Billy-Berclau BESS — 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 · 53.0/75

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Simple obligations French law, standard instrument

B1.2: 3/3 - Dedicated société dédiée (SPV) QAIR CST BILLY-BERCLAU, clear French law

B1.3: 1/2 - Senior ranking claimed, no known senior debt but not registered in registry

B2 · Opérateur & Track record 11.0/15

B2.1: 4/4 - Louis Blanchard CEO appointed, management team identified with profiles

B2.2: 4/5 - 1700 MW in operation/construction, structured group, but BESS pipeline recent

B2.3: 2/3 - Over 50M€ reimbursed to Enerfip, ongoing operations without incident

B2.4: 1/3 - QAIR France net losses 5.7M€ 2024, equity declining, holding in deficit; group supported by QAIR International

B3 · Garanties & Sûretés 11.0/15

B3.1: 7/9 - GAPD of QAIR France (autonomous first demand undertaking) plus pledge of 100% securities of issuing société dédiée (SPV)

B3.2: 2/4 - QAIR France equity 14.2M€ in decline, high gearing (approximately 7.5x on financial debt), recurring losses; documented QAIR International support

B3.3: 2/2 - Senior bank financing planned at 63% of CAPEX, bank partners mentioned for project phase

B4 · Structure financière 10.0/15

B4.1: 4/5 - Pre-project bridge financing; IRR not disclosed at this stage but PPA tolling 10 years envisaged, solid structure

B4.2: 4/4 - 36% equity/mezzanine planned on project CAPEX

B4.3: 1/4 - No stress tests provided on bridge; repayment secured by QAIR International treasury (119M€ group liquidity June 2025)

B4.4: 1/2 - Indicative business plan positive post-COD, but tariff not yet secured

B5 · Pré-commercialisation 6.0/10

Permits obtained and exhausted (December 2025), PTF signed without connection limit, promise to sell signed
Purchase tariff not yet secured, constructor not selected
Tolling contract under negotiation

B6 · Permis & Maturité 4.0/5bon

Building permit obtained September 2025, exhausted December 2025 (no recourse confirmed)
PTF signed
Network connection not yet finalised by operator
RTB stage advanced

B7 · Marché & Localisation 2.0/3

BESS market in France strong growth (50 to 1600 MW in 7 years, target 5.3 GW by 2030)
Favourable regulatory reforms (TURPE7, capacity mechanism)
Risk of merchant tariff post-tolling not contractualised

Points forts

✓GAPD of QAIR France and pledge of 100% SPV securities - double solid security.

✓Over 50M€ reimbursed to Enerfip without documented incident.

✓Permits exhausted December 2025, PTF obtained without connection limit.

✓QAIR group with 1700 MW operational and 119M€ consolidated liquidity.

✓BESS market in France strong structural growth, regulatory support.

Risques identifiés

!Purchase tariff not secured as at date of raising - real project revenue risk.

!QAIR France in deficit (−5.7M€ 2024), equity in rapid erosion.

!QAIR France gearing very high (approximately 7.5x); solvency dependent on group.

!COD expected Q1 2029 - 18 month bridge does not cover commissioning.

!Constructor not selected, risk of cost and construction schedule overrun.