À propos
Participatory financing for the construction of a ground-mounted photovoltaic plant of 11.26 MWc in the industrial-port zone of Courtine in Avignon (Vaucluse), carried by ENR10, subsidiary of CN'AIR (100% CNR). The project is winner of the CRE PPE2 call for proposals with 20-year purchase contract. Site opened January 2026, commissioning scheduled end of 2026.
Plateforme · 20.0/25
A1 · Statut réglementaire
8.0/8✓ max
- agrément AMF licence AMF fonds propres-2023-22 in force since November 2023
- Also registered statut réglementaire CIP and IFP with registre ORIAS
- Maximum regulatory status achieved
A2 · Track Record
5.0/6bon
- Default 0.0% → 6/6
- Delay 0.35% (<5%) → 6/6
- Actual vs announced return not explicitly communicated → 0/6
- A2 = (6×0.5)+(6×0.3)+(0×0.2) = 4.8 → rounded to 5
A3 · Rigueur de sélection
2.0/4
- Selection process mentioned implicitly (700 fundraisings over €400M, 0% default)
- Selection rate not explicitly published in available data
A4 · Santé financière
3.0/4bon
- Backed by 123 Investment Managers group since 2021, >10 years in existence (founded 2014), healthy growth, no platform distress signal
- Non-listed institutional group → 3 pts
A5 · Protection investisseurs
2.0/3
- agrément AMF licensed → 4-day reflection period + mandatory continuity plan (1 pt)
- Lendopolis acquisition November 2024 suggests segregated payment infrastructure (1 pt)
- Secondary market not documented (0 pt)
Projet · 57.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple bond at fixed rate under French law
B1.2: 2/3 - Dedicated société dédiée (SPV) ENR10, subsidiary of CNR, clear French law
B1.3: 1/2 - Ranking not formally registered, no known senior debt documented
B2 · Opérateur & Track record
13.0/15bon
B2.1: 4/4 - CNR/Vensolair appointed, identifiable public structure
B2.2: 5/5 - Vensolair 1087 MW in operation, 71 solar plants, >10 years
B2.3: 2/3 - CNR present on renewable energy platforms, partial history on Lendosphere
B2.4: 2/3 - CNR public capital/ENGIE, solid balance sheet; ENR10 gearing not verified
B3 · Garanties & Sûretés
7.0/15faible
B3.1: 5/9 - Joint and several guarantee from CN'AIR holding (100% CNR), capitalised by ENGIE public group
B3.2: 3/4 - CNR public group >5M€ equity, solid structure
B3.3: 0/2 - No banking partner identified, project <€2M therefore not RF2
B4 · Structure financière
14.0/15bon
B4.1: 5/5 - CRE 20-year contract obtained, regulated tariff, target IRR renewable solar Avignon estimated >10%
B4.2: 4/4 - CNR/Vensolair carry the investment; crowd €900K on multi-M€ project
B4.3: 3/4 - Fixed 20-year PPA, −20% stress possible; regulated tariff absorbs volatility
B4.4: 2/2 - taux de couverture de la dette >1.5 expected on contracted revenues 20 years
B5 · Pré-commercialisation
8.0/10bon
- Building permit obtained and cleared (Oct
- 2024 + public inquiry June-July 2024)
- Winner of CRE PPE2 call for proposals March 2025 = 20-year purchase contract
- Grid connection not yet formally confirmed
- Site opened January 2026
B6 · Permis & Maturité
4.0/5bon
- Building permit obtained October 2024, public inquiry completed, site opened January 2026
- Grid connection: application in progress, network confirmation not documented in file
B7 · Marché & Localisation
3.0/3✓ max
- Avignon: 2700-2800h sunshine/year, among the highest in France
- Renewable energy market in strong growth (+62% installations)
- CRE 20-year contract = zero market risk on revenue
Points forts
Operator CNR/Vensolair: 1087 MW in operation, majority public capital, ENGIE shareholder.
CRE purchase contract over 20 years obtained: commercial risk and sale price secured.
Avignon location: 2700-2800h/year of sunshine, yield superior to national average.
Building permit obtained and cleared, site opened since January 2026.
Lendosphere platform licensed PSFP AMF FP-2023-22, zero historical default.
Risques identifiés
Formal guarantees limited: CN'AIR joint and several guarantee with no registered mortgage or pledge.
ENR10 SPV financial structure not detailed; gearing and equity contributions not documented.
Commissioning November 2026 not yet completed; residual site delay risk.
No banking partner identified in file for independent external validation.
Grid connection not formally confirmed by network operator.
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