À propos
Financing of construction of a portfolio of 162 photovoltaic solar power plants on roofs of agricultural buildings in mainland France (35.7 MWc total), carried by SPV Irisolar 39, subsidiary of Irisolaris group. Projects are at RTB stage (Ready-To-Build) with building permits obtained and secured purchase rates. Simple bond with 5 year duration at 7%/year repaid in fine, with GAPD from EOS PROD PV as guarantee.
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 bonds fixed rate, clear French law
B1.2: 2/3 - société dédiée (SPV) Irisolar 39 dedicated but issuer linked to Irisolaris group
B1.3: 1/2 - Junior rank explicitly mentioned, known senior debt, subordinated rank documented
B2 · Opérateur & Track record
11.0/15
B2.1: 4/4 - Charles Nucci and Armand Fresnais named, precise functions, co-founders
B2.2: 5/5 - >2500 power plants, 415 MW operated, >15 years renewable energy activity
B2.3: 2/3 - Irisolar 31 ongoing without reported incident (75% MSI), 1 operation on Enerfip
B2.4: 0/3 - Sponsor fonds propres decreased from 24.6M€ to 17M€, net result drops 98% (7.7M€→116k€ in 2025)
B3 · Garanties & Sûretés
10.0/15
B3.1: 7/9 - GAPD issued by EOS PROD PV covering capital and interest, formalized deed
B3.2: 1/4 - EOS PROD PV with capital of only 11k€, guarantor financial solidity very weak
B3.3: 2/2 - Senior bank debt 32.3M€ granted and identified (bank TS obtained)
B4 · Structure financière
10.0/15
B4.1: 5/5 - IRR renewable energy project with secured rates, PPA/regulated rate obtained (88.95€/MWh)
B4.2: 0/4 - Operator fonds propres 800k€ or 2% of total (minimum threshold not reached)
B4.3: 3/4 - Diversified portfolio 162 RTB projects, secured rates provide cushion against revenue decline
B4.4: 2/2 - P90 productivity 1 047 kWh/kWc, contracted rates, taux de couverture de la dette >1.5 estimated
B5 · Pré-commercialisation
8.0/10bon
- Portfolio of 162 RTB projects with permits granted and cleared for majority (CNR certificates obtained)
- Average sales rates 88.95€/MWh secured via CRE calls for tender
- Obtained bank TS confirms external validation of project
- EPC contract not yet finalised constitutes residual risk
B6 · Permis & Maturité
4.0/5bon
- RTB status confirmed for entire portfolio
- Building permits obtained for majority of projects (permis de construire agreement dates documented)
- Non-recourse certificates obtained (example Deux-Sèvres 11/25)
- T0 planned
- Grid connection being confirmed
B7 · Marché & Localisation
3.0/3✓ max
- Score adjusted thanks to live data: French renewable energy solar market in strong growth, +74% self-consumption Provence-Alpes-Côte d'Azur, 2800-3040h sunshine/year, secured CRE rates
- No declining market
Points forts
Diversified portfolio of 162 RTB projects, secured rates via CRE calls for tender
Solid Irisolaris sponsor: 415 MW operated, >2500 power plants, 15 years experience
Senior bank debt 32.3M€ obtained - independent external validation of project
GAPD covering capital and interest over full bond duration
Enerfip platform licensed PSFP AMF, near perfect renewable energy track record
Risques identifiés
Junior rank explicitly subordinated to senior debt of 32.3M€ (87% of financing)
GAPD issued by EOS PROD PV with capital of only 11k€ - guarantor financial solidity very weak
Sponsor net result drops 98% in 2025 (116k€ vs 7.7M€), equity decreasing
EPC contract not finalised as at document date - residual construction cost risk
Dependence on regulated buyback rates; EDF reform June 2026 (1.1c€/kWh surplus) affects self-consumption revenues
⚠ Avertissement sur les risques
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