Port-la-Nouvelle – QAIR CS PLNPORT — 6.0%/an · 18 mois

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 · 48.0/75

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Simple obligations fixed rate, French law

B1.2: 3/3 - Dedicated société dédiée (SPV) QAIR CS PLNPORT, clear French law

B1.3: 1/2 - Senior ranking claimed, no existing senior debt, not formally registered

B2 · Opérateur & Track record 11.0/15

B2.1: 4/4 - Appointed managers (Louis Blanchard CEO, Jochen Nüssle CIO), identifiable LinkedIn profiles

B2.2: 4/5 - 1.7 GW in operation, 780 employees, but 0 MW connected on QairFrance own

B2.3: 2/3 - Positive Enerfip history, >50M€ repaid

B2.4: 1/3 - QAIR France recurring losses (-5.7M€ 2024), equity declining (14M€), high gearing

B3 · Garanties & Sûretés 10.0/15

B3.1: 7/9 - GAPD of QAIR France (autonomous demand guarantee) plus pledge of 100% société dédiée (SPV) shares

B3.2: 2/4 - QAIR France equity 14M€ declining, recurring losses, gearing ~7.5x; support from QAIR International (119M€ group liquidity)

B3.3: 1/2 - Intended banking partner (90% senior debt) but not yet approved at this stage

B4 · Structure financière 8.0/15

B4.1: 3/5 - Tariff not secured, CRE application May 2026 planned; IRR not disclosed, revenues not contracted

B4.2: 2/4 - 10% equity operator planned; QAIR International commitment via CCA

B4.3: 2/4 - Indicative business plan over 21 years; stress test not presented but Loan-to-Cost (ratio prêt/coût total) low (<10% crowd)

B4.4: 1/2 - Post-financing taux de couverture de la dette not calculable at this pre-tariff stage

B5 · Pré-commercialisation 4.0/10faible

Permit obtained and final (no appeal December 2025)
CRE application May 2026 (tariff not secured)
COT not signed
Connection under examination
End of development phase without electricity sales contract - score 4/10

B6 · Permis & Maturité 4.0/5bon

Building permit obtained September 2025, no appeal December 2025
Connection under examination
COT not yet signed
Close to maximum score but land (COT) not yet executed - 4/5

B7 · Marché & Localisation 2.0/3

French renewable energy market in growth (trend: rising), healthcare investment volumes not relevant here
Solar in France supported by CRE
Unsecured tariff introduces uncertainty - 2/3

Points forts

✓QAIR group solid: 1.7 GW in operation, 780 employees, international presence.

✓More than 50 M€ already repaid to Enerfip without incident.

✓GAPD of QAIR France and pledge of 100% SPV shares as security.

✓Building permit final (no appeal since December 2025).

✓QAIR International group liquidity of 119 M€ as of June 2025 reassuring.

Risques identifiés

!Electricity purchase tariff not secured: CRE application planned May 2026, result uncertain.

!COT (port land) not yet signed at document date.

!QAIR France shows recurring losses (-5.7M€ 2024) and very high gearing (~7.5x).

!Bridge financing: repayment conditional on completion of senior bank debt (90%).

!Network connection under examination - risk of delay to COD (March 2027).

⚠ Avertissement sur les risques

Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.