Villers Dépôt — Solges 000 — 9.0%/an · 24 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 8.0/10bon

B1.1: 5/5 - Simple bonds at fixed rate, French law

B1.2: 2/3 - société dédiée (SPV) Solges 000 dedicated, clear French law but issuer remains group entity

B1.3: 1/2 - Senior rank claimed, no known senior debt on société dédiée (SPV), not formally registered

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Armen Sedefian identified, team listed, limited public profile

B2.2: 2/5 - Founded 2021, <5 years, 0 MWc connected documented, 53 MWc RTB/advanced, development stage

B2.3: 1/3 - Previous fundraising Villers Foncier on Enerfip, no documented repayment

B2.4: 2/3 - No collective insolvency proceeding found, strained group balance sheet (revenue 2.4M€, outstanding 11M€, young structure)

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge of Solges 000 shares plus pledge of CDC receivable (1 065 k€)

B3.2: 2/4 - CDC debtor of pledged receivable is sound, but société dédiée (SPV) guarantor without documented high own equity

B3.3: 0/2 - No banking partner on this financing (<2M€, RF2 not triggered)

B4 · Structure financière 8.0/15

B4.1: 3/5 - PV project with target IRR 6.26%, CRE target tariff 85€/MWh over 20 years not yet obtained, development stage

B4.2: 2/4 - Guarantee deposit advanced in equity by promoter before crowd fundraising

B4.3: 2/4 - Stress case presented (70€/MWh vs 85€/MWh), taux de couverture de la dette >1.2x maintained

B4.4: 1/2 - taux de couverture de la dette displayed 1.23x-1.25x over duration, compliant with 1.2-1.5x threshold

B5 · Pré-commercialisation 4.0/10faible

ENERGY grid - Building permit obtained and purged (March 2024)
PTF received (April 2026), ENEDIS connection secured
CRE application to be filed July 2026, PPA/CRE contract not yet obtained
Near-RTB phase but missing revenue equals permit under instruction equivalent on income criterion: 4/10

B6 · Permis & Maturité 4.0/5bon

ENERGY - Building permit purged obtained March 2024, PTF received April 2026, connection secured
Construction authorisation obtained, appeal period expired
Network connection not yet finalised (deposits paid): 4/5

B7 · Marché & Localisation 2.0/3

French renewable energy market in growth (PPE3 adopted February 2026, CRE active)
Target tariff 85€/MWh in context of spot prices 40-44€/MWh - CRE CfD supplements
Risk of temporary nuclear/solar overproduction noted by RTE: 2/3

Points forts

✓Pledge of CDC receivable (1 065 k€) on sovereign public debtor.

✓Building permit purged, PTF received, ENEDIS connection secured: near-RTB project.

✓CRE tariff over 20 years if successful bidder: long-term revenue visibility.

✓Direct repayment by CDC if unsuccessful bidder: documented exit mechanism.

✓Enerfip PSFP licenced, 0% historical default rate, leading renewable energy platform in France.

Risques identifiés

!Revenue (CRE contract) not yet obtained: risk of non-selection at tender.

!Solges group founded in 2021, no documented connected MWc, modest balance sheet (revenue 2.4M€).

!Possible extension to 3 years: duration lengthening without additional guarantee.

!Risk of temporary overproduction in France (RTE) potentially affecting future CRE conditions.

!Land held by F01, not directly by Solges 000: complexity of ownership chain.