Centrale solaire Le Pal 2 à Saint-Pourçain-sur-Besbre — 7.5%/an · 31 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 · 54.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) Photosol société dédiée (SPV) 45, 100% subsidiary of Cilaos 2

B1.3: 1/2 - Senior ranking claimed, no mortgage/pledge registered and documented

B2 · Opérateur & Track record 13.0/15bon

B2.1: 3/4 - Photosol identified, managers not named individually in the file

B2.2: 5/5 - 1.4 GWc in operation/construction, 18 years of existence, Rubis subsidiary (listed group)

B2.3: 2/3 - Le Pal 1 operations already in operation on platform

B2.4: 3/3 - Rubis subsidiary, no proceedings identified, solid group balance sheet

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge of société dédiée (SPV) units mentioned implicitly via structure; real guarantee not detailed → 6 prudential points

B3.2: 2/4 - Rubis group guarantee implicit but not formalised in the file

B3.3: 0/2 - No bank credit identified, amount <€2M therefore RF2 not triggered

B4 · Structure financière 10.0/15

B4.1: 4/5 - CRE PPE2 regulated tariff guaranteed, IRR estimated 8-10% on operational facility

B4.2: 3/4 - Photosol société dédiée (SPV) structure with Rubis group contribution, substantial equity

B4.3: 2/4 - Contractualised CRE revenues limit stress; detailed data absent

B4.4: 1/2 - taux de couverture de la dette estimated 1.2-1.5 post-financing on CRE revenues

B5 · Pré-commercialisation 8.0/10bon

Cleared permit not explicitly confirmed but PPE2 CRE tender winner (20-year guaranteed tariff)
CRE contract = equivalent regulated long-term PPA
Construction ongoing, commissioning autumn 2026. → 8 points

B6 · Permis & Maturité 4.0/5bon

PPE2 CRE tender winner, building permission obtained (site works underway)
Network connection not confirmed as of date
Potential stay of execution periods not specified → 4 points

B7 · Marché & Localisation 3.0/3✓ max

French renewable energy market in strong growth (18.84% CAGR, 78 GW target 2031)
CRE regulated tariff guaranteed 20 years secures revenue
Rising market trend confirmed by live data

Points forts

✓Photosol subsidiary of Rubis group (listed), reference operator with 1.4 GWc capacity.

✓CRE regulated tariff PPE2 over 20 years securing project revenue.

✓Long-term partnership with Le Pal, extension of Le Pal 1 project already in operation.

✓Lendopolis platform licensed PSFP AMF, excellent renewable energy track record (0.74% default).

✓French solar market in strong growth (18.84% CAGR until 2031).

Risques identifiés

!Real guarantees on SPV not detailed in the file - security structure to be confirmed.

!No bank partner identified; financing entirely via crowdfunding on this SPV.

!Commissioning scheduled autumn 2026 - risk of construction delay or network connection delay.

!Network connection timelines in France: 24 GW awaiting connection, documented congestion risk.

!Financial information for Photosol SPV 45 not disclosed in the file.

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