Centrale Solaire de Ségrie dans la Sarthe — 6.5%/an · 54 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 · 51.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) SEGRIE PV, distinct issuer, French law

B1.3: 1/2 - Priority ranking claimed, no formal documented registration

B2 · Opérateur & Track record 12.0/15bon

B2.1: 4/4 - Mathieu Debonnet and Pierre-Yves Lambert appointed, President publicly identifiable

B2.2: 5/5 - TSE >500 MWc developed, 152 MWc at Marville, >3 GWc in development

B2.3: 1/3 - First operation on Lendosphere, TSE reputed on other renewable energy platforms

B2.4: 2/3 - Balance sheet not disclosed, but institutional investors (Eurazeo, BPI, Crédit Agricole) - gearing not evaluated

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 5/9 - Joint and several guarantee not documented; société dédiée (SPV) subsidiary TSE with institutional shareholders (Banque des Territoires, Crédit Mutuel Impact)

B3.2: 2/4 - TSE capitalised (€130M raised 2023) but société dédiée (SPV) balance sheet not provided

B3.3: 0/2 - No bank credit identified in the file, amount <€2M

B4 · Structure financière 10.0/15

B4.1: 4/5 - Target IRR not disclosed but 20-year CRE contract = secured contractualised revenue (regulated rate)

B4.2: 3/4 - Institutional shareholders (Banque des Territoires, CDC) imply substantial equity contribution

B4.3: 2/4 - No stress test but PPA/20-year CRE contract structurally offsets

B4.4: 1/2 - taux de couverture de la dette not explicitly provided, contractualised revenues but construction not yet started

B5 · Pré-commercialisation 8.0/10bon

Winner 7th tranche CRE call for tenders → 20-year remuneration complement contract obtained
Building permit in process (construction Q4 2026)
Connection not explicitly confirmed
Score: 8/10 - CRE contract signed, purged permit not confirmed

B6 · Permis & Maturité 4.0/5bon

CRE winner (production licence obtained), construction planned Q4 2026, building permit not explicitly purged in the file
Score 4/5 - licence obtained, possible recourse periods

B7 · Marché & Localisation 2.0/3

French renewable energy solar market in growth
20-year CRE contract neutralises spot market risk
Sarthe/Pays de la Loire: good relative sunshine
Score adjusted based on live data: declining IDF office market not applicable here (ENERGY); France renewable energy remains favourable → 2/3

Points forts

✓20-year CRE contract secures revenues over entire loan duration.

✓Operator TSE recognised: 152 MWc inaugurated, French Tech 120 winner 2025-2026.

✓Solid institutional shareholders: Banque des Territoires (CDC) and Crédit Mutuel Impact.

✓€130M raised in 2023 from Eurazeo, BPI France and Crédit Agricole.

✓Local collection limited to €440K on a €4.72 MWc project - low relative exposure.

Risques identifiés

!Construction not yet started (Q4 2026), execution risk not nil.

!Overall financing plan not disclosed: equity contribution and bank debt not documented.

!Direct guarantees on obligation not formalised in presented file.

!SEGRIE PV financial balance sheet not provided, DSCR and LTC impossible to calculate.

!Duration 4.5 years bullet: repayment conditional on commissioning and CRE revenues.