Contribuer au développement du groupe Photosol — 6.0%/an · 48 mois

Plateforme · 22.0/25

A1 · Statut réglementaire 8.0/8✓ max

Valid agrément AMF AMF licence, licence fonds propres-2023-26 registered
Maximum score

A2 · Track Record 6.0/6✓ max

Default 0.74% (<1% → 6 pts)
Delay rate 1.14% (<5% → 6 pts)
Realised yield 6.85%/year in progression, compliant with ENR standard (5-9%) → 6 pts
A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6

A3 · Rigueur de sélection 2.0/4

Strategic ENR refocusing in 2019 documented, suggesting rigorous selection committee
No selection rate published explicitly
Non-quantified process → 2 pts

A4 · Santé financière 4.0/4✓ max

Subsidiary of Lendosphère (123 IM Group, institutional), net result +434K€ in 2024, no losses since 2019, >5 years in existence, no platform distress signal
Maximum score

A5 · Protection investisseurs 2.0/3

Approved agrément AMF → 4-day cooling-off period + mandatory continuity plan (1 pt)
Segregated accounts mandated regulatory for all agrément AMF (1 pt)
Secondary market not documented in available data (0 pt)

Projet · 60.0/75

B1 · Instrument & Structure 9.0/10bon

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

B1.2: 3/3 - Direct loan Photosol SAS, identified holding, clear French law

B1.3: 1/2 - Unsecured obligation without documented known subordination

B2 · Opérateur & Track record 13.0/15bon

B2.1: 3/4 - Photosol named, 312 employees, Paris headquarters, but individual managers not named in the file

B2.2: 5/5 - Founded 2008, 18 years, 1.4 GWc portfolio, Rubis subsidiary, French leader

B2.3: 2/3 - First transaction on Lendopolis documented, verifiable reputation

B2.4: 3/3 - Rubis Group subsidiary listed, sound balance sheet, no collective insolvency proceeding identified

B3 · Garanties & Sûretés 12.0/15bon

B3.1: 7/9 - GAPD issued by RUBIS Photosol, autonomous guarantee on first demand from listed industrial group

B3.2: 4/4 - Rubis Group listed on stock exchange, high capitalisation, equity >5M€, low gearing

B3.3: 1/2 - No named bank credit on this crowdfunding tranche

B4 · Structure financière 11.0/15

B4.1: 4/5 - Photosol 1.4 GWc in operation/construction, revenue €62M, PPA and regulated tariff revenue partially documented; IRR not quantified but mature portfolio

B4.2: 3/4 - Holding capitalised by Rubis, substantial own contributions but not quantified

B4.3: 2/4 - No explicit stress test, but diversified portfolio 107 MWc under construction compensates

B4.4: 2/2 - Revenue €62M, solid group, taux de couverture de la dette implicitly >1.5 on contracted revenue

B5 · Pré-commercialisation 8.0/10bon

ENERGY Class: licences cleared and grid connections not all confirmed for the 7 projects under imminent construction
Active portfolio 633 MWc in operation as at 31/12/2025
PPA and regulated tariffs mentioned without complete detail

B6 · Permis & Maturité 4.0/5bon

7 projects with construction sites starting in the coming months, authorisations in process or obtained
Confirmed operation portfolio (633 MWc)
Grid connection not confirmed for all

B7 · Marché & Localisation 3.0/3✓ max

French renewables market in strong growth (18.84% CAGR, 32 to 78 GW by 2031)
CfD rates 20 years, stable MWh prices
Photosol positioned on growth segment
Maximum score

Points forts

✓GAPD from RUBIS Photosol (listed group) covering capital and interest.

✓Photosol: 18 years in existence, 1.4 GWc in portfolio, French photovoltaic leader.

✓French renewables market in strong growth, confirmed regulatory support (CfD 20 years).

✓Lendopolis platform: PSFP AMF licensed, excellent track record (default <1%).

✓Revenue €62M, Rubis Group subsidiary, institutional financial soundness.

Risques identifiés

!Individual managers not named in the public file.

!Grid connection timescales that could impact the 7 projects under construction.

!Obligation issued at holding level without mortgage on underlying assets.

!Uncapped fundraising campaign possible up to €2.5M without detail of overall financing plan.

!Project IRR and stress tests not disclosed for the new projects.

⚠ 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.