Centrale solaire de Villette-de-Vienne, en Isère — 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 · 53.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) URBA 388, distinct issuer, clear French law

B1.3: 1/2 - Simple bond with no known senior debt, rank not formally registered

B2 · Opérateur & Track record 14.0/15bon

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

B2.2: 5/5 - >50 MWp in operation (1.6 GW), 750 plants, >5 years

B2.3: 2/3 - Partial Lendopolis track record, ongoing operations with no reported incident

B2.4: 3/3 - No proceedings, solid Axpo group, sound balance sheet

B3 · Garanties & Sûretés 6.0/15faible

B3.1: 6/9 - Remuneration complement contract 20 years (irrevocable order/delegation on State revenues)

B3.2: 0/4 - Guarantor société dédiée (SPV) alone, no documented Axpo holding joint and several guarantee, URBA 388 equity capital not disclosed

B3.3: 0/2 - No banking partner identified in the file

B4 · Structure financière 10.0/15

B4.1: 4/5 - Estimated IRR >8% on 14 MWc plant with regulated PPE2 tariff 20 years

B4.2: 2/4 - Urbasolar equity contribution not specified, crowd €1.2M partial

B4.3: 2/4 - Contractualised revenues 20 years; stress test not presented but low Loan-to-Cost (ratio prêt/coût total) compensates

B4.4: 2/2 - Probable taux de couverture de la dette >1.5 on contractualised PPE2 revenues

B5 · Pré-commercialisation 8.0/10bon

Building permit purged not confirmed but PPE2 call for tenders winner + remuneration complement contract 20 years signed + public inquiry conducted August-September 2023
Network connection not yet confirmed

B6 · Permis & Maturité 4.0/5bon

Public inquiry conducted (Building permit filed), official PPE2 winner
Building permit not yet purged according to available data, construction not launched (service start October 2026)

B7 · Marché & Localisation 3.0/3✓ max

French renewables market in strong growth, regulated PPE2 tariff guaranteed 20 years, reconverted site (former oil depot), favourable Isère location
Score capped at 3/3

Points forts

✓Operator Urbasolar (Axpo): 1.6 GW in operation, 750 plants, >15 years experience.

✓PPE2 remuneration complement contract 20 years, revenues guaranteed by the State.

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

✓Reconverted site (former oil depot), documented environmental value.

✓7% per annum rate compliant with renewables standard, 4 year duration consistent with service start.

Risques identifiés

!Limited guarantees: no documented Axpo/Urbasolar joint and several guarantee on URBA 388.

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

!Building permit obtained but clearance of objections not confirmed; construction not yet launched.

!URBA 388 SPV financial structure (equity capital, gearing) not disclosed.

!Operator equity contribution and overall financing plan not detailed in the file.

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