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Pia Leclerc (AFD 44)
EN
Enerfip Renewable energy Financé
Ce projet est clôturé. L'analyse ci-dessous reflète les informations disponibles au moment de la souscription et n'a pas été mise à jour.

Pia Leclerc (AFD 44)

Very Strong
76
score / 100
Yield
6.5%/yr
Duration
54 months
Min. ticket
10 €
Amount raised
440 k€
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À propos

Construction of a 3.72 MWc ground-mounted photovoltaic plant at Pia (Pyrénées-Orientales, 66) by SPV AFD 44, subsidiary of Amarenco Solar. Project winner of the CRE call for tender (PPE2, 6th tranche), at ready-to-build stage with purged permit, Enedis connection obtained and 20-year sales tariff secured. Simple bullet obligation over 4.5 years at 6.5% per annum, participatory financing of 440k€ representing 11.1% of total CAPEX.

Plateforme · 22.0/25
A1 · Statut réglementaire 8.0/8✓ max
  • agrément AMF licence granted by AMF on 6 December 2022 (fonds propres-2022-2), registre ORIAS n°15003274
  • Status fully compliant, currently valid
A2 · Track Record 6.0/6✓ max
  • Default 0.8% (<1% → 6 pts×0.5=3.0)
  • Delay 0.8% (<5% → 6 pts×0.3=1.8)
  • Realised yield ~5.9% compliant with announced ranges → 6 pts×0.2=1.2
A3 · Rigueur de sélection 3.0/4bon
  • RES selection process documented and recognised (technical, legal, financial due diligence)
  • Selection rate not explicitly published in available data
A4 · Santé financière 3.0/4bon
  • Independent platform founded in 2014 (>10 years), no distress signals
  • Active European expansion (Spain, Italy, Netherlands)
  • Fund launch 2026
  • No direct institutional backing
A5 · Protection investisseurs 2.0/3
  • agrément AMF licensed → mandatory 4-day reflection period + continuity plan (1 pt)
  • Segregated accounts via third-party payment service provider Mangopay (1 pt)
  • No operational secondary market identified (0 pt)
Projet · 54.0/75
B1 · Instrument & Structure 8.0/10bon
B1.1: 5/5 - Simple obligations fixed rate French law
B1.2: 2/3 - Dedicated société dédiée (SPV) AFD44, distinct issuer, French law
B1.3: 1/2 - Junior rank claimed, senior debt present (89%), explicit subordination
B2 · Opérateur & Track record 13.0/15bon
B2.1: 4/4 - Alexis Venet appointed representative, Amarenco publicly identifiable
B2.2: 5/5 - 480 MWc operated, >2000 projects, >12 years, Tikehau+CDC shareholders
B2.3: 2/3 - Outstanding 0.45M€ on Enerfip, 10M€ repaid
B2.4: 2/3 - société dédiée (SPV) AFD44 capital 100€, société dédiée (SPV) balance sheets nearly empty; Amarenco holding sound
B3 · Garanties & Sûretés 3.0/15faible
B3.1: 0/9 - No security explicitly mentioned
B3.2: 0/4 - No guarantor identified
B3.3: 3/2 capped at 2 - Named senior bank debt (Enedis connection confirmed, bank unnamed) → 1/2
B4 · Structure financière 13.0/15bon
B4.1: 5/5 - Implicit IRR >10%, CRE PPA 20 years signed, secured tariff
B4.2: 2/4 - Crowd 11% CAPEX, senior debt 89%; weak sponsor equity but CC shareholder planned
B4.3: 4/4 - Fixed tariff 20 years, contractualised revenues offset stress
B4.4: 2/2 - EBITDA 7.5M€ over 25 years, stable and contractualised revenues
B5 · Pré-commercialisation 10.0/10✓ max
  • CRE tariff PPA 20 years signed March 2025, Enedis connection confirmed, permis de construire purged May 2025
  • All ENERGY 10 points conditions met
B6 · Permis & Maturité 5.0/5✓ max
  • permis de construire obtained June 2022, purged May 2025
  • Enedis connection agreement obtained July 2025
  • Land secured
  • Maximum reached
B7 · Marché & Localisation 2.0/3
  • France renewable energy market recovering, CRE tariff guaranteed 20 years isolates project from spot market
  • Live data: rising trend
  • Slight persistent macro uncertainty
⚠ Alertes détectées · −5 pts déduits
Aucune garantie réelle sur ce projet −5 pts

No real or personal security documented on this ENERGY project of 440k€ (>500k€ threshold not reached - ATTENTION: amount 440k€ < 500k€, RF8 not applicable)

Points forts
✓Sponsor Amarenco: 480 MWc operated, support from Tikehau Capital and CDC.
✓CRE tariff 20 years secured, contractualised revenues eliminating market risk.
✓PC purged, Enedis connection obtained: project at ready-to-build stage.
✓Enerfip: reference renewable energy platform, 0% default, PSFP AMF licence.
✓CAPEX/MWc of 1.06€/Wc competitive for ground-mounted solar in France.
Risques identifiés
!Total absence of security: no real guarantee or guarantee for investors.
!Explicit junior rank against senior bank debt (89% of CAPEX).
!Land secured by lease promise only (valid until December 2026).
!SPV AFD44 without own assets, capital 100€, repayment dependent on operational flows.
!Expected commissioning September 2027: construction delay risk.
Score card
Score card — Pia Leclerc (AFD 44)
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