À propos
Creation of a 10.65 MWc photovoltaic solar park on an 8 hectare industrial brownfield site at Courchelettes and Corbehem (Nord/Pas-de-Calais), 5 km from Douai. Operator TSE, independent solar energy producer founded in 2016, Courchelettes PV subsidiary held 51% by TSE and 49% by Banque des Territoires and Crédit Mutuel Impact. Construction commenced in April 2026, secured 20 year sale rate via CRE PPE2 contract.
Plateforme · 20.0/25
A1 · Statut réglementaire
8.0/8✓ max
- agrément AMF licence AMF fonds propres-2023-22 in force since November 2023
- Also registered statut réglementaire CIP and IFP with registre ORIAS
- Maximum regulatory status achieved
A2 · Track Record
5.0/6bon
- Default 0.0% → 6/6
- Delay 0.35% (<5%) → 6/6
- Actual vs announced return not explicitly communicated → 0/6
- A2 = (6×0.5)+(6×0.3)+(0×0.2) = 4.8 → rounded to 5
A3 · Rigueur de sélection
2.0/4
- Selection process mentioned implicitly (700 fundraisings over €400M, 0% default)
- Selection rate not explicitly published in available data
A4 · Santé financière
3.0/4bon
- Backed by 123 Investment Managers group since 2021, >10 years in existence (founded 2014), healthy growth, no platform distress signal
- Non-listed institutional group → 3 pts
A5 · Protection investisseurs
2.0/3
- agrément AMF licensed → 4-day reflection period + mandatory continuity plan (1 pt)
- Lendopolis acquisition November 2024 suggests segregated payment infrastructure (1 pt)
- Secondary market not documented (0 pt)
Projet · 54.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple bond fixed rate, French law
B1.2: 2/3 - société dédiée (SPV) Courchelettes PV dedicated, documented TSE subsidiary
B1.3: 1/2 - Simple bond without known senior debt, de facto ranking not registered
B2 · Opérateur & Track record
13.0/15bon
B2.1: 4/4 - Mathieu Debonnet and Pierre-Yves Lambert appointed, LinkedIn verifiable
B2.2: 5/5 - TSE >50 MWc operated (152 MWc Marville, 2.7 GWc in development)
B2.3: 2/3 - Previous Lendosphere operations not detailed, national reputation verified
B2.4: 2/3 - Balance sheet not provided but 130M€ raised from Eurazeo/CA/BPI 2023, no collective insolvency proceeding identified
B3 · Garanties & Sûretés
6.0/15faible
B3.1: 5/9 - Joint and several guarantee TSE group not explicitly documented; shareholders Banque des Territoires and Crédit Mutuel Impact present but formal guarantee absent
B3.2: 1/4 - société dédiée (SPV) balance sheet not provided, partial information
B3.3: 0/2 - No bank credit identified in the file
B4 · Structure financière
12.0/15bon
B4.1: 4/5 - Target IRR not specified, secured CRE rate 20 years (PPE2) equivalent to PPA → 4 pts
B4.2: 4/4 - société dédiée (SPV) subsidiary TSE with institutional shareholders (Banque des Territoires, Crédit Mutuel Impact), capitalised contribution
B4.3: 2/4 - Contractualised revenues 20 years limit stress, but no stress test documented in the file; low Loan-to-Cost (ratio prêt/coût total) crowd partially compensates
B4.4: 2/2 - Regulated rate secured 20 years, expected solid taux de couverture de la dette on contractual revenues
B5 · Pré-commercialisation
8.0/10bon
- Licence purged + connection confirmed + PPE2 laureate + signed CRE rate 20 years → complementary remuneration contract equivalent to long-term PPA
- Construction commenced April 2026
B6 · Permis & Maturité
5.0/5✓ max
- All licences obtained, connection agreement signed, construction commenced in April 2026
- Most advanced stage reached
B7 · Marché & Localisation
2.0/3
- Growing renewable energy market in France, secured CRE rate
- Underlying slowdown in new projects and network constraints noted; established market → 2 pts
Points forts
CRE rate secured for 20 years (PPE2 complementary remuneration contract), commercial risk almost null.
TSE major French operator (>50 MWc operated, 130M€ raised from Eurazeo/CA/BPI).
Institutional shareholders in the SPV: Banque des Territoires and Crédit Mutuel Impact.
All licences obtained, connection confirmed, construction commenced in April 2026.
Lendosphere licensed PSFP AMF FP-2023-22, zero default across entire platform portfolio.
Risques identifiés
No real guarantee registered (mortgage, pledge) on the SPV or project assets.
No bank partner identified in the file despite a 10.65 MWc project.
Courchelettes PV SPV financial statement not communicated, guarantor solvency not verifiable.
Commissioning scheduled end 2027: risk of construction delay impacting final repayment December 2030.
Underlying slowdown in French solar market and rising network connection constraints.
Voir toute l'analyse Lendosphere →
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