Finance the development of a portfolio of 77 floating photovoltaic projects
Sonora is a portfolio of 77 floating photovoltaic projects in France, Italy, the United States, and Japan , with a potential capacity of 600 MWp. Following the success of the Atakama and Laketricity fundraising campaigns, this new investment opportunity with Ciel & Terre International allows you to directly support a pioneering company and global leader in the floating solar market .
Founded in France in 2006, Ciel & Terre International developed and patented its own floating solar technology (Hydrelio®) in 2011 . This technology is now deployed in over 30 countries, and Ciel & Terre has already completed more than 350 projects worldwide, totaling at least 1.4 GWp of installed floating solar capacity .
To support this remarkable growth and enable further development, Ciel & Terre International is inviting you to join this venture! Through this fundraising campaign, you will directly finance the development and construction of numerous floating renewable energy projects in the portfolio. The company aims to raise a total of €5,000,000 through simple bonds , in multiple tranches. For this first tranche, the company offers a €2,500,000 fundraising campaign with an annual interest rate of 8,5% over 3 years .
The offer
Finance the development of a portfolio of 77 floating photovoltaic projects
Ciel & Terre International offers an investment opportunity in financing a portfolio of 77 floating photovoltaic projects in France, Italy, the United States, and Japan, to be developed in several tranches. For this first tranche, you will directly contribute to financing the development of floating solar projects.
The group is primarily structured into 2 subsidiaries: Laketricity, the group’s development subsidiary, and Atakama, the asset holding and management subsidiary.
As part of this offering, 49 projects will be held by Attakama Invest, and 23 projects will be held by Laketricity.
OBJECTIVE
The crowdfunding operation for the Sonora project aims to raise €5,000,000 in several tranches , following the development pace of the projects. For this first tranche, the company aims to collect €2,500,000 with an annual interest rate of 8,5% over 3 years.
USE OF FUNDS
These funds will be used by the project sponsor to finance the development of the project portfolio.
REPAYMENT
Repayment of the bonds will be made through the sale of projects held by Attakama Invest.
### SECURITY
The offering will be conducted directly at the level of the parent company, Ciel & Terre International. Investors benefit from a pledge on a securities account covering all shares and voting rights of Attakama Invest (the group’s development company).
### LEGAL STRUCTURE & TOTAL ENERGIES INVEST’S ROLE
Specifications
Investment phases
- Investment open to everyone
End of project financing
Resources
Simulator
Investment simulation
Sonora -
Obligation
8.5%/year over 3 years
Simulation - Rate : 8.5% / year on 3 ans
Initial investment:
€5,000
Repayments and interest:
€6,275
In 3 transfers
| Date | Interest* | Capital | Amount |
| 18/05/2027 | €425 | €0 | €425 |
| 18/05/2028 | €425 | €0 | €425 |
| 18/05/2029 | €425 | €5,000 | €5,425 |
| Total | €1,275 | €5,000 | €6,275 |
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*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
Since 2021, Ciel & Terre has specialized in the development of floating solar power plants, handling the design, distribution, and installation of these facilities. Convinced that floating solar is the best solution for producing renewable energy while preserving land, the company uses artificial lakes to house its power plants, thus addressing land use and soil artificialization issues.
For this fundraising effort, the portfolio to be financed consists of 77 floating projects in France, Italy, the United States, and Japan, with a total capacity of 882.5 MWp . These projects, currently at various stages of development, all share a common goal: innovative renewable energy production tailored to their respective territories.
They also reflect the story of a company that has become a leader in the floating photovoltaic sector.
Project Characteristics
The portfolio comprises 77 projects at different development stages : 32 of them have already reached or exceeded 50% completion, and 7 are fully developed (100%).
| Project No. | Capacity (MWp) | Development Status | % of Development Completion |
|---|---|---|---|
| 1 | 277.0 | 3 | 50% |
| 2 | 34.5 | 3 | 50% |
| 3 | 25.3 | 3 | 50% |
| 4 | 22.6 | 2 | 25% |
| 5 | 22.6 | 2 | 25% |
| 6 | 20.0 | 3 | 50% |
| 7 | 17.2 | 3 | 50% |
| 8 | 16.0 | 3 | 50% |
| 9 | 14.3 | 3 | 50% |
| 10 | 14.0 | 2 | 25% |
| 11 | 11.9 | 2 | 25% |
| 12 | 10.4 | 3 | 50% |
| 13 | 10.0 | 3 | 50% |
| 14 | 10.0 | 3 | 50% |
| 15 | 10.0 | 3 | 50% |
| 16 | 10.0 | 3 | 50% |
| 17 | 10.0 | 2 | 25% |
| 18 | 10.0 | 3 | 50% |
| 19 | 9.8 | 3 | 50% |
| 20 | 9.5 | 3 | 50% |
| 21 | 9.0 | 3 | 50% |
| 22 | 9.0 | 3 | 50% |
| 23 | 8.6 | 3 | 50% |
| 24 | 8.0 | 5 | 100% |
| 25 | 8.0 | 2 | 25% |
| 26 | 7.6 | 5 | 100% |
| 27 | 7.5 | 5 | 100% |
| 28 | 7.3 | 3 | 50% |
| 29 | 7.0 | 5 | 100% |
| 30 | 7.0 | 2 | 25% |
| 31 | 6.5 | 2 | 25% |
| 32 | 6.0 | 3 | 50% |
| 33 | 6.0 | 5 | 100% |
| 34 | 6.0 | 3 | 50% |
| 35 | 5.0 | 2 | 25% |
| 36 | 4.2 | 2 | 25% |
| 37 | 4.2 | 2 | 25% |
| 38 | 4.0 | 3 | 50% |
| 39 | 3.6 | 3 | 50% |
| 40 | 3.0 | 2 | 25% |
| 41 | 3.0 | 2 | 25% |
| 42 | 3.0 | 3 | 50% |
| 43 | 2.1 | 2 | 25% |
| 44 | 1.0 | 4 | 75% |
| 45 | 0.8 | 2 | 25% |
| 46 | 10.0 | 2 | 25% |
| 47 | 9.9 | 2 | 25% |
| 48 | 9.0 | 2 | 25% |
| 49 | 6.0 | 2 | 25% |
| 50 | 68.0 | 3 | 50% |
| 51 | 14.0 | 3 | 50% |
| 52 | 7.0 | 2 | 25% |
| 53 | 5.0 | 3 | 50% |
| 54 | 4.0 | 2 | 25% |
| 55 | 5.2 | 2 | 25% |
| 56 | 3.1 | 3 | 50% |
| 57 | 2.9 | 5 | 100% |
| 58 | 2.8 | 2 | 25% |
| 59 | 2.8 | 3 | 50% |
| 60 | 2.7 | 2 | 25% |
| 61 | 2.6 | 2 | 25% |
| 62 | 2.5 | 2 | 25% |
| 63 | 2.5 | 5 | 100% |
| 64 | 2.3 | 3 | 50% |
| 65 | 2.0 | 2 | 25% |
| 66 | 1.9 | 2 | 25% |
| 67 | 1.8 | 2 | 25% |
| 68 | 1.8 | 3 | 50% |
| 69 | 1.8 | 2 | 25% |
| 70 | 1.8 | 3 | 50% |
| 71 | 1.5 | 2 | 25% |
| 72 | 1.5 | 2 | 25% |
| 73 | 1.2 | 2 | 25% |
| 74 | 1.0 | 2 | 25% |
| 75 | 0.9 | 2 | 25% |
| 76 | 0.4 | 2 | 25% |
| 77 | 0.3 | 2 | 25% |
Did You Know: Why Is Anchoring So Important for Floating Solar?
When discussing the longevity of renewable energy, one factor significantly influencing the lifespan of floating solar farms is anchoring and mooring systems. Indeed, anchoring is essential to ensure the stability and integrity of structures for over 25 years , withstanding environmental stresses such as wind, waves, and currents.
At Ciel & Terre, a team of over 20 engineers specializing in anchoring has been established to drive an R&D policy focused on designing innovative and high-performance solutions. For each project, local engineers design a customized mooring system tailored to site conditions—whether bank anchoring or bottom anchoring, as needed.
To date, the company is the only global player with such expertise, covering everything from design and engineering to installation and maintenance of anchoring systems.
Key Projects Around the World
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Impact
Project owners
Pioneer and leader in the floating solar market
Ciel & Terre is a historic French player in the photovoltaic sector (leader in floating solar), founded in 2006. Since 2011, the company has become the market leader in floating solar by creating and patenting its own technology: Hydrelio®.
Floating solar is a direct response to the lack of space and land-use conflicts. While ground-mounted solar also provides clean energy, it can have an environmental impact on the land it occupies. That is why their viable, robust, and cost-effective solution offers many advantages over traditional solar. Hydrelio® is a proven and easy-to-install floating system that adapts to various bodies of water, such as hydroelectric dams, water treatment reservoirs, or irrigation sites.
This technology is now deployed in 30 countries, with over 340 floating solar projects completed. Since its inception, Ciel & Terre has completed over 1.4 GWc of solar projects.
A globally influential player
Founded in France, Ciel & Terre has been expanding since its creation by continuously entering new markets. Today, it offers diverse floating solar solutions to meet all needs and territories.
The group is primarily structured into 2 subsidiaries: Laketricity, the group’s development subsidiary, and Attakama, the asset holding and management subsidiary.
The company operates in 30 countries , with 8 offices in Europe, the Americas, and Asia, and employs over 200 staff.
The management team
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
The offering aims to finance the development of a large portfolio of projects located in France, Italy, the United States, and Japan. Part of the portfolio is at an early stage of development, and there remains a risk regarding grid connection, regulatory approvals, and the profitability of the projects’ business plans. Ciel & Terre is a company specializing in floating photovoltaic technology. The company has a track record of over 1.4 GWp of completed solar projects since its inception, utilizing proprietary technologies developed in-house. An LTV ratio has been contractually agreed upon and will enable monitoring of the valuation of the financed portfolio.
Refinancing risk
Credit risk related to the company's ability to refinance and meet its debt obligations.
Mitigation methods
The refinancing of the debt contributed by Total Energies Invest will be possible through several options: (1) additional bond issuances with Total Energies Invest or other investors, (2) drawing on the RCF (Revolving Credit Facility), (3) refinancing through equity. The Ciel & Terre group currently has an RCF at the CTI level that could be renewed to increase cash deployment capacity. Noria and BPI are shareholders with substantial financial resources who, if necessary, can provide the cash required to refinance the Attakama portfolio.
Operating risks
Risk related to an activity that depends on a limited number of key persons responsible for carrying out the planned strategy. The risk is that one of these key persons leaves the project.
Mitigation methods
Terre & Ciel is a long-standing player in the French photovoltaic sector, specializing in floating solar. The company has a solid track record of developed projects (over 1.4 GWp) and a substantial pipeline of ongoing projects (over 800 MWp). The company is financially backed by investment funds with substantial financial resources: Noria Invest and BPI
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.
