Plaine de Nange — 7.0%/an · 36 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 · 37.0/75 (42.0 brut, red flags −5.0)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - société dédiée (SPV) Boralex Plaine de Nange SAS direct issuer, French law

B1.3: 1/2 - Junior ranking declared in insolvency, no senior debt known at this stage

B2 · Opérateur & Track record 12.0/15bon

B2.1: 4/4 - Julien Dugenetay appointed, public LinkedIn, CEO Boralex

B2.2: 5/5 - Boralex 1.4 GW installed Europe, >10 years renewable energy, solid track record

B2.3: 2/3 - Enerfip operations underway, no incident reported

B2.4: 1/3 - société dédiée (SPV) negative net equity (−370K€), very high gearing; Boralex holding sound

B3 · Garanties & Sûretés 0.0/15faible

B3.1: 0/9 - No guarantee or security explicitly declared in the FICI

B3.2: 0/4 - No identified guarantor

B3.3: 0/2 - No banking partner mentioned in the file

B4 · Structure financière 9.0/15

B4.1: 4/5 - Business plan projects EBITDA 2.1M€ from 2027, PPA/regulated tariff revenues likely, estimated IRR 8-10%

B4.2: 1/4 - société dédiée (SPV) capital 5K€, own contribution not documented in FICI

B4.3: 2/4 - EBITDA margin >78%, resilient structure; stress test not formalised

B4.4: 2/2 - taux de couverture de la dette post-financing >1.5 on apparent contracted revenues

B5 · Pré-commercialisation 6.0/10

B5: 6/10 - Renewable energy project under construction, permit apparently obtained (site work launched per BP), grid connection not explicitly confirmed in file
Regulated tariff likely for PV plant in France

B6 · Permis & Maturité 4.0/5bon

B6: 4/5 - Construction underway per balance sheet (9.96M€ assets under construction), permit obtained
Network connection not formally confirmed in file; appeal deadline not specified

B7 · Marché & Localisation 3.0/3✓ max

B7: 2/3 - Solid renewable energy market France, regulated tariffs stable
Industrial PV project in northern region, established market with growing demand
Exit price not applicable (productive asset, recurring revenue)

Points forts

✓Operator Boralex: TSX-listed group, 1.4 GW installed Europe, institutional strength.

✓Detailed business plan over 35 years with EBITDA >78% from 2027.

✓Enerfip: leading renewable energy platform France, zero historical default, licensed PSFP.

✓Julien Dugenetay: 20 years experience CFO at ENGIE Green and Boralex.

✓Renewable energy production asset with recurring revenues, favourable regulatory environment France.

Risques identifiés

!No guarantee or security on investment, explicitly declared in FICI.

!SPV Boralex Plaine de Nange: negative net equity (−370K€), early stage balance sheet.

!Junior ranking declared in case of insolvency, without clarification on senior debt.

!Enerdeal secondary market not available for this specific project (FICI mention).

!Construction underway: risks of delay or cost overrun not covered by guarantee.

⚠ Avertissement sur les risques

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