SOLGES F01 — Nova Friche 34 MWc — 7.5%/an · 24 mois

Plateforme · 21.0/25

A1 · Statut réglementaire 8.0/8✓ max

Enerfip holds AMF licence agrément AMF fonds propres-2022-2 currently valid (verified against AMF register)

A2 · Track Record 6.0/6✓ max

Score adjusted based on live data: default rate 0.0%, delay rate 0.5%, target IRR consistent with announcements
Exceptional ENR history → 6/6

A3 · Rigueur de sélection 3.0/4bon

Selection process documented with internal committee and technical/financial analysis
Selection rate not published

A4 · Santé financière 3.0/4bon

Score adjusted based on live data: platform profitable (€773K profit 2024), >7 years existence, healthy growth €700M+ financed, no distress signal
Lumo acquisition 2025 strengthens position

A5 · Protection investisseurs 1.0/3faible

4-day cooling-off period mandatory for agrément AMF (1 point minimum)
No secondary market mentioned
Segregated accounts not documented

Projet · 42.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Issuer dedicated société dédiée (SPV) SOLGES F01, clear French law

B1.3: 1/2 - Senior declared, pledge of shares not formally registered as at file date

B2 · Opérateur & Track record 9.0/15

B2.1: 4/4 - Armén Sedefian appointed, CV attached, identifiable profile

B2.2: 4/5 - >150 MWc developed, 1500 projects, 8 years SOLGES ENERGY; limited own operation

B2.3: 0/3 - First Enerfip operation documented

B2.4: 2/3 - Clean criminal record attested, société dédiée (SPV) equity 3.33M€, low gearing; unaudited holding

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 6/9 - Pledge of SOLGES F01 social shares first rank by Groupe Solges Energy

B3.2: 1/4 - Groupe Solges Energy: société dédiée (SPV) balance sheet 3.67M€, equity 3.33M€ sound; holding not financially evaluated

B3.3: 0/2 - No identified banking partner; amount <€2M therefore not RF2

B4 · Structure financière 8.0/15

B4.1: 4/5 - Land stage: Loan-to-Value (ratio prêt/valeur actif) not precisely calculable; 34 MWc authorised project, crowd financing equals plot acquisition, ratio structurally moderate

B4.2: 2/4 - Operator own contribution: société dédiée (SPV) equity 3.33M€ vs 2M€ raise, engagement ratio correct but limited société dédiée (SPV) equity

B4.3: 2/4 - No documented stress test but Loan-to-Value (ratio prêt/valeur actif) structurally low on land

B4.4: 0/2 - Negative EBITDA (-48K€) in 2024 for société dédiée (SPV) in pre-operation phase; future revenues not contractualised

B5 · Pré-commercialisation 4.0/10faible

ENERGY: Authorisation obtained (34 MWc authorised per live data), grid connection not confirmed, documented PPA not signed
Score adjusted via live data: permit authorised but appeals possible, no PPA or grid connection → 4/10

B6 · Permis & Maturité 3.0/5

ENERGY: Central authorisation obtained (live source: 34.4 MWc authorised), land in acquisition phase (object of crowd financing itself)
Permit obtained not purged, grid connection not confirmed → 3/5

B7 · Marché & Localisation 3.0/3✓ max

Score adjusted via live data: French renewable energy market strong growth (5.9 GW deployed 2025, record), Rhone-Alpes region 4-5h sunshine/day, trend rising
Curtailment risks noted but not blocking → 3/3

Points forts

✓Enerfip platform: PSFP licence AMF, zero historical default renewables, exceptional track record.

✓Director Armén Sedefian: >150 MWc developed, documented and verifiable renewable energy experience.

✓Instrument simple senior obligations, pledge SOLGES F01 shares first rank.

✓34 MWc authorised project on brownfield 28 ha; French solar market at deployment record.

✓Dedicated SPV, sound equity (3.33M€), clean criminal record attested.

Risques identifiés

!Land not yet acquired: raise finances acquisition; failure risk if conditions not met.

!No documented signed PPA or electricity purchase agreement in file.

!SPV SOLGES F01 no revenue (EBITDA -48K€ 2024): total dependence on future refinancing.

!Groupe Solges Energy: consolidated financial strength not verifiable (holding balance sheet absent from file).

!Rising solar curtailment in France (1.6 TWh in 2025); regulatory uncertainty PPE3.

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