Azolis Bridge — 7.5%/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 · 52.0/75

B1 · Instrument & Structure 9.0/10bon

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

B1.2: 3/3 - Dedicated société dédiée (SPV) Azolis Développement 4, clear French law

B1.3: 1/2 - Pledge of securities claimed, not registered rank 1 at the conservatoire

B2 · Opérateur & Track record 8.0/15

B2.1: 3/4 - Guillaume Jeangros appointed, managing officer, CV in annex, public profile

B2.2: 2/5 - 10 years experience RTB, 74 MWc RTB/construction, but 0 MWc connected documented (sister company Tournesol only)

B2.3: 1/3 - First Azolis transaction on Enerfip (Tournesol financed 2.2M€)

B2.4: 2/3 - Balance sheets revenue in strong growth (8.49M€ 2024), equity weak 736K€, gearing very high but debt/equity=6%, issuer with capital of 1,000€

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 6/9 - Pledge of securities of Azolis Développement 4 registered, permits enable recovery of residual value RTB projects

B3.2: 1/4 - Guarantor Azolis France: equity 736K€ (<1M€), assets 12.32M€, gearing ~15.7x

B3.3: 0/2 - No bank credit granted at this stage, under discussion for H1 2027

B4 · Structure financière 12.0/15bon

B4.1: 4/5 - Project IRR not explicitly quantified; S21 tariff secured, PPA acquired, CAPEX 22.3M€ for annual revenue ~1.96M€ - solid yield

B4.2: 2/4 - Equity 2.415M€ / 22.315M€ = ~11% of total CAPEX

B4.3: 4/4 - S21 regulated tariff secured over 25 years: stress revenues covered even at -30%

B4.4: 2/2 - EBITDA/revenue ~77% over 25 years, minimum taux de couverture de la dette 1.15x dimensioned, revenues contracted

B5 · Pré-commercialisation 8.0/10bon

Permits obtained and exhausted, connections confirmed, S21 tariffs secured for 100% of 56 projects
Construction phase started
Absence of long term private PPA but equivalent regulated tariff
Score: 8/10

B6 · Permis & Maturité 5.0/5✓ max

All RTB projects: land secured, building permits obtained and exhausted, connections confirmed by network operator, tariffs secured
Construction Q1 2026 started
Maximum score

B7 · Marché & Localisation 3.0/3✓ max

French renewable energy market in strong growth, S21 regulated tariff eliminates market price risk, 56 diversified rooftop projects across mainland France
Sector in structural expansion

Points forts

✓56 RTB projects with land, permits, connections and S21 tariffs all secured

✓S21 regulated tariff over 25 years eliminates electricity price risk

✓Granular portfolio of 20.5 MWc reducing concentration per project

✓Enerfip platform: zero default renewable energy, exceptional track record

✓Construction already started on several portfolio projects

Risques identifiés

!Bank refinancing not secured to date: repayment conditional on obtaining long term debt H1 2027

!Guarantor Azolis France with equity of 736K€ and estimated gearing of ~15x: weak security in case of default

!Issuer Azolis Développement 4 with capital of 1,000€, without its own financial history

!Operational track record of Azolis limited: zero MWc connected documented in its own right

!Possible partial use of funds towards Azolis Développement 3 (sister company), outside scope of pledge