Centrale solaire à Bosquentin, dans l'Eure — 6.5%/an · 60 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 · 50.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate, clear French law

B1.2: 2/3 - Issuance by JLT Energy 13, dedicated project company, French law

B1.3: 1/2 - Rank not formally registered, no known senior debt

B2 · Opérateur & Track record 11.0/15

B2.1: 3/4 - Mexens appointed, registered office Poitiers, public profile but individual manager not cited

B2.2: 4/5 - 920 MW in operation, 0.9 GW active, >10 MWp

B2.3: 1/3 - First operation identified on Lendopolis, verifiable reputation

B2.4: 3/3 - Mexens group established since 2008, 326M€ turnover, no collective insolvency proceeding reported

B3 · Garanties & Sûretés 9.0/15

B3.1: 6/9 - Remuneration complement contract 20 years (quasi-delegation on contractualised revenue); pledge not explicitly documented

B3.2: 2/4 - Guarantor JLT Energy 13 subsidiary of Mexens; equity and holding gearing not communicated

B3.3: 1/2 - Banking partner not named; partial construction financing implies likely senior debt

B4 · Structure financière 9.0/15

B4.1: 3/5 - IRR not quantified; PPA/remuneration complement signed 20 years but rate not specified → 3 points prudent

B4.2: 2/4 - Mexens equity contribution not detailed; capitalised group suggests moderate contribution

B4.3: 2/4 - Contractualised revenues 20 years structurally compensate absence of stress test

B4.4: 2/2 - 20 year purchase contract guarantees stable taux de couverture de la dette; solar production predictable

B5 · Pré-commercialisation 8.0/10bon

PPE 2 8th tranche 2024 winner confirmed, 20 year remuneration complement contract obtained → 8 points
Permit not yet exhausted, commissioning end 2027

B6 · Permis & Maturité 4.0/5bon

PPE2 call for tenders winner obtained (production licence acquired); commissioning end 2027, construction not started
Enedis connection not confirmed → 4 points

B7 · Marché & Localisation 1.0/3faible

Score adjusted thanks to live data: market_trend=declining
French renewable solar market structurally strong (PPE3) but estimated global contraction 2026 -8%, grid congestion, connection delays 12-36 months → 1 point

Points forts

✓PPE2 remuneration complement contract over 20 years, guaranteed revenue.

✓Mexens: 920 MW in operation, 326M€ turnover, renewable energy operator established since 2008.

✓Lendopolis platform licensed PSFP AMF, quasi-zero default track record.

✓Simple obligation instrument French law, dedicated SPV structure.

✓Open-ended purchase obligation over entire Mexens portfolio.

Risques identifiés

!Estimated global solar contraction -8% in 2026, first decline in 20 years.

!Enedis connection delays 12-36 months; commissioning end 2027 at risk.

!Real guarantees (pledge, mortgage) not documented in file.

!Project financial structure (LTC, equity contribution) not communicated.

!Land constraints ZAN law and possible local opposition on agrivoltaic greenhouses.

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