À propos
Financing for acquisition of a ground-mounted solar project 'Ready To Build' (RTB) in Italy (Ariano Solar SRL), carried by Alternative Green Energy France S.A.S, subsidiary of GAMMO INVESTMENT SA group. This is the second tranche of a target total fundraising of 2.3M€, with first tranche already raised at 1.8M€. Obligations issued under French law over 2 years.
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 · 39.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligations under French law, fixed rate
B1.2: 2/3 - Direct loan from operator SAS, documented French law
B1.3: 1/2 - Senior rank declared, pari passu T1, pledge in progress not registered at this stage
B2 · Opérateur & Track record
6.0/15faible
B2.1: 2/4 - Juan Fernando Gonzalez Mateo appointed, no verified LinkedIn profile
B2.2: 2/5 - Renewable energy activity documented (turnover 5.5M€, assets 34.9M€) but experience in connected MWp not specified
B2.3: 1/3 - First operation on Enerfip (T1 in progress)
B2.4: 1/3 - SIREN 911785863 present but live search indicates not found in French register; 2025 statement shows profit (798K€)
B3 · Garanties & Sûretés
9.0/15
B3.1: 6/9 - First rank pledge on securities account ARIANO SOLAR SRL registered + PCG GAMMO INVESTMENT SA
B3.2: 2/4 - GAMMO not evaluated financially, group statement information not provided
B3.3: 1/2 - No bank credit identified by name, senior construction financing mentioned but not confirmed
B4 · Structure financière
7.0/15faible
B4.1: 3/5 - Italy RTB project, IRR not disclosed, PPA/tariff not specified in file
B4.2: 0/4 - Operator equity contribution on this project: N/A indicated
B4.3: 2/4 - Low Loan-to-Value (ratio prêt/valeur actif)/Loan-to-Cost (ratio prêt/coût total) on RTB asset but stress test absent from file
B4.4: 2/2 - Operator turnover stable 5.5M€, 2025 result positive 798K€
B5 · Pré-commercialisation
4.0/10faible
- Italy RTB (Ready-to-Build) project - permits obtained authorising construction but network connection not confirmed
- PPA or regulated tariff not specified in file
- Pre-construction acquisition phase
B6 · Permis & Maturité
3.0/5
- Project qualified RTB (Ready-to-Build) implies permits obtained; land under acquisition (object of financing)
- Network connection not confirmed in available file
B7 · Marché & Localisation
2.0/3
- Italy renewable energy market - solar sector in strong growth, successive Conto Energia regulated tariffs
- Established market for Italian ground-mounted RTB solar projects, sustained institutional demand
Points forts
Enerfip platform renewable energy leader France, zero historical default, PSFP AMF licence
First rank pledge on ARIANO SOLAR SRL shares + parent company guarantee GAMMO
RTB project (Ready-to-Build) - permits obtained, limited development risk
Profitable operator in 2024-2025, assets 34.9M€, stable turnover 5.5M€
Rate 9% per annum compliant renewable energy norm, bullet on 24 months
Risques identifiés
Alternative Green Energy France SAS company not found in consulted French registers despite SIREN provided
No details on PPA, regulated tariff or electricity buyer for Ariano Solar project
Operator equity contribution on this project indicated N/A - quasi-total financing by debt
GAMMO INVESTMENT SA guarantee not evaluated financially, group statements absent from file
Pari passu with T1 (1.8M€): total outstanding guaranteed by same pledge dilutes protection
⚠ Avertissement sur les risques
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