À propos
Bridge financing (bond) for construction of 33.85 MWc floating photovoltaic plant on former gravel pits at Chevenon (Nièvre), carried by holding ELEMENTS RESONANCE 2 (subsidiary of Elements). CRE winning project with 20-year remuneration supplement contract. 4M€ bridge to be repaid by senior bank debt (~23.8M€) expected by 2028.
Plateforme · 19.8/25
A1 · Statut réglementaire
8.0/8✓ max
- agrément AMF licence AMF fonds propres-2023-22 in force since November 2023
- Maximum status on the grid
A2 · Track Record
4.8/6bon
- Default 0.34% (<1%) → 6/6
- Delay 0.41% (<5%) → 6/6
- Actual return vs announced: not explicitly communicated → 0/6
- A2 = (6×0.5)+(6×0.3)+(0×0.2) = 4.8
A3 · Rigueur de sélection
2.0/4
- Proven specialisation in renewable energy with €420M raised since 2014
- No selection rate published nor detailed description of the analysis committee
A4 · Santé financière
3.0/4bon
- Backed by 123 IM group, 90 employees, operational platform since 2014
- Acquisition of Lendopolis in 2024 = expansion, not distress
- Non-listed group/tier 1 institutional → 3 pts
A5 · Protection investisseurs
2.0/3
- agrément AMF licensed → reflection period + continuity plan mandatory (1 pt)
- Third-party escrow account for payments documented (1 pt)
- No secondary market mentioned (0 pt)
Projet · 55.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5. Straightforward bond fixed rate, French law
B1.2: 2/3. Dedicated holding ELEMENTS RESONANCE 2, distinct issuer, clear French law
B1.3: 1/2. First ranking pledge on securities claimed, formality not yet registered
B2 · Opérateur & Track record
11.0/15
B2.1: 4/4. Directors appointed (Cichostepski, Chazalet, Petit) with functions and public profiles
B2.2: 4/5. 197 MW in operation/construction, <50 MWp connected documented
B2.3: 2/3. Prior operations on Lendosphere via complementary local fundraising
B2.4: 1/3. Bpifrance + Crédit Agricole shareholders, gearing not disclosed
B3 · Garanties & Sûretés
9.0/15
B3.1: 6/9. First ranking pledge over all ELEMENTS RESONANCE 2 securities (registered)
B3.2: 2/4. Elements: revenue 14.5M€, shareholders Bpifrance + CA mutual banks, gearing unknown, partial information
B3.3: 1/2. Senior bank financing 23.8M€ undergoing security arrangement, bank not named
B4 · Structure financière
13.0/15bon
B4.1: 5/5. CRE contract 20 years + PPE2, regulated PPA secured, project IRR not disclosed but revenues contractualised long term
B4.2: 3/4. Elements equity 5% of short-term needs; total investment 26.8M€ with robust long-term structure
B4.3: 3/4. CRE contract 20 years secures cash flows; stress -20% electricity tariff covered by remuneration supplement
B4.4: 2/2. Long-term taux de couverture de la dette structurally >1.5 on contractualised PPA revenues 20 years
B5 · Pré-commercialisation
8.0/10bon
- Permit cleared not confirmed; CRE PPE2 winner with 20-year remuneration supplement contract signed
- Commissioning scheduled October 2027
- Network connection not yet confirmed by operator
B6 · Permis & Maturité
4.0/5bon
- CRE PPE2 winning project, administrative authorisations obtained (PPRI complied with), construction commencing
- Network connection confirmed by operator not explicitly documented
B7 · Marché & Localisation
2.0/3
- France renewable energy market in growth, CRE regulated tariff 20 years secured
- Emerging but solid floating solar niche
- Established market
Points forts
CRE PPE2 contract over 20 years securing long-term electricity revenues.
Quality shareholders: Bpifrance + eight Crédit Agricole mutual banks in Elements capital.
First ranking pledge over all ELEMENTS RESONANCE 2 securities documented.
Senior bank financing 23.8M€ underway, validating project viability.
Operator founded 2015, 197 MW in operation/construction, international presence.
Risques identifiés
Bridge financing conditional on effective implementation of senior bank credit not yet finalised.
Pledge on intermediate SPV securities: value depends on success of underlying project.
Elements equity amount limited to 5% of short-term needs, high leverage.
Short bridge duration (11.5 months) with prolongation risk if bank delays.
Detailed Elements financial data (balance sheet, gearing) not disclosed in file.
Voir toute l'analyse Lendosphere →
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