À propos
Participatory financing for construction of a 33.85 MWc floating photovoltaic power plant located on former gravel workings at Chevenon (Nièvre). Operator is Elements (established 2015, 100 MW in operation/construction, backed by Bpifrance and Crédit Agricole). Project is winner of a CRE auction with remuneration complement contract over 20 years; commissioning scheduled for October 2027.
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 obligation fixed rate clear French law
B1.2: 2/3 - société dédiée (SPV) Soleil Elements 10 dedicated, 100% subsidiary but direct subsidiary borrowing
B1.3: 1/2 - Rank not registered, no documented known senior debt
B2 · Opérateur & Track record
11.0/15
B2.1: 4/4 - Managers appointed (Cichostepski, Chazalet, Petit) with functions
B2.2: 4/5 - 100 MW in operation, 10-50 MWp documented
B2.3: 1/3 - First operation on Lendosphere, recognised player elsewhere
B2.4: 2/3 - Bpifrance + Crédit Agricole in capital, balance sheet not detailed
B3 · Garanties & Sûretés
7.0/15faible
B3.1: 6/9 - Pledge of project company probable (not explicitly confirmed); 20-year CRE contract constitutes certain claim
B3.2: 3/4 - Elements backed by Bpifrance + 8 Crédit Agricole funds, group equity not specified
B3.3: 1/2 - Global borrowing 2.9 M€ with Lendopolis, banking commitment unnamed
B4 · Structure financière
13.0/15bon
B4.1: 4/5 - 20-year CRE contract signed, regulated tariff, estimated IRR 8-10%
B4.2: 4/4 - Crowd = approximately 34% global borrowing; own equity Elements + committed institutional shareholders
B4.3: 3/4 - 20-year CRE guarantees revenues; stress -20% covered by floor tariff
B4.4: 2/2 - taux de couverture de la dette >1.5 expected on contractualised CRE revenues
B5 · Pré-commercialisation
8.0/10bon
- Permit final not confirmed; 20-year CRE contract signed (CRE auction 2 tranche 3 winner) - regulated tariff acquired
- Connection request not explicitly documented
- Score 8/10 by analogy ENERGY grid (final permit + CRE)
B6 · Permis & Maturité
4.0/5bon
- Project winner of CRE auction - building permit obtained assumed (commissioning October 2027)
- Network connection not explicitly confirmed in file - 4/5
B7 · Marché & Localisation
3.0/3✓ max
- French renewable energy market in strong growth (32-78 GW by 2031, CAGR 18.84%)
- 20-year CRE protects against spot market fluctuations
- Upward trend confirmed by live data
Points forts
20-year CRE contract signed (CRE auction 2 tranche 3) - revenues guaranteed over entire duration.
Solid institutional shareholding: Bpifrance, 8 Crédit Agricole funds, Noria.
Elements: 100 MW in operation, experienced and recognised renewable energy operator.
French solar market in strong growth (CAGR 18.84% until 2031).
Dedicated SPV Soleil Elements 10 - legal isolation of project risk.
Risques identifiés
Formal guarantees on participatory loan not documented in file.
Network connection not confirmed; structural connection delays in France (>24 GW awaiting).
Commissioning scheduled October 2027 - risk of construction delay on floating (recent technology).
Local fundraising only (Nièvre + bordering) - reduced investor liquidity and diversification.
Bullet repayment over 5 years - refinancing risk if market changes before 2031.
Voir toute l'analyse Lendosphere →
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