Centrale solaire flottante de Chevenon, dans la Nièvre — 7.5%/an · 60 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 · 52.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) Soleil Elements 10, French law, well documented

B1.3: 1/2 - Simple bond with no documented known senior debt, de facto rank 1st not registered

B2 · Opérateur & Track record 10.0/15

B2.1: 3/4 - Elements named, managers Pierre-Alexandre Cichostepski, Loïc Chazalet, Grégoire Petit identified, no photo/LinkedIn attached

B2.2: 4/5 - 100 MW in operation/construction, 3 GW in development, 11 years, under 50 MWp operated documented

B2.3: 1/3 - First Lendopolis operation, reputation verifiable elsewhere

B2.4: 2/3 - No proceeding identified; Bpifrance and Crédit Agricole shareholders validate solvency

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge of Soleil Elements 10 units likely for société dédiée (SPV), but no real guarantee explicitly documented as registered; 20-year CRE contract assimilable to partial irrevocable order → 6 pts

B3.2: 2/4 - Elements turnover 14.5M€, shareholder Bpifrance, fonds propres information not specified

B3.3: 0/2 - No bank credit identified in file, project under 2M€ (no RF2)

B4 · Structure financière 12.0/15bon

B4.1: 4/5 - 20-year CRE contract plus CRE tendered call winner; project IRR not specified but regulated PPA solid → 4 pts

B4.2: 3/4 - Elements brings equity via 100% subsidiary société dédiée (SPV), but exact fonds propres amount not documented → 3 pts prudent

B4.3: 3/4 - 20-year CRE contract guarantees revenues even if production falls; stress test minus 20% absorbable

B4.4: 2/2 - Regulated renewable energy taux de couverture de la dette structurally greater than 1.5 with CRE remuneration supplement over 20 years

B5 · Pré-commercialisation 8.0/10bon

Building permit purged not confirmed, but 20-year CRE contract signed and tendered call winner → regulated rate applicable
Commissioning October 2027 documented
No separate private PPA, connection not confirmed. → 8 pts

B6 · Permis & Maturité 4.0/5bon

Project winner of CRE tendered call PPE2, construction licence obtained implicitly (site work scheduled Oct 2027), but expiry of remedies not explicitly confirmed → 4 pts

B7 · Marché & Localisation 2.0/3

French solar market in strong growth (plus 24% in 2025, target 48 GW in 2030)
Floating solar expanding
Chevenon secondary market but CRE project independent of local market → 2 pts

Points forts

✓CRE remuneration supplement contract over 20 years - maximum revenue security.

✓Bpifrance and 8 Crédit Agricole funds shareholders of Elements since 2023.

✓Project winner of CRE tendered call PPE2 - rigorous independent validation.

✓French solar market in strong growth, target 48 GW in 2030.

✓Dedicated SPV Soleil Elements 10, legal isolation of project.

Risques identifiés

!No real guarantee explicitly documented as registered in file (mortgage, pledge).

!Commissioning October 2027 - construction risk over 15 months still to be completed.

!Global borrowing of 2.9M€ of which 1M€ crowdfunding - overall financing structure not detailed.

!Network connection delays frequent in France (greater than 24 GW pending).

!Collection started at 100 400€/1 000 000€ - under-subscription risk to monitor.