À propos
Partial financing of construction of a 519 kWc photovoltaic solar plant on agricultural building in Challans (Vendée, 85), carried by JLT Energy 14, subsidiary of Mexens group. The plant benefits from a CRE remuneration top-up contract over 20 years (winner of PPE2 call for proposals). Service commencement planned April 2027, collection reserved for residents of bordering departments.
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 · 47.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate 6.5%, clear French law
B1.2: 2/3 - Issuer JLT Energy 14, subsidiary of Mexens, well documented French law
B1.3: 1/2 - Simple obligation, no known senior debt, de facto 1st rank not registered
B2 · Opérateur & Track record
11.0/15
B2.1: 4/4 - Co-founders Julien Fleury, Lionel Themine, Thomas de Moussac named with functions
B2.2: 4/5 - Mexens 920 MW in operation, 17 years in existence, solid renewable energy track record
B2.3: 2/3 - Previous operations on Lendosphere documented implicitly
B2.4: 1/3 - Balance sheet not provided, JLT Energy 14 structure not assessed
B3 · Garanties & Sûretés
6.0/15faible
B3.1: 4/9 - Personal guarantee not notarised implicit; CRE remuneration top-up contract 20 years as economic security
B3.2: 2/4 - Mexens 326M€ revenue, solid group, gearing not provided
B3.3: 0/2 - No banking partner identified; amount <2M€ therefore no RF2
B4 · Structure financière
9.0/15
B4.1: 5/5 - CRE contract over 20 years guaranteed rate + sector IRR 10-12% for well-positioned plant
B4.2: 2/4 - Crowd share 58K€ very low vs total cost, Mexens equity contribution assumed substantial but not documented
B4.3: 1/4 - Guaranteed CRE rate limits price risk, but stress test not provided
B4.4: 1/2 - taux de couverture de la dette likely >1.2 with CRE rate, precise data absent
B5 · Pré-commercialisation
8.0/10bon
- Permit obtained + CRE contract 20 years signed (regulated rate) + service commencement scheduled April 2027
- Winner of CRE2 call for proposals PPE2 11th tranche, equivalent to long-term secured PPA
B6 · Permis & Maturité
4.0/5bon
- Plant winner of CRE call for proposals, construction in progress (service commencement April 2027)
- Permit obtained, site not yet completed, potential litigation not documented
B7 · Marché & Localisation
1.0/3faible
- Score adjusted thanks to live data: solar market in decline (oversupply), negative spot prices at peak hours
- However CRE contract 20 years isolates project from spot market risk
- Location Vendée (France), outside Spanish congestion zones
- Residual risk moderate via potential curtailment
Points forts
CRE remuneration top-up contract over 20 years, guaranteed rate securing revenues.
Solid Mexens group: 920 MW in operation, 326M€ revenue, 17 years renewable energy experience.
Collection amount very low (58K€), concentrated risk limited for the project.
Co-founders named with clear functions, correct operator transparency.
Lendosphere licensed PSFP AMF FP-2023-22, maximum regulatory framework.
Risques identifiés
Guarantees nearly absent: no mortgage, pledge or notarised guarantee documented.
Balance sheet of JLT Energy 14 and project financial structure not communicated.
European solar market in overcapacity; negative spot prices at peak hours.
Local collection restricted (Vendée + bordering areas), reduced liquidity for investors.
Service commencement April 2027 not yet realised; residual construction risk.
Voir toute l'analyse Lendosphere →
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