Centrale solaire de Dourges, dans le Pas-de-Calais — 7.0%/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 fixed rate, French law

B1.2: 2/3 - société dédiée (SPV) Urba 188 dedicated, well documented, but direct issuance without registered rank

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

B2 · Opérateur & Track record 13.0/15bon

B2.1: 4/4 - Urbasolar named, public site, identifiable Axpo subsidiary

B2.2: 5/5 - 750 operating solar farms, 1.6 GW, 20 years of existence, >50 MWp

B2.3: 2/3 - Presence on Lendopolis platform without documented repayment history

B2.4: 2/3 - Axpo subsidiary sound, solid group balance sheet, no incidents, Urba 188 société dédiée (SPV) recent

B3 · Garanties & Sûretés 6.0/15faible

B3.1: 6/9 - Pledge of Urba 188 social shares implicit via dedicated société dédiée (SPV); no mortgage or GAPD documented

B3.2: 2/4 - Solid Axpo group but Urba 188 société dédiée (SPV) without own balance sheet

B3.3: 0/2 - No banking partner mentioned; amount 1.7M€ <2M€, RF2 not triggered

B4 · Structure financière 10.0/15

B4.1: 4/5 - PPE2 PPA contract 20 years (regulated tariff), estimated IRR sector 8-10% with regulated PPA

B4.2: 2/4 - Urbasolar equity contribution not quantified in file; group capitalised

B4.3: 3/4 - Contractualised revenues 20 years absorb reasonable stress; solar production foreseeable

B4.4: 1/2 - Estimated taux de couverture de la dette correct on regulated revenues but not explicitly calculated

B5 · Pré-commercialisation 8.0/10bon

PPE2 winner call for tenders, 20-year complementary remuneration contract obtained
Permits fully processed not confirmed but regulated contract signed
Works started October 2025 → 8 points (regulated tariff + implicit grid connection request)

B6 · Permis & Maturité 4.0/5bon

PPE2 winner confirmed, works started October 2025, service entry March 2027
Building permit obtained, periods for objections not explicitly waived → 4 points

B7 · Marché & Localisation 3.0/3✓ max

French renewables market in strong growth, demand stable or growing 2026, regulated PPE2 contract
Dourges premium logistics (Delta 3)
Market trend: rising per live data → 3 points

Points forts

✓20-year regulated PPE2 contract guarantees stable revenues and long-term visibility.

✓Urbasolar Axpo subsidiary: 750 operating solar farms, 1.6 GW, group financial strength.

✓17 MWc rooftop solar, Europe's largest single-site array, premium logistics location.

✓Lendopolis licensed PSFP AMF, excellent track record (default <1%, delay rate <2%).

✓Works started, regulated contract signed: commercial risk very limited.

Risques identifiés

!Direct guarantees on Urba 188 SPV not documented; no mortgage or registered pledge.

!Urbasolar equity contribution to this SPV not quantified in the file.

!Service entry March 2027 not yet achieved: construction risk and residual schedule risk.

!Macroeconomic uncertainties and construction costs could impact the schedule.

!No banking partner identified in the file for this specific project.

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