Serres agrivoltaïques des Planquettes, en Tarn-et-Garonne — 6.5%/an · 48 mois

Plateforme · 22.0/25

A1 · Statut réglementaire 8.0/8✓ max

Valid agrément AMF AMF licence, licence fonds propres-2023-26 registered
Maximum score

A2 · Track Record 6.0/6✓ max

Default 0.74% (<1% → 6 pts)
Delay rate 1.14% (<5% → 6 pts)
Realised yield 6.85%/year in progression, compliant with ENR standard (5-9%) → 6 pts
A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6

A3 · Rigueur de sélection 2.0/4

Strategic ENR refocusing in 2019 documented, suggesting rigorous selection committee
No selection rate published explicitly
Non-quantified process → 2 pts

A4 · Santé financière 4.0/4✓ max

Subsidiary of Lendosphère (123 IM Group, institutional), net result +434K€ in 2024, no losses since 2019, >5 years in existence, no platform distress signal
Maximum score

A5 · Protection investisseurs 2.0/3

Approved agrément AMF → 4-day cooling-off period + mandatory continuity plan (1 pt)
Segregated accounts mandated regulatory for all agrément AMF (1 pt)
Secondary market not documented in available data (0 pt)

Projet · 52.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple bond at fixed rate, French law

B1.2: 2/3 - Dedicated société dédiée (SPV) URBA 475, 100% subsidiary of Urbasolar, French law

B1.3: 1/2 - Simple bond without known senior debt, unregistered de facto ranking

B2 · Opérateur & Track record 14.0/15bon

B2.1: 4/4 - Urbasolar named, identifiable management, Axpo group referenced

B2.2: 5/5 - >50 MWc connected (1.6 GW in operation, 750 power plants)

B2.3: 2/3 - Operator present on Lendopolis, 1 ongoing operation without incident

B2.4: 3/3 - Subsidiary of Axpo, no insolvency proceeding, solid balance sheet

B3 · Garanties & Sûretés 6.0/15faible

B3.1: 6/9 - Pledge of URBA 475 shares probable but not documented; 20-year CRE contract constitutes an asset

B3.2: 1/4 - Project société dédiée (SPV), equity capital not detailed

B3.3: 0/2 - No identified banking partner, amount <2M€ therefore RF2 not triggered

B4 · Structure financière 11.0/15

B4.1: 4/5 - Regulated CRE 20-year rate obtained, estimated IRR 8-10%

B4.2: 3/4 - Axpo/Urbasolar contributes substantial equity, low crowd ratio on 4.6 MWc

B4.3: 3/4 - Revenues contracted under 20-year CRE absorb -20% stress

B4.4: 1/2 - Estimated taux de couverture de la dette 1.2-1.5 post-financing

B5 · Pré-commercialisation 8.0/10bon

Winner of CRE 11th call, 20-year remuneration supplement contract obtained
Permit granted, construction underway
Network connection not yet confirmed by operator. → 8 points

B6 · Permis & Maturité 4.0/5bon

CRE authorisation obtained, winner of call for tenders, construction underway
Network connection being confirmed (commissioning October 2026). → 4 points

B7 · Marché & Localisation 1.0/3faible

Score adjusted thanks to live data: secondary logistics market in decline (-64% YoY)
French renewable energy market positive but Tarn-et-Garonne secondary; CRE rate guarantees revenue independent of spot market. → 1 point

Points forts

✓Operator Urbasolar: 750 power plants in operation, 1.6 GW, subsidiary of Axpo (Switzerland).

✓20-year CRE contract obtained: revenues guaranteed by the State for the entire duration.

✓Lendopolis platform licensed by AMF PSFP, excellent renewable energy track record (0.74% default rate).

✓Dedicated SPV URBA 475, clear legal structure under French law.

✓Construction already started, commissioning planned for October 2026.

Risques identifiés

!Specific guarantees for the benefit of bondholders not documented in the file.

!No identified banking partner in the presentation file.

!Secondary logistics market in sharp deceleration Q1 2026 (-64% YoY).

!Network connection and post-financing DSCR not detailed in the document.

!Commissioning October 2026: construction delay risk not documented.

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