Morcenx - Reden 2024 S2 — 6.5%/an · 42 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 · 49.0/75 (54.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate, clear French law

B1.2: 2/3 - société dédiée (SPV) Reden 2024 S2 dedicated but issuer = direct holder, not distinct operationally autonomous subsidiary

B1.3: 1/2 - Junior rank explicitly mentioned, senior debt Auxifip 44M€ priority

B2 · Opérateur & Track record 13.0/15bon

B2.1: 4/4 - Frank Demaille named, functions specified, identifiable

B2.2: 5/5 - IPP >1.1 GWc in operation, 500 sites, 9 countries, 18 years experience, #1 agrivoltaic France

B2.3: 2/3 - 8 projects repaid on Enerfip without incident

B2.4: 2/3 - Recent société dédiée (SPV), minimal balance sheet, but solid group; société dédiée (SPV) gearing not relevant

B3 · Garanties & Sûretés 5.0/15faible

B3.1: 0/9 - Total absence of security explicitly documented

B3.2: 0/4 - No formal guarantor designated

B3.3: 2/2 - Bank credit 44M€ Auxifip (Crédit Agricole subsidiary) identified and named

B4 · Structure financière 13.0/15bon

B4.1: 5/5 - Strong implicit IRR + PPA/CRE tariff signed 20 years, revenues guaranteed by public body

B4.2: 4/4 - CAPEX financed 84% by senior debt + crowd; significant group equity via JV CDC

B4.3: 3/4 - Junior taux de couverture de la dette 1.70x on interest, secured CRE revenues; principal repayment via planned refinancing

B4.4: 1/2 - EBITDA 460k€, senior taux de couverture de la dette 1.16x (banking standard), net result negative first 4 years

B5 · Pré-commercialisation 8.0/10bon

Permit purged + network connection confirmed not explicit, but 20-year CRE tariff secured and plant built commissioned June 2026
Score 8/10 consistent with renewable energy project in operation with regulated tariff

B6 · Permis & Maturité 5.0/5✓ max

Plant built and in service commissioning trial phase
CRE tariff winner PPE2 obtained
Network connection in course of finalisation
Permit purged implicit (construction completed)

B7 · Marché & Localisation 2.0/3

French renewable energy market in growth, regulated CRE tariff eliminates price risk
Landes = favourable solar zone
Rising market confirmed live
Persistent macro uncertainties limit maximum score

Points forts

✓CRE purchase tariff secured over 20 years by public body - revenue risk quasi-nil.

✓Sponsor Reden Solar: 1.1 GWc in operation, #1 agrivoltaic France, confirmed financial strength.

✓Senior debt Auxifip (Crédit Agricole) 44M€ validates project independently.

✓8 projects repaid without incident on Enerfip; sponsor track record excellent.

✓Plant already built and in commissioning - construction risk eliminated.

Risques identifiés

!Total absence of security: no mortgage, pledge or formal joint and several guarantee.

!Principal repayment dependent on future refinancing or non-guaranteed CCA contribution.

!Junior obligations: subordinated to senior bank debt of 44M€ (Auxifip).

!SPV Reden 2024 S2 capitalised at 1,000 €, without significant own financial history.

!Senior DSCR 1.16x close to banking minimum - limited safety margin in case of production shock.

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