Funding of the construction by Colibri Solar of 20 photovoltaic projects in France.
Colibri Solar is an independent solar energy producer, founded in 2020 by Jean-Carl Cohen. The company specializes in rooftop solar projects and is involved in all stages, from identifying sites to operating power plants. Colibri Solar offers citizens the opportunity to invest in a portfolio of 20 photovoltaic projects in southeastern France through a crowdfunding campaign.
The offer
The fundraising of Colibri Solar
Colibri Solar aims to raise up to 2 million euros to finance the construction costs of projects pending long-term bank financing. The collection will be made through a simple bond issue at the level of the Colibri Holding 1 company.
Colibri Solar indeed plans to take out a senior long-term debt from a bank for an amount of approximately 7 million euros. Note that a letter of intent from a credit institution has already been signed in June 2024, defining the general conditions of this financing. Enerfip has had access to this letter of intent.
The bank financing will mainly be used to finance the construction of rooftop panels (more in the “Project” tab), but will also be used to partially repay bondholders before maturity.
Thus, the repayment of the bonds will take place in two stages:
- One million euros will be repaid in fine, that is, at the maturity of the bonds (“mezzanine debt”).
- The rest will be repaid upon obtaining bank financing (“bridge debt”), which we estimate could arrive within three months following the closing of the collection.
The mezzanine debt can be repaid through an injection from the parent company or long-term refinancing.
The bonds will be issued at the level of Colibri Holding 1, with a pledge of 100% of the shares of the subsidiary CS1, which holds the projects. This pledge will allow the recovery of the residual value of the assets to repay investors in the event of default. Note that this pledge will be of second rank, senior lenders under the bank debt benefiting from a first-rank pledge on the shares of the subsidiary CS1.
The project structuring will be as follows:
Specifications
Investment phases
- Investment open to everyone
End of project financing
The closing date for contributions may be extended at the request of the project owner.
The return on your investment will be calculated from the date the subscription certificates are generated, i.e. once all the funds have been received and the legal documentation has been signed by the project owner.
Resources
Simulator
Investment simulation
Colibri CS1 - Obligation 8.5%/year over 4 years
Simulation - Rate : 8.5% / year on 4 ans
Initial investment:
€1,000
Repayments and interest:
€1,196.56
In 5 transfers
| Date | Interest* | Capital | Amount |
| 31/10/2024 | €0 | €450 | €450 |
| 31/07/2025 | €56.31 | €0 | €56.31 |
| 31/07/2026 | €46.75 | €0 | €46.75 |
| 31/07/2027 | €46.75 | €0 | €46.75 |
| 31/07/2028 | €46.75 | €550 | €596.75 |
| Total | €196.56 | €1,000 | €1,196.56 |
*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
The CS1 portfolio includes 20 rooftop photovoltaic projects, ready to build, with a total power of 4.57 MWc. These projects are located in the departments of Bouches-du-Rhône, Drôme, Alpes-de-Haute-Provence, Hautes-Alpes, and Gard.
Here is a description of the main elements of the portfolio:
The funds raised will be used to finance the construction costs of the projects while waiting for long-term bank financing, which is currently under negotiation.
Here is the detailed list of projects:
Impact
Project owners
Created in 2020, Colibri Solar specializes in the development, construction, financing, and operation of photovoltaic power plants in France. They are independent photovoltaic energy producers in France. Colibri Solar is a human-sized structure that offers a turnkey service to local authorities, farmers, and landowners. They guarantee all stages of renovation or construction of the building and installation of solar panels. Thus, they take care of the entire process and investment in the installation of solar power plants. The founder, Jean Carl Cohen, began his career within a Family office in Geneva, where he discovered renewable energies. In 2009, he founded Sun Solutions (EPC) alongside Frédéric Picart before joining the EDF ENR group in 2012 as a business engineer for the Southeast of France (following the 2010 moratorium). He co-founded a company in the Telecom sector, Octopush, in 2012, of which he currently oversees operational management. Colibri Solar has significant experience in the installation of various photovoltaic projects, including new constructions and renovations, on hangars, shading structures, greenhouses, roofs, or ground-mounted systems.
Our analysis
Risk overview
Construction risks
Risk of higher construction costs due to rising raw material prices
Mitigation methods
A contingency reserve has been set aside to deal with unforeseen circumstances or cost increases.
La fourniture de module a été sécurisée auprès de GCL-SI (Niveau 1 du classement de Bloomberg des fabricants de modules photovoltaïques) et les onduleurs et kits de fixations seront fournis par Krannich Solar avec lequel il existe une relation commerciale de long terme. Les installations et l'O&M seront effectués par Dalkia, une filiale de EDF, réduisant le risque d'exécution.
Construction risks
Risk of construction delays or failure to complete the work
Mitigation methods
The development company's team has extensive know-how and experience in carrying out this type of project.
Les dirigeants de Colibri Solar ont une solide expérience dans la réalisation de ce type de projets et travaillent avec des sous-traitants de qualité. À noter que la construction de plusieurs projets est déjà engagée.
Counterparty risk
Risk of default by the counterparty on the purchase of electricity, which would jeopardize the project's cash flow.
Mitigation methods
Le risque de défaut de paiement de la contrepartie sur l'achat de l'électricité est atténué par des tarifs d'achat sécurisés pour les projets concernés.
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
Il existe un risque que la société ne parvienne pas à obtenir un prêt bancaire pour rembourser les obligations. Cependant les discussions sont engagées et Colibri Solar a déjà reçu au moins une lettre d'intention signée par un établissement de crédit détaillant des conditions favorables pour un financement de long terme. Colibri Solar prévoit d'obtenir ce financement durant le troisième trimestre 2024. De plus, les investisseurs bénéficient d'un nantissement de 100% des titres de la filiale CS1, qui détient les projets. Ce nantissement permettra de récupérer la valeur résiduelle des actifs pour rembourser les investisseurs en cas de défaut, après remboursement de la dette bancaire le cas échéant.
Operating risks
Risk of poor project operation, faulty workmanship or machine breakdown resulting in poor performance.
Mitigation methods
The development company's team has extensive know-how and experience in carrying out this type of project.
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.
