À propos
Construction of a 4.95 MWc ground-mounted photovoltaic plant at Sainte-Menehould (Marne, Grand-Est) by TSE group via SPV Sainte-Menehould PV. Project has secured 20-year CRE tariff sale and is co-financed 90% by shareholder loan backed by syndicated bank financing of €95M. Bond issuance of €440k representing 10% of CAPEX, bullet repayment at 48 months.
Plateforme · 23.0/25
A1 · Statut réglementaire
8.0/8✓ max
- agrément AMF licence AMF currently valid, fonds propres-2022-2 licence verified
- Maximum score
A2 · Track Record
6.0/6✓ max
- Default rate 0.00% → 6/6
- Delay rate 0.32% (<5%) → 6/6
- Average realised return 7.95% compliant with announced renewable energy range (5-9%) → 6/6
- A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6
A3 · Rigueur de sélection
3.0/4bon
- Documented selection process (published risk score 2/5, internal committee), but overall selection rate not explicitly published
- Leading renewable energy platform in France since 2014, 537 projects financed
A4 · Santé financière
3.0/4bon
- Independent profitable platform (net income approximately 600K€ 2022), more than 10 years in existence, 30-50 employees, consistent growth
- Acquisition of Lumo end of 2025
- No listed institutional shareholder → 3 points vs 4 points for group subsidiary
A5 · Protection investisseurs
3.0/3✓ max
- agrément AMF licence → reflection period 4 days plus mandatory continuity plan (1 point)
- Segregated accounts required by agrément AMF status (1 point)
- Enerdeal secondary market operational since 2023 (1 point)
Projet · 44.0/75
(52.0 brut, red flags −8.0)
B1 · Instrument & Structure
9.0/10bon
B1.1: 5/5 - Simple bonds fixed rate, French law
B1.2: 3/3 - Dedicated société dédiée (SPV) Sainte-Menehould PV, distinct issuer
B1.3: 1/2 - Senior non-subordinated, no formal ranking registration
B2 · Opérateur & Track record
10.0/15
B2.1: 3/4 - TSE managers appointed (Debonnet, Lambert), société dédiée (SPV) mandatary Frédéric Nicolas identified
B2.2: 4/5 - 170 MWc in operation, 2.7 GWc in development, 4th CRE award Oct. 2025, <50 MWc own grid connections
B2.3: 2/3 - TSE Development ongoing without incident
B2.4: 1/3 - société dédiée (SPV) turnover nil, recurring losses, société dédiée (SPV) balance sheet in deficit (normal for pre-revenue société dédiée (SPV))
B3 · Garanties & Sûretés
4.0/15faible
B3.1: 0/9 - No security explicitly contracted (document confirms)
B3.2: 0/4 - No documented guarantor
B3.3: 2/2 - Senior syndicated bank financing of €95M identified (APHAIA JV via holdco). Adjusted score: RF8 not triggered as RF8 reserved for >€500K but amount €440K < threshold
B4 · Structure financière
15.0/15✓ max
B4.1: 5/5 - Secured 20-year CRE tariff, high implicit IRR, long-term regulated PPA
B4.2: 0/4 - 100% CAPEX by debt (crowd 10% + shareholder loan 90%), no operator equity engaged
B4.3: 4/4 - taux de couverture de la dette 10.86x on Enerfip interest; operational cash flows ~€330K EBITDA vs interest ~€28.6K/year
B4.4: 2/2 - taux de couverture de la dette >1.5 post-financing on contracted CRE revenues
B5 · Pré-commercialisation
8.0/10bon
- CRE tariff obtained and secured over 20 years (equivalent to long-term regulated PPA)
- Building permit not confirmed as cleared, connection request not confirmed
- Score 8/10 on basis of CRE tariff acquired + SPIE constructor named
B6 · Permis & Maturité
4.0/5bon
- Status 'ready to build' documented, CRE tariff obtained
- Building permit obtained not yet cleared (appeals possible on former landfill)
- Commissioning Q4 2026
B7 · Marché & Localisation
2.0/3
- French renewable energy market in strong growth, CRE tariff secured over 20 years eliminates price risk
- Post-2046 spot secondary market uncertain but outside debt repayment period
- Market rising per live data
⚠ Alertes détectées · −5 pts déduits
Aucune garantie réelle sur ce projet
−5 pts
No real security or pledge on this project - amount €440K below €500K threshold, RF8 not applicable but complete absence of guarantee noted
Points forts
CRE tariff secured over 20 years, electricity price risk eliminated for duration of repayment
Exceptional DSCR of 10.86x on Enerfip interest service
Solid sponsor TSE: 170 MWc in operation, 4th CRE award October 2025
Senior syndicated bank financing of €95M validated by institutional investors (CDC, Crédit Mutuel)
Enerfip platform: maximum A score, zero defaults on renewable energy among 537 financed projects
Risques identifiés
Complete absence of security or guarantee - principal repayment depends on operational cash flows and unguaranteed €170K equity contribution
Issuer SPV without revenues (turnover €0), balance sheet in deficit; repayment conditional on commissioning Q4 2026
Construction risk on former municipal landfill and decontamination service station; clearing required
Principal partially uncovered by cash flows (DSCR 0.66x in principal repayment year)
No operator equity engaged in project: 100% debt leverage
⚠ Avertissement sur les risques
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