Fund the construction of a solar power plant in the Marne
This collection is exclusively for clients of Crédit Agricole Nord-Est Private Banking
The Sainte-Menehould project is involved in the construction of a photovoltaic power plant in the town of the same name in the Marne department.
At the ready-to-build stage, this plant is expected to be commissioned by the end of 2026.
With a total capacity of 4.95 MWp, the plant will produce 5,049 MWh annually, equivalent to the electricity consumption of 2,260 French people*.
This production will help avoid the emission of nearly 1,200 t CO2eq/year**.
The offer
The TSE Group , a French company based in the Alpes-Maritimes (06), offers an investment opportunity in financing a solar power plant located in the Marne , grouped within the Sainte-Menehould PV company .
OBJECTIVE
The TSE Group’s crowdfunding operation aims to raise up to €440,000 in the form of simple bonds.
Aphaia Finance 3, which owns Sainte-Menehould PV, has secured a senior long-term financing of €95,000,000 and has provided a shareholder loan of €4,000,000 to the issuing company (Sainte-Menehould PV).
USE OF FUNDS
These funds will be used by the project owner to finance 10% of the construction costs following the project owner’s voluntary commitment to crowdfunding in response to CRE (Commission de Régulation de l’Énergie) tenders.
REPAYMENT
The repayment of the bonds will be made through a contribution from the project owner.
SECURITY
Given the ready-to-build stage and the project’s structure (via the CRE tender), Total Energies Invest will not require any securities for this operation .
LEGAL STRUCTURE & TOTAL ENERGIES INVEST’S ROLE
Specifications
Investment phases
- Client.es de la banque privée Crédit Agricole Nord-Est
- Residents and legal entities of the departements 02, 08, 10, 51, 52, 55, 77
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.
If you have a second or main home in one of these zones, you can invest by providing proof of address.
Resources
Simulator
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Investment simulation
Sainte-Menehould -
Obligation
6.5%/year over 4 years
- PEA-PME
Simulation - Rate : 6.5% / year on 4 ans
Initial investment:
€1,000
Repayments and interest:
€1,260
In 4 transfers
| Date | Interest* | Capital | Amount |
| 30/06/2027 | €65 | €0 | €65 |
| 30/06/2028 | €65 | €0 | €65 |
| 30/06/2029 | €65 | €0 | €65 |
| 30/06/2030 | €65 | €1,000 | €1,065 |
| Total | €260 | €1,000 | €1,260 |
|
*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. |
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The project
The Sainte-Menehould photovoltaic power plant, located on 4 hectares in the Marne region, is situated within the industrial zone “La Sucrerie.” It occupies a former waste storage and fuel depot site. Developed by TSE, this photovoltaic plant will rehabilitate a plot of land left fallow for several years, giving it a new, more sustainable purpose.
The development of this plant is the result of consultations initiated since 2019 between local authorities, state services, agricultural stakeholders, and technical partners. The project aims to reconcile the challenges of renewable energy production, sustainable land use, and economic benefits for the municipality of Sainte-Menehould, the Community of Communes, and the Marne department.
💡 The unit “MWc” (pronounced MégaWatt peak) corresponds to the electrical power output of a photovoltaic panel under standard measurement conditions: - Air temperature at 25°C - Standard sunlight at 1,000 Watts per square meter
The project is now ready-to-build , meaning it has obtained all administrative permits, grid connection, and the electricity purchase agreement. The commissioning of the installation is scheduled for the last quarter of 2026 .
💡 The “MWh” (pronounced MégaWatt hour) is a unit of energy. It is a unit of power multiplied by a unit of time.
💡 1 MW = 1,000 kW = 1,000,000 W
Environmental Measures
The Sainte-Menehould project is situated on a triple territory: a former municipal landfill, a depolluted service station, and a forested area, each with its own environmental challenges.
All ecological and environmental studies conducted by independent consultancies have enabled TSE to design a project that balances renewable energy production with the protection of fauna, flora, and their habitats. The selected version of the project incorporates various effective measures for avoidance, reduction, and compensation, significantly limiting the project’s environmental impact.
| Type of Measure | Theme | Description |
|---|---|---|
| Avoidance | Natural Environment | Avoidance of areas with high ecological stakes, adjustment of construction periods |
| Reduction | Natural Environment | Ecological management of shrubby wastelands, wooded edges, installation of shelters for herpetofauna (amphibians and reptiles) |
| Accompaniment | Landscape Environment | Installation of an educational panel |
| Accompaniment | Natural Environment | Planting of a shrub hedge |
| Monitoring | Natural Environment | Ecological monitoring during construction and post-implementation |
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Impact
Project owners
TSE is a French company and an independent solar energy producer involved in the entire value chain—from design and operational management to financing and project construction—to convert solar energy into electricity.
Mathieu Debonnet and Pierre-Yves Lambert founded and shaped TSE as a responsible and committed enterprise. In this regard, the company not only produces decarbonized energy to combat climate change but also ensures that each project has a positive impact on local communities, residents, and agriculture. The company’s Biodiversity Department is fully integrated into all project development and monitoring processes.
In September 2021, the founders inaugurated Marville, home to France’s second-largest photovoltaic plant, with an installed capacity of 152 MWp. TSE is also a leader in agrivoltaics, thanks to its innovative agrivoltaic canopy solution, the Canopée Agricole. The first two installations—a world first—were inaugurated in 2022 in Haute-Saône and in 2023 in the Somme.
In April 2023, TSE raised €130 million in capital from Eurazeo, Crédit Agricole Group, and BPI France to strengthen its development. In May 2023, TSE announced its participation in the Holosolis consortium, which aims to build a gigafactory for photovoltaic panels in Sarreguemines, thereby offering French-made panels.
With its experience, technical solutions, and commitment, TSE stands out as a leading and unique player in the French solar market.
TSE is a laureate of the 2025 French Tech 120 program, an initiative led by the French Tech Mission that recognizes France’s most promising tech companies.
Our analysis
A word from the analyst
Renewable Energy Tenders (CRE)
Promoting the development and competitiveness of renewable energies in France
To enable us to achieve, by 2030, the goal of producing 32% of our energy consumption through renewable energies, the State had to implement a framework that promotes the deployment of these energies and the massive investments associated with them, while ensuring their competitiveness against conventional energies. It is through national-level tenders launched by the Commission de Régulation de l’Énergie (CRE) , France’s energy regulatory authority under the Ministry of Ecological Transition and Solidarity, that this momentum has been driven and supported. The CRE has established rules aimed at favoring projects with the most competitive tariffs. The primary criterion for these tenders is therefore the purchase tariff, which assesses the ability to compete with conventional energies. Project selection is also conditioned by its carbon footprint and the environmental relevance of its site.
Mobilizing citizens for the energy transition in their territories
As part of the energy transition law, the State expressed its intention to encourage investment by citizens and local authorities in renewable energy projects in their territories. By submitting their application, project developers can commit to opening their projects to participatory financing or investment. In return—and subject to compliance with the specifications—the CRE grants a tariff bonus on the purchase price of the electricity produced by the project. The application of this bonus makes the project even more competitive in its tender application, as the developer can then request an even lower electricity purchase tariff. This decision can be decisive in the project’s selection, since each candidate’s score is primarily based on their ability to request the lowest possible tariff.
Risk overview
Construction risks
Risk of construction delays or failure to complete the work
Mitigation methods
Le risque principal du projet est la phase de construction de la centrale. En effet, étant constitué d’une ancienne décharge communale, d’une ancienne station de service dépolluée et d’une surface forestière, le site présente une complexité marquée. Cependant, au vu de l’historique du groupe TSE, ayant développé des projets de ce type de toutes tailles et en particulier à grandes échelles, ils disposent des connaissances et capacités afin de mener de genre d’opération. De plus, la convention de raccordement ayant été signée avec Enedis, cela nous permet de lever le risque lié à l’approbation par l’autorité permettant l’injection sur le réseau. Le risque qui subsiste concerne un retard des travaux, pouvant légèrement décaler la mise en service de la centrale et, par conséquent, les revenus.
Counterparty risk
Risk of counterparty payment default that would jeopardize the project's cash inflows
Mitigation methods
Le risque né de l’absence de sûreté est mitigé du fait du montant levé assez faible de la levée vis-à-vis des besoins exprimés, ainsi que de la sécurisation des flux opérationnels liés à la vente de l’électricité, le tarif CRE ayant été obtenu (géré par EDF OA).
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.
