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Billy-Berclau T2 — BESS 50 MW
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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.

Billy-Berclau T2 — BESS 50 MW

Strong
72
score / 100
Yield
6.0%/yr
Duration
18 months
Min. ticket
50 €
Amount raised
1.7 M€
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À propos

Bridge financing of 5 million euros via simple bonds for the battery energy storage project (BESS) of 50 MW / 100 MWh located in Billy-Berclau (Pas-de-Calais), carried by the project company QAIR CST BILLY-BERCLAU, subsidiary of QAIR France and QAIR International. The project is at RTB stage (Ready-To-Build) without secured purchase tariff, with licence obtained end 2025 and fully purged in December 2025. Reimbursement is planned from the cash of QAIR International via cash pooling agreements.

Plateforme · 22.0/25
A1 · Statut réglementaire 8.0/8✓ max
  • agrément AMF licence granted by AMF on 6 December 2022 (fonds propres-2022-2), registre ORIAS n°15003274
  • Status fully compliant, currently valid
A2 · Track Record 6.0/6✓ max
  • Default 0.8% (<1% → 6 pts×0.5=3.0)
  • Delay 0.8% (<5% → 6 pts×0.3=1.8)
  • Realised yield ~5.9% compliant with announced ranges → 6 pts×0.2=1.2
A3 · Rigueur de sélection 3.0/4bon
  • RES selection process documented and recognised (technical, legal, financial due diligence)
  • Selection rate not explicitly published in available data
A4 · Santé financière 3.0/4bon
  • Independent platform founded in 2014 (>10 years), no distress signals
  • Active European expansion (Spain, Italy, Netherlands)
  • Fund launch 2026
  • No direct institutional backing
A5 · Protection investisseurs 2.0/3
  • agrément AMF licensed → mandatory 4-day reflection period + continuity plan (1 pt)
  • Segregated accounts via third-party payment service provider Mangopay (1 pt)
  • No operational secondary market identified (0 pt)
Projet · 50.0/75
B1 · Instrument & Structure 9.0/10bon
B1.1: 5/5 - Simple bonds at fixed rate, French law
B1.2: 3/3 - Dedicated société dédiée (SPV) QAIR CST BILLY-BERCLAU, SAS, distinct issuer
B1.3: 1/2 - Senior ranking claimed, no known senior debt but not formally registered
B2 · Opérateur & Track record 11.0/15
B2.1: 4/4 - Louis Blanchard CEO appointed, management team identified with detailed profiles
B2.2: 4/5 - QAIR >1700 MW operational, 780 employees, documented international presence
B2.3: 2/3 - 50M€ reimbursed to Enerfip, past operations without reported incident
B2.4: 1/3 - Negative net results (−5.7M€/−5.2M€), equity declining, elevated gearing; standard renewable energy holding structure but tight financial position
B3 · Garanties & Sûretés 9.0/15
B3.1: 7/9 - GAPD of QAIR France plus pledge of 100% société dédiée (SPV) shares (GAPD first ranking, 7 points)
B3.2: 2/4 - QAIR France: equity 14.2M€ (>5M€) but gearing approximately 7.5x very high, recurring losses
B3.3: 0/2 - No bank credit signed to date (senior financing under negotiation)
B4 · Structure financière 9.0/15
B4.1: 4/5 - IRR not communicated; PPA/tolling under negotiation, tariff not secured; CAPEX 28.6M€, structure 63% bank debt planned
B4.2: 3/4 - 36% equity planned (equity plus mezzanine QAIR International), group commitment
B4.3: 2/4 - No formalised stress test; crowd Loan-to-Cost (ratio prêt/coût total) very low (<10% of total CAPEX) structurally mitigating
B4.4: 0/2 - No signed revenue contracts to date, taux de couverture de la dette not calculable
B5 · Pré-commercialisation 6.0/10
  • RTB Stage: licence obtained and fully purged (without recourse December 2025), PTF signed without limit
  • 10-year tolling contract envisaged but not signed
  • Tariff not secured at this stage
  • Score 6/10 (purged licence plus advanced partner negotiations)
B6 · Permis & Maturité 4.0/5bon
  • Construction licence obtained September 2025, purged December 2025 (without recourse)
  • PTF signed
  • Land sale promise signed
  • Tariff and senior financing not yet finalised
  • Score 4/5
B7 · Marché & Localisation 2.0/3
  • French BESS market in strong growth (50→1600 MW in 7 years, target 5.3 GW 2030)
  • TURPE7 reform favourable
  • Risk: low spot electricity price in 2026, project tariff not secured, temporary overcapacity risk noted by RTE
  • Score 2/3
Points forts
✓QAIR group solid: 1700 MW operational, 780 employees, international presence.
✓50M€ reimbursed to Enerfip without documented incident - reassuring platform history.
✓Construction licence obtained and fully purged (RTB), PTF signed without connection limit.
✓GAPD QAIR France plus pledge of 100% SPV shares - double security documented.
✓Minimum ticket 50€, T2 fundraising amount limited (1.7M€) on total CAPEX 28.6M€.
Risques identifiés
!Purchase tariff not secured to date - future project revenues not contractualised.
!QAIR France: gearing very high (approximately 7.5x), recurring net losses 2023-2024.
!Bank senior financing not signed - refinancing risk before COD Q1 2029.
!Low spot electricity price in April 2026 (40.8 €/MWh) potentially weighing on tolling valuation.
!Risk of temporary overcapacity of French network noted by RTE at horizon 2027-2028.
Score card
Score card — Billy-Berclau T2 — BESS 50 MW
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