Fund the development of an agrivoltaic and photovoltaic portfolio
The TSE Development project, led by the TSE Group, includes 20 agrivoltaic projects spread across the territory: 3 in Grand Est, 2 in Occitanie, 3 in Centre-Val de Loire, 2 in Nouvelle-Aquitaine, 5 in Pays de la Loire, 1 in Normandy, 1 in Bourgogne-Franche-Comté, and 3 in Auvergne-Rhône-Alpes.
This portfolio will actively contribute to the energy transition and the growth of renewable energies in France.
The TSE Group is launching a first round of fundraising for 2,500,000 €, as part of an overall objective of 5,000,000 €. These funds will cover development costs and bring the projects to the “ready-to-build” stage.
Investors will benefit from a pledge on the project companies, whose value, once at the “ready-to-build” stage, is estimated at 20,000,000 €.
The offer
20 territorial projects
Objective
TSE aims to issue simple bonds for a total amount of €5,000,000. This fundraising is the first tranche out of a total of two comparable fundraisings.
Use of Funds
The funds raised will finance a portfolio of 20 photovoltaic plants, including 17 agrivoltaic plants of the canopy type and 3 ground-mounted photovoltaic plants.
TSE has developed an agricultural canopy system that mitigates the effects of climate change on crops and livestock through rotating shade while producing decarbonized energy. To ensure the simultaneous development of numerous projects, TSE relies on financing solutions such as citizen participation. This fundraising aims to cover the costs related to the development phases, including impact studies, soil and yield analyses, as well as the costs of technical teams.
Agrivoltaic solutions proposed by TSE
Repayment
Once the project portfolio reaches the “ready-to-build” stage, the development premiums will provide sufficient funds to TSE for debt repayment. The company’s cash reserves are also significant and could allow for the repayment of the bonds.
Guarantee
The issuance of securities for this fundraising will be made directly on the parent company. Additionally, Enerfip has obtained a pledge on the project companies for its investor base. After applying a success rate specific to each project, the portfolio developed and held by the project companies has been valued at €24 million. As the development of the projects progresses, this valuation is expected to evolve.
As part of the pledge, a Loan-to-Value (LTV) ratio of less than 33% has been agreed, meaning Enerfip is willing to provide up to 33% of the portfolio’s value. With a total bond loan of €5 million and a valuation of €24 million, the LTV ratio stands at 20.8%. In case of disruptions in the development of a project, if this ratio were to exceed 33%, TSE will compensate for the drop in the LTV ratio by adding a project with similar characteristics.
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
TSE Développement - Obligation 7.5%/year over 3.5 years
Simulation - Rate : 7.5% / year on 3.5 ans
Initial investment:
€1,000
Repayments and interest:
€1,262.5
In 4 transfers
| Date | Interest* | Capital | Amount |
| 25/05/2026 | €75 | €0 | €75 |
| 25/05/2027 | €75 | €0 | €75 |
| 25/05/2028 | €75 | €0 | €75 |
| 25/11/2028 | €37.5 | €1,000 | €1,037.5 |
| Total | €262.5 | €1,000 | €1,262.5 |
*Gross interest before tax, including all fees (view taxation) The result presented is not a forecast of the future performance of your investments. It is only intended to illustrate the mechanics of your investment over the investment period. The evolution of the value of your investment may vary from what is shown, either increasing or decreasing. | |||
The project
Enerfip supports TSE, a major player in the renewable energy sector in France, to finance an ambitious portfolio of photovoltaic projects. TSE, founded in 2016 by Mathieu Debonnet and Pierre-Yves Lambert, is a French company that stands out for its expertise in the development and management of photovoltaic projects, with a strong specialization in agrivoltaics. Their innovative approach combines solar energy production with agricultural activities, thus allowing optimal use of land while supporting the agricultural sector.
Examples of TSE’s achievements
TSE has positioned itself as a leader in the field of agrivoltaics, with notable achievements such as the agricultural canopy in Amance, Haute-Saône. This project, equipped with rotating solar panels, allows the cultivation of various plants under the panels, perfectly illustrating the harmonious integration of energy production and agriculture. With over 250 employees and a portfolio of 2.7 GWc of projects in development, TSE demonstrates a solid execution capacity and a strategic vision for the future of renewable energies.
The project to be financed by this fundraising includes the development of 20 photovoltaic power plants, including 17 agrivoltaic power plants of the canopy type and 3 ground-mounted photovoltaic power plants, distributed across metropolitan France. These parks, 17 of which integrate agricultural co-use, represent a total power of 199.8 MWc. The estimated annual production, according to the most conservative scenario, will be 260,600 MWh/year. The total investment required for these projects is estimated at 177.8 million euros, underscoring the scale and ambition of this initiative.
Some information about the portfolio: ➡️ The portfolio consists of 20 projects in the environmental study phase, spread across 17 departments, with a majority of agricultural canopies (crops and livestock) as well as some ground-mounted power plants. ➡️ Commissioning is scheduled between the second half of 2027 and the second half of 2028. ➡️ The first studies began between the end of 2023 and autumn 2024. ➡️ The cumulative power of the entire portfolio reaches 199,782 kWc, with individual projects ranging from 3,353 kWc to 18,828 kWc.
This project is part of TSE’s vision to promote a sustainable and responsible energy transition while supporting local agricultural communities. Thanks to this fundraising, TSE will be able to continue innovating and developing solutions that not only meet growing energy needs but do so in an environmentally friendly manner and beneficial to agriculture.
Impact
Project owners
TSE is a French company specializing in the development of photovoltaic and agrivoltaic projects. Founded in 2016 by Mathieu Debonnet and Pierre-Yves Lambert, TSE has established itself as a leader in the renewable energy sector in France, with a particular expertise in agrivoltaics. This innovative approach combines solar energy production with agricultural practices, allowing for optimal use of agricultural land while producing renewable energy.
The company stands out for its agrivoltaic solutions, including agricultural shade structures and agricultural canopies, which integrate rotating solar panels. These installations allow for the cultivation of various plants under the panels, thus offering a sustainable solution that supports both agricultural production and the energy transition.
TSE has completed major projects, such as the Marville photovoltaic power plant in the Meuse, one of the largest in France. This project, developed over 155 hectares, demonstrates TSE's ability to undertake large-scale initiatives that significantly contribute to renewable energy production in France.
The company is actively engaged in research and development to improve its agrivoltaic solutions and strengthen its partnerships with the agricultural world. TSE collaborates with local actors and institutions to promote environmentally friendly projects that benefit agricultural communities. With a clear vision of the energy future, TSE continues to play a key role in the transition to cleaner and more sustainable energy in France.
Our analysis
Risk overview
Development risk
Risk relating to authorizations issued to the company and land, and third-party appeals against authorizations issued.
Mitigation methods
TSE possède une forte expérience dans le développement de projet solaires, avec plus de 386 MWc de projets développés avec succès et un pipeline de projets en développement de 2.7 GWc. 135 des 250 collaborateurs travaillent sur la partie développement. TSE se spécialise dans les projets agrivoltaïques : canopées agricoles, R&D agronomie, R&D technique, etc.).
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
La société prévoit de refinancer les projets à moyen terme auprès d’établissements bancaires. Les projets sont structurés de manière à générer des revenus stables et prévisibles et les hypothèses de dimensionnement de la dette sont conservatrices (P90 avec un DSCR de 1.15x durant la période PPA et de 1.40x durant la période de vente au marché), ce qui devrait faciliter l'obtention d'un financement bancaire.
Regulatory risks
Risk of changes in regulations applicable to the sector, involving reductions in subsidies or new taxes with a significant impact on project revenues.
Mitigation methods
Les promesses de bail avec les agriculteurs ont été signées et les études environnementales lancées pour l’ensemble des projets. Une partie des études environnementales est à un stade avancé et n’a pas mis en évidence de point d’attention.
Investing in this participatory financing project involves risks, including the risk of total or partial loss of the capital invested. Your investment is not covered by the deposit guarantee schemes established in accordance with directive 2014/49/EU of the European Parliament and of the Council. Your investment is also not covered by the investor compensation schemes established in accordance with Directive 97/9/EC of the European Parliament and of the Council. Return on investment is not guaranteed. This is not a savings product, and we recommend that you not to invest more than 10% of your net assets in participatory finance projects. You may not be able to sell the investment instruments when you wish. If you are able to sell them, however, you may incur losses.
