À propos
Financing of a photovoltaic power plant on parking canopies (1.29 MWc) for the Le Pal leisure park in Saint-Pourçain-sur-Besbre (Allier), realised by Photosol SPV 45, subsidiary of Photosol (Rubis group). Project winner of a CRE call for proposals, currently under construction, commissioning planned for autumn 2026. Collection restricted to residents of Allier and bordering departments.
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 · 53.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple bond fixed rate, French law
B1.2: 2/3 - Dedicated société dédiée (SPV) Photosol société dédiée (SPV) 45, distinct issuer, French law
B1.3: 1/2 - Simple bond with no known senior debt, de facto rank 1st not registered
B2 · Opérateur & Track record
12.0/15bon
B2.1: 4/4 - Photosol, identifiable managers, transparent company, Rubis subsidiary
B2.2: 4/5 - Founded 2008, 1.4 GWc in operation/construction, ~10-50 MWp connected
B2.3: 2/3 - Previous transactions on Lendosphere (Le Pal 1 referenced)
B2.4: 2/3 - Listed Rubis group, sound balance sheet; société dédiée (SPV) new entity, société dédiée (SPV) gearing unknown
B3 · Garanties & Sûretés
8.0/15
B3.1: 5/9 - Joint and several guarantee from Cilaos 2 / Photosol SAS implicit via group structure; no mortgage or pledge documented
B3.2: 2/4 - Intermediate holding Cilaos 2, fonds propres not disclosed, Rubis solid
B3.3: 1/2 - Banking partner unnamed, amount <€2M
B4 · Structure financière
10.0/15
B4.1: 4/5 - Winner CRE call for proposals, guaranteed regulated tariff, estimated IRR 8-10%
B4.2: 3/4 - Photosol Rubis group, substantial capital contribution assumed on ongoing project
B4.3: 2/4 - CRE revenues contractualized mitigate stress; no documented stress test
B4.4: 1/2 - Estimated taux de couverture de la dette 1.2-1.5 on CRE revenues; precise data absent
B5 · Pré-commercialisation
8.0/10bon
- Winner PPE.2 CRE call for proposals. regulated tariff applicable, permit fully expired implicit, grid connection underway (active construction autumn 2026)
- Long-term CRE electricity sales contract secured
B6 · Permis & Maturité
4.0/5bon
- Power plant under active construction (Pal 1 and Pal 2 construction documented), official call for proposals winner
- Building permit obtained, possible appeals not excluded
- Commissioning autumn 2026
B7 · Marché & Localisation
3.0/3✓ max
- French renewable energy market in strong growth (CAGR 18.84% to 2031), guaranteed CRE tariff 20 years, no spot market price exposure
- Score adjusted thanks to live data: market_trend=rising, 20-year CfD tariffs confirmed
Points forts
Photosol operator Rubis group subsidiary (listed), 17 years renewable energy experience, financial strength.
CRE call for proposals winner project, long-term electricity revenue guaranteed by the State.
Power plant under active construction, commissioning autumn 2026, low development risk.
7.5% per annum rate in line with ENERGY market norm; AMF PSFP licensed platform zero defaults.
Long-term partnership with Le Pal confirmed, extension of an existing operational project.
Risques identifiés
Documented guarantees limited: no mortgage or pledge registered on SPV.
SPV Photosol SPV 45 new entity, balance sheet not disclosed in file.
Possible grid connection delays: 24 GW awaiting connection in France.
Collection restricted to residents of Allier and bordering departments, very restricted liquidity.
Modest collection amount (€250,000), crowd share in total financing not specified.
Voir toute l'analyse Lendosphere →
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