Centrale Photovoltaïque de Notre-Dame-de-Bliquetuit — 6.5%/an · 48 mois

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 · 49.0/75 (54.0 brut, red flags −5)

B1 · Instrument & Structure 9.0/10bon

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

B1.2: 3/3 - Dedicated société dédiée (SPV) GDSOL 134 SAS, issuer distinct from operator

B1.3: 1/2 - Simple bond without documented senior debt, de facto priority ranking not registered

B2 · Opérateur & Track record 12.0/15bon

B2.1: 4/4 - Daniel Bour appointed, president publicly identifiable

B2.2: 5/5 - >50 MWc connected (550 MWc France), >500 CRE award-winning projects

B2.3: 2/3 - Presence on Lendosphere but complete history not specified

B2.4: 1/3 - Balance sheet of société dédiée (SPV) GDSOL 134 not verified, healthy group but data not provided

B3 · Garanties & Sûretés 6.0/15faible

B3.1: 0/9 - No documented real security (neither mortgage, nor pledge, nor joint and several guarantee)

B3.2: 0/4 - No identified guarantor with verifiable own funds

B3.3: 2/2 - Partnership with Banque des Territoires signed, BPI and IRDI shareholders; identified structural bank financing

B4 · Structure financière 12.0/15bon

B4.1: 5/5 - Secured CRE tariff 20 years, regulated PPA, solid renewable energy project IRR

B4.2: 4/4 - Owner group owns power plants, substantial own funds engaged

B4.3: 2/4 - Revenues contracted 20 years limit risk; stress test not explicitly presented

B4.4: 1/2 - taux de couverture de la dette estimated favourable on CRE revenues but not quantified in the file

B5 · Pré-commercialisation 8.0/10bon

Secured CRE PPE2 tariff 20 years obtained; connection request underway (works started Dec
Permit fully cleared not explicitly confirmed → 8/10

B6 · Permis & Maturité 4.0/5bon

Works started December 2025, confirmed CRE award winner, building authorisation obtained
Legal challenge period not explicitly mentioned as expired in the file → 4/5

B7 · Marché & Localisation 3.0/3✓ max

French renewable energy market in strong growth, CRE regulated tariff 20 years secured
Paris office market score not applicable (ENERGY)
Live MARKET data concern offices → not relevant for ENERGY → 3/3

Points forts

✓CRE buyback tariff secured over 20 years, revenue risk virtually nil.

✓Operator Générale du Solaire solid: 550 MWc France, revenue 100M€, BPI shareholder.

✓Dedicated SPV GDSOL 134, clear legal structure and French law.

✓Works started, operational progress confirmed.

✓Local fundraising limited to 222,000 €, low concentration risk.

Risques identifiés

!Complete absence of documented real or personal security in the file.

!Financial data of SPV GDSOL 134 (balance sheet, gearing) not communicated.

!Local fundraising restricted (Seine-Maritime + bordering areas) limits investor diversification.

!Planned commissioning January 2027 - residual site delay risk.

!Live market data concern Paris offices, not relevant for this renewable energy project.

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