Centrale Solaire Flottante de Chevenon 2 — 6%/an · 15 mois

À propos

Obligatory bridge financing (2nd tranche, 2.287 M€ out of 4 M€ total) for the construction of a 33.85 MWc floating photovoltaic power plant at Chevenon (Nièvre), on former gravel pits. The operator is Elements (Montpellier), through holding ELEMENTS RESONANCE 2, which owns project company SOLEIL ELEMENTS 10. The project is a CRE PPE2 winner with a remuneration complement over 20 years. Service commencement is scheduled for October 2027 and repayment is expected via senior bank debt, currently being secured.

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 · 48.0/75

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Simple obligation fixed rate 6%, French law

B1.2: 3/3 - Dedicated holding ELEMENTS RESONANCE 2, separate from the operator

B1.3: 1/2 - First ranking pledge, but ranking in relation to RCF and project debt not documented

B2 · Opérateur & Track record 12.0/15bon

B2.1: 4/4 - Appointed managers: Cichostepski, Pouderoux, Chazalet, Petit

B2.2: 4/5 - 197 MW in operation/construction, connected share not detailed

B2.3: 2/3 - Tranche 1 closed, no incident reported

B2.4: 2/3 - Registers not verified, -1 provisional

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - First ranking pledge of holding shares

B3.2: 1/4 - Value of shares behind project debt, guarantor not assessed

B3.3: 1/2 - RCF line secured, bank not named; senior debt not agreed

B4 · Structure financière 6.0/15faible

B4.1: 3/5 - Remuneration top-up 20 years, project IRR not disclosed

B4.2: 1/4 - Elements equity at 5% of requirements

B4.3: 2/4 - No stress test, crowd share at 16% of cost

B4.4: 0/2 - taux de couverture de la dette not disclosed

B5 · Pré-commercialisation 6.0/10

CRE PPE2 remuneration complement contract over 20 years, secured rate
Permit clearance and connection confirmation not documented in the file

B6 · Permis & Maturité 4.0/5bon

CRE winner status implies authorisation obtained
Permit clearance and connection not confirmed
Construction starting, service commencement scheduled for October 2027

B7 · Marché & Localisation 3.0/3✓ max

French renewable energy market in growth, selling price secured by CRE contract
Live market data (senior residences Lyon) off-topic, not used

Points forts

✓CRE remuneration complement contract over 20 years securing revenues

✓Experienced operator: 197 MW, shareholders Bpifrance and Crédit Agricole

✓First ranking pledge on 100% of holding shares

✓Simple obligation issued by dedicated holding, short duration approximately 15 months

✓First tranche of 2 M€ successfully closed

Risques identifiés

!Repayment conditioned on senior debt of 23.8 M€ not yet secured

!Probable structural subordination to RCF and senior project debts

!First floating power plant developed by Elements, increased technical risk

!Current project research not completed: absence of incident not confirmed

!Live market data on another asset, not usable

⚠ Avertissement sur les risques

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