Skysun Dev 1 - Stockage BESS — 8.5%/an · 36 mois

Plateforme · 23.0/25

A1 · Statut réglementaire 8.0/8✓ max

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 · 41.0/75

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Simple obligations under French law, clear structure

B1.2: 3/3 - Dedicated société dédiée (SPV) Skysun Devco 1, issuer distinct from operator

B1.3: 1/2 - Senior ranking claimed, pledge of securities not yet formally registered

B2 · Opérateur & Track record 8.0/15

B2.1: 4/4 - Appointed managers (Coppieters, Dawans), identifiable LinkedIn profiles

B2.2: 2/5 - IPP founded 2017, 8 years track record, BESS started 2025, 0 MWn BESS connected to date

B2.3: 1/3 - First operation on Enerfip, ongoing 1.24 m€ with no reported incident

B2.4: 1/3 - Skysun Grand Est balance sheet strained (equity 549k€, liabilities 611k€), institutional raise of 17 m€ sound but young structure

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - First ranking pledge of Skysun Devco 1 securities registered

B3.2: 1/4 - Skysun Grand Est equity ~549k€, high gearing; consolidated holding with Andera Partners but limited consolidated data

B3.3: 1/2 - No long-term bank credit identified; bank refinancing RTB envisaged but not signed

B4 · Structure financière 8.0/15

B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) 50% on RTB valuation 85k€/MWn (total ~8.1m€ vs 2m€ crowd) - conservative ratio

B4.2: 2/4 - Operator equity contribution not precisely quantified; institutional raise of 17m€ strengthens base

B4.3: 1/4 - No stress test presented; Loan-to-Value (ratio prêt/valeur actif) 50% partially compensates

B4.4: 1/2 - Revenues not contractualised, merchant/floor mix mode to be determined

B5 · Pré-commercialisation 4.0/10faible

Projects under development: 48% permits obtained, 88% filed, only 3% connection secured (PTF)
No PPA signed
Advanced development phase but substantial connection risk
ENERGY grid: permits partially obtained, PPA absent → 4 points

B6 · Permis & Maturité 2.0/5faible

48% of projects with permits obtained, 88% filed, but connection critical: only 3% PTF obtained
Development phase, commissioning Q4 2027
ENERGY grid: permits under instruction/partially obtained → 2-3 points

B7 · Marché & Localisation 2.0/3

French BESS market in strong structural growth (shift to 15 minute settlement, renewables growth)
Score adjusted thanks to live data: rising market, French BESS pipeline underdeveloped vs European neighbours, real opportunity confirmed
Non-contractualised revenues → 2/3

Points forts

✓First ranking pledge of Skysun Devco 1 securities, clear legal structure.

✓Strong institutional backing: Andera Partners, BNP Paribas, Crédit Agricole (17 m€ raised in 2024).

✓Conservative LTV at 50% on documented RTB valuation.

✓French BESS market in structural growth, shift to 15 minute settlement favourable.

✓Enerfip platform excellent: zero defaults, PSFP licence, impeccable renewables track record.

Risques identifiés

!High development risk: only 3% of projects with secured connection (PTF obtained).

!No PPA or signed revenue contracts; remuneration mode still to be contractualised.

!BESS track record non-existent: activity started in 2025, 0 MWn connected to date.

!Bank refinancing on exit not secured as of date; depends on market conditions 2027.

!Skysun Grand Est equity weak (~549k€); financial soundness rests on consolidated holding.