Soleil Du Sud Developpement 7 - Phase 2 — 7.5%/an · 19 mois

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 9.0/10bon

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

B1.2: 3/3 - Dedicated société dédiée (SPV) SOLEIL DU SUD DÉVELOPPEMENT 7, French law

B1.3: 1/2 - Priority ranking claimed, pledge and GAPD but registration not confirmed as at report date

B2 · Opérateur & Track record 10.0/15

B2.1: 4/4 - Joël OROS appointed, Founder President publicly identifiable

B2.2: 4/5 - Operator since 2009, 45 employees, operating plants documented; 1-10 MWp operation

B2.3: 2/3 - Phase 1 successfully closed on Lendosphere (1.6M€)

B2.4: 0/3 - Pappers financial data not available in file

B3 · Garanties & Sûretés 11.0/15

B3.1: 7/9 - GAPD issued by SOLEIL DU SUD ENERGIE plus first ranking pledge on société dédiée (SPV) shares

B3.2: 2/4 - SOLEIL DU SUD ENERGIE group: equity and gearing not communicated, purpose-driven company 45 employees, estimated moderate assets

B3.3: 2/2 - Secured purchase tariff 20 years equivalent to strong contractual undertaking

B4 · Structure financière 10.0/15

B4.1: 4/5 - Regulated tariff 20 years plus permit; estimated IRR 6-8% standard renewable energy zone = 4 pts

B4.2: 2/4 - Operator contribution not quantified; plants partly in service suggests partial own commitment = 2 cautious pts

B4.3: 2/4 - No documented stress test but 20-year fixed tariff structurally compensates

B4.4: 2/2 - Contractualised revenues on 20-year purchase tariff, estimated taux de couverture de la dette >1.5

B5 · Pré-commercialisation 8.0/10bon

Permit purged on at least one project (already in service Porquerolles), regulated tariff 20 years obtained for entire portfolio, connection in progress. = 8/10 (permit purged plus regulated tariff, connection not fully confirmed for 2 La Valette projects)

B6 · Permis & Maturité 4.0/5bon

One project already in service (Porquerolles, permit purged plus connection)
Two La Valette projects 'ready to build', permits obtained but possible appeals not specified. = 4/5

B7 · Marché & Localisation 2.0/3

French renewable energy solar market growing (1 418 MW Q1 2026), secured regulated purchase tariff
Underlying slowdown in development noted but already authorised projects not impacted. = 2/3

Points forts

✓Secured regulated purchase tariff over 20 years for entire portfolio

✓Group GAPD plus first ranking pledge on SPV shares: double security documented

✓Regional experienced operator since 2009, 45 permanent contracts, no outsourcing

✓One project already in service (Porquerolles), construction risk reduction

✓Phase 1 successfully completed (1.6M€) on Lendosphere, positive track record

Risques identifiés

!SOLEIL DU SUD ENERGIE balance sheet not communicated: GAPD guarantor solidity not verifiable

!Portfolio financial structure absent: operator equity contribution unknown

!Two La Valette projects 'ready to build' without network connection confirmation

!Underlying slowdown in French solar market; summer grid overproduction risks

!Phase 2 collection amount (260K€) low versus phase 1 (1.6M€): role in overall financing plan opaque

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