Centrale solaire de Ségrie, dans la Sarthe — 6.5%/an · 54 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 · 50.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Direct loan SEGRIE PV project company, French law

B1.3: 1/2 - Priority ranking not formally registered at file date

B2 · Opérateur & Track record 12.0/15bon

B2.1: 4/4 - TSE, founders Debonnet/Lambert appointed, public profiles

B2.2: 5/5 - >50 MWc connected (152 MWc Marville), 103.5 GWh produced 2025

B2.3: 2/3 - Operation in progress with no incident reported

B2.4: 1/3 - TSE balance sheet not provided, holding financed by Eurazeo/BPI/CA but detailed data absent

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 6/9 - Pledge of SEGRIE PV shares probable via société dédiée (SPV); specific guarantees not documented in file

B3.2: 2/4 - Institutional shareholders (Banque des Territoires, Crédit Mutuel Impact) but guarantor solidity not formalised

B3.3: 1/2 - Institutional banking partners identified but amounts not specified

B4 · Structure financière 9.0/15

B4.1: 4/5 - CRE contract 20 years, project IRR estimated 8-10% with regulated tariff

B4.2: 2/4 - Equity contributions TSE/institutional not quantified

B4.3: 2/4 - Revenues contracted over 20 years offset absence of stress test

B4.4: 1/2 - taux de couverture de la dette not provided; contractualised PPA revenues reassuring

B5 · Pré-commercialisation 8.0/10bon

Licence purged, CRE 7th call for tenders Ground winner, 20-year complementary remuneration contract signed
Network connection not yet confirmed
Construction start Q4 2026

B6 · Permis & Maturité 4.0/5bon

CRE call for tenders winner, building permit likely obtained but challenge timeframes possible
Construction start Q4 2026, network connection not yet confirmed

B7 · Marché & Localisation 2.0/3

French renewable energy market in strong growth, solid regulatory support
20-year CRE contract independent of local real estate market
Score adjusted thanks to live data: SEGRIE real estate sector not relevant for ENERGY; favourable national renewable market maintained at 2/3

Points forts

✓TSE: major solar developer, 103.5 GWh produced in 2025, solid track record

✓20-year CRE contract secures revenues for entire loan duration

✓Institutional shareholders: Banque des Territoires and Crédit Mutuel Impact

✓130M€ raised in 2023 (Eurazeo, Crédit Agricole, BPI France) strengthens solidity

✓Site valorising brownfield (former landfill): positive environmental impact

Risques identifiés

!Bond loan specific guarantees not documented in published file

!Construction not started (Q4 2026): risk of costs, delays and commissioning

!Network connection not yet confirmed by network operator

!SEGRIE PV overall financing plan not provided; equity portion unknown

!Rate of 6.5%/year within renewable norms but 54-month duration extends risk exposure

⚠ Avertissement sur les risques

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