Centrale solaire de Charentonnay, dans le Cher — 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 · 50.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - société dédiée (SPV) CHARENTONNAY PV 2 dedicated, TSE subsidiary, but issuer not strictly distinct from group

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

B2 · Opérateur & Track record 12.0/15bon

B2.1: 4/4 - Founders Mathieu Debonnet and Pierre-Yves Lambert named, TSE identifiable

B2.2: 5/5 - TSE >500 MWc developed, 152 MWc Marville plant, 3 GWc in development

B2.3: 1/3 - First Lendopolis operation, verified reputation renewable energy sector

B2.4: 2/3 - Sound balance sheet, €130M raised from Eurazeo/Crédit Agricole/BPI, gearing not detailed

B3 · Garanties & Sûretés 5.0/15faible

B3.1: 5/9 - Implicit joint and several guarantee via institutional shareholding (Banque des Territoires, Crédit Mutuel Impact), but no registered real guarantees explicitly documented

B3.2: 2/4 - Solid institutional shareholders but young société dédiée (SPV) without own balance sheet

B3.3: 0/2 - No senior bank credit identified in the file

B4 · Structure financière 11.0/15

B4.1: 4/5 - CRE remuneration complement contract over 20 years, guaranteed regulated tariff, estimated favourable IRR

B4.2: 3/4 - Institutional shareholders (Banque des Territoires, Crédit Mutuel Impact) contribute substantial equity

B4.3: 2/4 - Contractualised revenues 20 years provide structural resilience

B4.4: 2/2 - taux de couverture de la dette >1.5 probable on long-term PPA revenues

B5 · Pré-commercialisation 8.0/10bon

Permit cleared, connection agreement obtained, construction started September 2025
CRE remuneration complement contract 20 years obtained (regulated tariff)
Absence of additional private PPA but equivalent regulated tariff → 8 pts

B6 · Permis & Maturité 5.0/5✓ max

All administrative authorisations obtained, connection agreement signed, construction started September 2025
Maximum situation → 5 pts

B7 · Marché & Localisation 1.0/3faible

Score adjusted thanks to live data: French renewable energy solar market structurally favourable (20-year CRE tariff), but live data signal declining regional office real estate market and insufficient local data
For ENERGY, CRE contract compensates
Rural municipality, secondary market → 1 pt

Points forts

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

✓TSE recognised operator, €130M raised from Eurazeo, BPI France and Crédit Agricole.

✓Solid institutional shareholders: Banque des Territoires and Crédit Mutuel Impact.

✓All authorisations obtained, connection confirmed, construction started.

✓Lendopolis platform licensed PSFP AMF, excellent renewable energy track record (0 default).

Risques identifiés

!No registered real guarantees (mortgage, pledge) documented in the file.

!No senior bank credit identified, complete financial structure not detailed.

!SPV CHARENTONNAY PV 2 without own financial history, balance sheet not available.

!Bullet repayment over 4 years: liquidity risk if construction exceeds budget.

!Insufficient local market data for Charentonnay; rural municipality low liquidity.

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