.

Plateforme · 14.0/25
A1 · Statut réglementaire 8.0/8✓ max
  • Licence agrément AMF AMF fonds propres-2024-5 valid since January 2024
  • Status verified in the context provided
A2 · Track Record 1.0/6faible
  • Estimated default rate 10-30% according to investor reports (0/6)
  • Delay rate not published (0/6)
  • Actual return not disclosed (0/6)
  • Penalty −2pts absence of statistics
  • Score adjusted thanks to live data: multiple instances of defaults and compulsory liquidations documented by investors despite volume €200M+ financed
  • Formula: (0×0.5 + 0×0.3 + 0×0.2) − 2 = −2 → capped at 1/6 minimum
A3 · Rigueur de sélection 1.0/4faible
  • No selection rate published
  • Process not documented in available context
  • Historic platform (2015) recognised in agricultural sector
A4 · Santé financière 3.0/4bon
  • Independent platform >3 years, €200M+ financed, valid licence
  • No platform distress signal identified
  • Score not affected by portfolio default rate (criterion A2)
A5 · Protection investisseurs 1.0/3faible
  • agrément AMF licence imposes 4-day reflection period and continuity plan (1pt mandatory)
  • Segregated accounts not documented
  • Secondary market not identified
Projet · 35.0/75 (40.0 brut, red flags −5)
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Participating loan fixed rate, clear French law
B1.2: 2/3 - Direct borrowing from operator Timélie Deux, well documented
B1.3: 1/2 - Senior ranking claimed, no known senior debt, not formally registered
B2 · Opérateur & Track record 8.0/15
B2.1: 4/4 - Didier Miollan appointed, identifiable president, 74.22% shareholder
B2.2: 2/5 - Arboricultural expertise >10 years, 1-10 MWp solar in operation documented
B2.3: 2/3 - 1 previous operation repaid (1.3M€ MiiMOSA, maturity 02/2030 in progress)
B2.4: 0/3 - Conciliation procedure in progress for Vergers Du Sud, entity related to sponsor
B3 · Garanties & Sûretés 0.0/15faible
B3.1: 0/9 - Document explicitly stipulates 'no security'
B3.2: 0/4 - No guarantor identified
B3.3: 0/2 - No banking partner; amount <2M€, no RF2
B4 · Structure financière 10.0/15
B4.1: 4/5 - Operational facility with regulated EDF OA tariff; contractualised revenues, estimated IRR 8-10%
B4.2: 0/4 - Equity contribution zero, 100% crowd
B4.3: 3/4 - Guaranteed EDF OA tariff protects against revenue decline; −20% scenario covered
B4.4: 2/2 - Holding taux de couverture de la dette >1.5 on solar revenues plus contractualised land income (EBITDA 1.1M€ versus net debt 5M€)
B5 · Pré-commercialisation 8.0/10bon
  • Operational facility, EDF OA contracts in process of formalisation (12-month timeframe)
  • Applicable regulated tariff, clean permit not confirmed but installation completed
  • Score: 8/10
B6 · Permis & Maturité 4.0/5bon
  • Installation completed, Consuel certificate conditional, reception minutes signature required
  • Existing facility acquired plus new installation completed
  • Authorisation obtained, appeal periods not confirmed: 4/5
B7 · Marché & Localisation 2.0/3
  • French solar market documented as growing (market_trend: rising)
  • Long-term guaranteed EDF OA tariff secures revenues
  • Underlying slowdown noted but project operational: 2/3
⚠ Alertes détectées · −5 pts déduits
Aucune garantie réelle sur ce projet −5 pts

No security of any kind on 241,000€ participating loan - document explicitly stipulates 'no security'.

Points forts
✓Guaranteed EDF OA tariff secures solar revenues over long duration.
✓Patrimonial holding with stable land assets (552 hectares, 25-year leases).
✓Manager identified, >10 years' expertise, majority shareholder at 74%.
✓CAPEX fully locked by quote, installation already completed.
✓Positive history on MiiMOSA: 1.3M€ raised with no declared default.
Risques identifiés
!No security of any kind documented on this 241,000€ loan.
!Conciliation procedure in progress for Vergers Du Sud, exclusive tenant of the holding.
!Debt service coverage ratio negative (−0.5 in 2025) at Timélie Deux level.
!Total dependence on single tenant (Vergers Du Sud) for land rental income.
!EDF OA contracts not yet transmitted to platform at time of fundraising.
Score card
Score card — Timélie Deux / De l'énergie solaire sur les toits d'une station fruitière
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