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Colomiers — Silosun PV19
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Enerfip Renewable energy Financé
Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Colomiers — Silosun PV19

Very Strong
84
score / 100
Yield
7.0%/yr
Duration
42 months
Min. ticket
10 €
Amount raised
220 k€
Invest →
À propos

Financing of construction of a photovoltaic rooftop power plant in Colomiers (Haute-Garonne, 31) by Silosun PV19, SPV 100% owned by Silosun (French group with 70 MWc in operation). Project successful in CRE 8th period call for tenders, secured sales tariff of 98.48 €/MWh over 20 years, work underway (solar panel installation as of 12/06/2026), commissioning scheduled September 2026. Simple bullet obligation over 42 months, with GAPD provided by Silosun TopCo.

Plateforme · 23.0/25
A1 · Statut réglementaire 8.0/8✓ max
  • agrément AMF licence AMF currently valid, fonds propres-2022-2 licence verified
  • Maximum score
A2 · Track Record 6.0/6✓ max
  • Default rate 0.00% → 6/6
  • Delay rate 0.32% (<5%) → 6/6
  • Average realised return 7.95% compliant with announced renewable energy range (5-9%) → 6/6
  • A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6
A3 · Rigueur de sélection 3.0/4bon
  • Documented selection process (published risk score 2/5, internal committee), but overall selection rate not explicitly published
  • Leading renewable energy platform in France since 2014, 537 projects financed
A4 · Santé financière 3.0/4bon
  • Independent profitable platform (net income approximately 600K€ 2022), more than 10 years in existence, 30-50 employees, consistent growth
  • Acquisition of Lumo end of 2025
  • No listed institutional shareholder → 3 points vs 4 points for group subsidiary
A5 · Protection investisseurs 3.0/3✓ max
  • agrément AMF licence → reflection period 4 days plus mandatory continuity plan (1 point)
  • Segregated accounts required by agrément AMF status (1 point)
  • Enerdeal secondary market operational since 2023 (1 point)
Projet · 61.0/75
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Simple obligations fixed rate French law
B1.2: 2/3 - Direct loan to dedicated société dédiée (SPV) issuer Silosun PV19 French law
B1.3: 1/2 - Explicitly declared junior ranking, senior bank debt of 3.22 M€ taking precedence
B2 · Opérateur & Track record 12.0/15bon
B2.1: 4/4 - Sabri KHADHRAOUI appointed, contact details published, identifiable profile
B2.2: 4/5 - 70 MWc operated (10-50 MWp range), 18 years' experience, 10th CRE developer in France
B2.3: 2/3 - Positive Enerfip history, no incidents reported, active portfolio
B2.4: 2/3 - Gearing 9%, equity/balance sheet 72%, healthy balance sheet; 2.5M€ crowd outstanding, aggregated balance sheet incomplete
B3 · Garanties & Sûretés 10.0/15
B3.1: 7/9 - GAPD issued by Silosun TopCo, non-bank/insurance entity but solid parent company
B3.2: 3/4 - Silosun equity estimated >5M€, gearing 9% (<1.0), healthy balance sheet
B3.3: 0/2 - BPCE Energeco bank named but senior debt on société dédiée (SPV); no direct banking partner for this crowd issuance <€2M
B4 · Structure financière 14.0/15bon
B4.1: 5/5 - IRR >10% implicit, CRE PPA 20 years signed at 98.48 €/MWh
B4.2: 2/4 - 10.6% crowd/CAPEX, operator equity contribution undocumented, 100% debt
B4.3: 4/4 - Average taux de couverture de la dette 1.10x, fixed tariff 20 years, conservative P90 production
B4.4: 2/2 - taux de couverture de la dette >1.5 post-financing on PPA contractualised revenues
B5 · Pré-commercialisation 10.0/10✓ max
  • CRE PPA signed 20 years, authorisations cleared, grid connection agreement CRA signed 11/2025, solar panel installation underway
  • Tariff 98.48 €/MWh secured
  • Commissioning September 2026 well ahead of CRE deadline June 2027
B6 · Permis & Maturité 5.0/5✓ max
  • Land secured (emphyteutic leases 30 years signed 2025), CRA signed 11/2025, authorisations obtained (RTB), work underway
  • All ENERGY 5/5 criteria met
B7 · Marché & Localisation 2.0/3
  • French renewable energy market stable, CRE regulated tariff secured 20 years
  • Industrial rooftop solar sector growing
  • No market price risk, but no strong recent growth - 2/3
Points forts
✓CRE tariff secured at 98.48 €/MWh over 20 years, revenue risk almost zero
✓Silosun: 70 MWc in operation, 18 years' experience, 10th CRE developer in France
✓RTB projects: land, grid connection and authorisations all secured
✓GAPD Silosun TopCo with gearing of 9% and very healthy balance sheet
✓BPCE Energeco bank financing of 3.22 M€ already secured
Risques identifiés
!Explicit junior ranking with senior bank debt of 3.22 M€ taking precedence over crowd obligations
!No documented equity contribution from operator (100% debt on CAPEX)
!Average DSCR of 1.10x considered satisfactory but limited safety margin
!Enerfip repayment depends on a draw on TOPCO2 mezzanine line, not on direct cash flow
!Issuer Silosun PV19 with capital of 500 € only, very weak intrinsic soundness
⚠ Avertissement sur les risques

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