À propos
Financing of construction of a rooftop photovoltaic plant in Perpignan (1.15 MWc), winner of 8th CRE tender, led by Silosun (70 MWc in operation). Raise of 160 k€ on total CAPEX of 1.5 M€ via simple bonds issued by SPV Silosun PV19. Construction in progress, commissioning planned September 2026, secured rate 98.48 €/MWh over 20 years.
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 · 56.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple bonds fixed rate French law
B1.2: 2/3 - Direct borrowing from Silosun PV19, dedicated entity, clear French law
B1.3: 1/2 - Junior ranking explicitly mentioned, no first ranking registered
B2 · Opérateur & Track record
11.0/15
B2.1: 3/4 - Sabri Khadhraoui appointed, contact details available, profile not publicly verified
B2.2: 4/5 - 70 MWc in operation (10-50 MWc range), 18 years of experience
B2.3: 2/3 - Outstanding loans without documented incident, active Enerfip history
B2.4: 2/3 - Gearing 9% excellent, but Silosun PV19 in continued operation despite reported losses (live data)
B3 · Garanties & Sûretés
8.0/15
B3.1: 7/9 - GAPD issued by Silosun (TopCo), non-banking/insurance licensed entity
B3.2: 3/4 - High Silosun financial position, gearing 9%, sound situation, but holding size to be confirmed
B3.3: 1/2 - BPCE Energeco credit documented, bank named but without separate amount for Perpignan alone
B4 · Structure financière
14.0/15bon
B4.1: 5/5 - Positive project IRR + PPA regulated CRE rate 20 years at 98.48 €/MWh
B4.2: 0/4 - 100% debt, zero operator equity on this société dédiée (SPV)
B4.3: 4/4 - taux de couverture de la dette 1.10x documented, cash flows cover debt service over 2026-2045
B4.4: 2/2 - taux de couverture de la dette >1.2 post-financing on contractualised CRE revenue
B5 · Pré-commercialisation
8.0/10bon
- Licence obtained + connection (CRA) signed 07/2025 + regulated CRE rate applicable over 20 years
- Construction in progress, commissioning scheduled September 2026
- Absence of private PPA (CRE rate = equivalent) → 8/10
B6 · Permis & Maturité
5.0/5✓ max
- Land secured (emphyteutic lease 30 years signed 2025), CRA signed 07/2025, licences obtained, construction panel installation in progress
- All RTB prerequisites validated → 5/5
B7 · Marché & Localisation
2.0/3
- Renewables France, stable market with secured CRE regulated rate 20 years
- Positive renewables France trend
- No exit price risk
- Established renewables market → 2/3
Points forts
CRE selling rate secured at 98.48 €/MWh over 20 years, near zero market risk.
GAPD provided by Silosun TopCo (gearing 9%, solid balance sheet).
170 plants commissioned, solid operator track record.
Repayment secured by BPCE Energeco mezzanine debt lines already secured.
Construction advanced (panel installation in progress), September 2026 commissioning confirmed.
Risques identifiés
Silosun PV19 (issuer) in continued operation despite losses at 30/09/2025 according to live data.
Junior ranking of bonds: repayment subordinated to bank debt of 3.22 M€.
Zero operator equity on this SPV, 100% debt financing.
GAPD issued by non-banking TopCo: strength of guarantee depends on group financial health.
Average DSCR of 1.10x weak, little margin in case of production underperformance.
⚠ Avertissement sur les risques
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