SECTOR – PHOTOVOLTAICS 

The multi-year energy plan, adopted by France for the next 10 years, ratifies an acceleration of the development of the photovoltaic sector, one of the pillar sectors of the country’s energy transition. The photovoltaic industry includes all activities related to the production of solar energy through the use of photovoltaic panels. The principle of these panels, installed on buildings or on the ground, is to transform solar radiation into electricity thanks to their photovoltaic cells. This electricity is then connected to the electrical grid. The spin-offs of the photovoltaic industry are mainly local. Several regions are engaged in the development of this renewable energy, which is often encouraged by local authorities.

In 2018, during the revision of the Pluriannual Energy Program (PEP), emphasis was placed on diversifying the energy mix and developing photovoltaic solar energy for the next ten years: the Government wants to multiply the power of the French park by 5 by 2028.

SPONSOR – CORSICA SOLE

Based in Paris, Bastia and Saint-Denis de la Réunion, Corsica Sole was created in 2009 to become a major player in photovoltaic solar energy, particularly in the island context.

Corsica Sole operates some twenty photovoltaic power plants in Corsica and develops several megawatts-peak of new projects each year in all French territories. Corsica Sole is growing strongly through two activities:

Development and operation of photovoltaic power plants:

– Engineering for the development, design and construction of solar power plants (especially with storage devices);

– Project financing through investment funds and banks;

– Administrative and technical monitoring of the construction sites;

– Operational monitoring of solar production and maintenance of power plants.

A Research & Development activity:

– In the field of recharging electric vehicles from photovoltaic energy, through the Driveco brand;

– In the field of remote monitoring of photovoltaic production plants;

– In the field of energy storage.

Corsica Sole manages the realization of its power plants from their origin to their commissioning. First of all, it takes care of the land prospecting and the management of the relations with the inhabitants. Then, it models the plant and the choice of technologies. It carries out the administrative and legal structuring of the project, which leads to a financial package. Finally, it assists in the project management with the administrative and technical follow-up of the building sites and with the coordination of the various participants.

Corsica Sole attaches great importance to the operational follow-up of the solar production and to the maintenance of the plants. It controls the good execution of the maintenance contract, real time monitoring of its power plants thanks to its internal tool, establishes monthly a report of functioning, and finally, carries out the asset management of the companies owners of its projects, through the accounting management, the invoicing, the administrative follow-up and the legal management.

The LBO operation carried out with Mirova has enabled the group to strengthen its capital structure and its investment capacity over the long term.

FINANCING 

(i) Bank financing 

The construction will be financed by a long-term loan of EUR 15.6 million.

The Caisse Bourgogne-Franche-Comté (CEBFC) and Bpifrance have been invited to participate in the transaction by CEPAC.

(ii) Participative financing 

49% of the shares of the SPV will be held by the ad hoc company “Hirondelle” (39%) (chaired by Enerfip, a well-known platform in the field of renewable energy crowdfunding in France) and the Picarreau City Council (10%). Through this mechanism, the city hall and the 198 citizens of the Jura and neighbouring departments participate in the financing of the power plant.