À propos
Corporate financing of 2.5 M€ (first tranche of 5 M€ total) by operator Ciel & Terre International, French leader in floating photovoltaic solar. Funds serve development of portfolio of 77 floating projects in France, Italy, United States and Japan (882.5 MWc). Issue realised directly at level of parent company of group, with security of pledge of 2nd rank on shares of Attakama Invest.
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 · 43.0/75
(48.0 brut, red flags −5)
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate French law
B1.2: 2/3 - Direct loan from parent company of group, well documented
B1.3: 1/2 - Claimed rank not formally registered as 1st rank, existing senior debt (Sahara)
B2 · Opérateur & Track record
13.0/15bon
B2.1: 4/4 - Bernard Prouvost appointed, identifiable manager, transparent structure
B2.2: 5/5 - >50 MWp connected, 1.4 GWc installed, 20 years experience, 30 countries
B2.3: 2/3 - Attakama and Sahara operations underway on Enerfip, partial history
B2.4: 2/3 - Healthy balance sheet (RD/CP 68%), BPI/Noria shareholders, deficit certain years
B3 · Garanties & Sûretés
7.0/15faible
B3.1: 6/9 - Pledge of social shares of Attakama Invest registered, but 2nd rank
B3.2: 3/4 - Total CTI active assets 38.5 M€, fonds propres >5M€, gearing ~1.95, healthy situation
B3.3: 0/2 - No identified banking partner on this tranche
B4 · Structure financière
9.0/15
B4.1: 4/5 - Loan-to-Value (ratio prêt/valeur actif) <50% contractualised on Attakama portfolio (project IRR not detailed, applicable regulated tariffs)
B4.2: 2/4 - Equity injection 8.2 M€ then 21 M€ documented, limited crowd share
B4.3: 2/4 - No explicit stress test, low Loan-to-Value (ratio prêt/valeur actif) partially compensates
B4.4: 1/2 - taux de couverture de la dette not explicitly calculated, revenue growing but results deficit certain years
B5 · Pré-commercialisation
6.0/10
- Portfolio 77 diversified projects 4 countries, proven technology 350+ completions
- Permits and connections partially secured; development stage variable by projects
- No generalised confirmed PPA
B6 · Permis & Maturité
3.0/5
- Portfolio in development with advanced and less advanced stages
- Some projects without final permits or confirmed connection
- Proven technology reduces overall technical risk
B7 · Marché & Localisation
2.0/3
- Score adjusted thanks to live data: Lille commercial market in decline (market_trend=declining, office vacancy 8.2%)
- International renewable energy project not exposed to local property market; renewable energy France/Italy in strong growth - 2 points established renewable energy market
⚠ Alertes détectées · −5 pts déduits
Pas de financement bancaire
−5 pts
No identified banking partner on 2.5 M€ tranche (>2 M€) - external validation absent.
Points forts
Global leader in floating solar, 1.4 GWc installed, proprietary proven Hydrelio technology.
Solid institutional shareholders: BPI and Noria Invest in financial support.
LTV contractualised <50% on Attakama Invest portfolio, partial protection.
Enerfip platform: zero renewable energy defaults, exemplary track record, maximum A score.
Granular portfolio 77 projects in 4 countries, significant geographical diversification.
Risques identifiés
Pledge of 2nd rank only - one 1st rank creditor takes priority in event of default.
Portfolio development stage variable; permit and connection risk on advanced projects.
Loss-making activity certain years; dependence on project sales from 2028.
No identified banking partner on this corporate tranche of 2.5 M€.
Sonora refinancing planned May 2029; liquidity risk if project sales delayed.
⚠ Avertissement sur les risques
Investir en crowdfunding comporte un risque de perte partielle ou totale du capital, ainsi qu'un risque d'illiquidité. Selon le baromètre France FinTech / Forvis Mazars 2025, 25 à 30 % des projets accusent un retard de plus de 6 mois et 4 à 6 % entraînent une perte définitive. Ne placez jamais plus de 5 à 10 % de votre patrimoine en crowdfunding et diversifiez sur au moins 10 projets. CrowdPickr est un service d'information indépendant, non agréé en tant que conseiller en investissement. Les analyses présentées ne constituent pas un conseil en investissement personnalisé.