Centrale solaire flottante de Chevenon — 6.0%/an · 11 mois

Plateforme · 22.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF in effect (registered as IFP then licensed as agrément AMF under EU regulation 2020/1503)
Maximum regulatory status applicable in France

A2 · Track Record 5.0/6bon

Default <1% on renewable energy portfolio (6/6)
Delays >90 days estimated at 5-15% on several solar projects (4.5/6)
Actual return in line with stated rates (6/6)
Weighted: 6×0.5 + 4.5×0.3 + 6×0.2 = 5.55 → 5/6
Statistics published regularly on the website

A3 · Rigueur de sélection 3.0/4bon

Renewable energy selection process documented and rigorous (technical committee, regulatory verification, KYC on project sponsor)
Selection rate not explicitly published
Strong sectoral specialisation compensates

A4 · Santé financière 4.0/4✓ max

Subsidiary of La Banque Postale group (French public bank, majority shareholder via KissKissBankBank & Co)
First-rank institutional backing, platform default risk near zero
Operating since 2014

A5 · Protection investisseurs 2.0/3

4-day reflection period plus agrément AMF business continuity plan (1/1)
Segregated accounts via third-party payment service provider La Banque Postale (1/1)
No documented operational secondary market (0/1)

Projet · 53.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) ELEMENTS RESONANCE 2, issuer distinct from operator

B1.3: 1/2 - First-rank pledge of ELEMENTS RESONANCE 2 securities, not registered with conservatoire as of filing date

B2 · Opérateur & Track record 10.0/15

B2.1: 3/4 - Directors appointed (Cichostepski, Chazalet, Petit), profiles accessible

B2.2: 3/5 - 100 MW under operation/construction, <50 MWp connected documented

B2.3: 2/3 - Lendosphere track record documented, multi-platform presence

B2.4: 2/3 - BpiFrance shareholder, balance sheet not provided in detail

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 6/9 - First-rank pledge of SAS ELEMENTS RESONANCE 2 securities, registered

B3.2: 1/4 - Holding financial information limited in the filing

B3.3: 0/2 - Senior bank debt being secured, not finalised; project <2M€ no RF2

B4 · Structure financière 13.0/15bon

B4.1: 5/5 - CRE PPE2 contract 20 years, secured tariff, attractive project IRR with regulated PPA

B4.2: 4/4 - Elements equity 5% plus RCF 80%, structure temporarily bridged

B4.3: 3/4 - CRE contract secures revenues over 20 years, limited production stress

B4.4: 1/2 - Estimated taux de couverture de la dette correct post-connection, revenues contractualised

B5 · Pré-commercialisation 8.0/10bon

CRE PPE2 contract 20 years signed, CRE call for tenders winner
Building permit obtained, service start October 2027
Regulated PPA guaranteed
Network connection not yet confirmed by grid operator

B6 · Permis & Maturité 4.0/5bon

Building authorisation obtained (CRE winner, construction underway as planned), potential appeal deadlines not documented
Service start planned October 2027
Network connection in course of confirmation

B7 · Marché & Localisation 3.0/3✓ max

French renewable energy market in strong growth
20-year CRE contract secures electricity sale tariff
Floating technology under active development, national demand supported
No market price risk

Points forts

✓CRE PPE2 contract 20 years securing the tariff for electricity produced.

✓Reinforced shareholding: BpiFrance, 8 Crédit Agricole regional banks in Elements capital.

✓First-rank pledge of ELEMENTS RESONANCE 2 securities put in place.

✓Short bridge structure (11 months) towards quasi-confirmed senior bank debt.

✓Documented annual production (37 GWh), measured environmental impact.

Risques identifiés

!Senior bank debt (~23.8M€) being secured, not finalised at fundraising.

!Service start planned October 2027, construction delay risks not covered.

!Financial strength of holding ELEMENTS RESONANCE 2 not documented in the filing.

!Floating technology on gravel pits: specific technical and operational risks.

!Repayment conditional on long-term financing being put in place by 2028.

⚠ Avertissement sur les risques

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