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Au programme du sixième épisode d'Insid’ER Talks : la vision marché de Mathieu Lassagne, CEO et fondateur de Ze Energy, qui voit les batteries comme « l'assurance vie du solaire ». 

Ancien directeur général délégué du développeur photovoltaïque Solairedirect, Mathieu a fondé Ze Energy, un producteur indépendant d’énergie renouvelable spécialisé dans les projets d'hybridation stockage / solaire photovoltaïque. 

Parmi les particularités de cette startup : le développement d'une hybridation dite « virtuelle », avec une gestion au niveau du portefeuille d'actifs solaires et de stockage situés à des endroits différents.

Voir l'épisode

Longtemps perçu comme un solaire plus complexe et plus risqué, l’agrivoltaïsme entre aujourd’hui dans une nouvelle phase de maturité. À la croisée des enjeux agricoles, territoriaux et financiers, il impose une lecture renouvelée du risque et de la valeur des projets. Regards croisés de Xavier Daval, fondateur de kiloWattsol et Tevali Partners.

Est-il pertinent de comparer l’agrivoltaïsme au photovoltaïque au sol classique ?

Le réflexe naturel, lorsqu’on aborde l’agrivoltaïsme, consiste à le comparer au photovoltaïque au sol classique. La question revient systématiquement : une solution plus complexe n’est-elle pas nécessairement plus coûteuse ? Du point de vue strictement technique, la réponse est évidente. Une infrastructure intégrant des contraintes agricoles, des hauteurs de structure, des espacements spécifiques et une co-activité permanente ne peut pas être comparée à une centrale photovoltaïque standard optimisée uniquement pour la production électrique. Mais ce débat n’a, en réalité, que peu d’objet. Le photovoltaïque au sol et l’agrivoltaïsme ne sont pas deux modèles concurrents. Ils répondent à des logiques de développement différentes et, surtout, n’adressent plus les mêmes gisements fonciers. En France, le photovoltaïque au sol classique est désormais cantonné à un nombre limité de sites compatibles, dans un cadre réglementaire fortement contraint. L’agrivoltaïsme, à l’inverse, s’inscrit dans une dynamique d’ouverture : il permet d’accéder à des territoires agricoles jusque-là inaccessibles à la production photovoltaïque, à condition de démontrer une réelle valeur d’usage pour l’agriculture.

Quel est l'intérêt de l'agrivoltaïsme dans un marché photovoltaïque déjà développé ?

La vraie question n’est pas de savoir lequel des deux modèles (agrivoltaïsme et photovoltaïque au sol) est le plus rentable à périmètre égal, mais de comprendre comment l’agrivoltaïsme permet de réintroduire du volume solaire là où le photovoltaïque classique ne peut plus se développer. C’est à cette échelle que le raisonnement prend tout son sens, tant du point de vue technique que financier. Dans un pays comme la France, le plus vaste territoire d’Europe, cette distinction est fondamentale. L’agrivoltaïsme concerne potentiellement plus de la moitié du territoire national, là où le photovoltaïque au sol classique se heurte à des plafonds structurels. Cette différence d’échelle modifie profondément la lecture du marché. L’agrivoltaïsme ne vise pas à remplacer le photovoltaïque existant, mais à ouvrir un nouveau champ de développement, fondé sur la cohabitation entre production agricole et production énergétique. 

L’agrivoltaïsme apporte-t-il une réelle valeur pour les usages agricoles ?

Si l’agrivoltaïsme a été long à émerger, c’est aussi parce qu’il s’est développé dans un monde agricole déjà sous pression. Face à l’accumulation des contraintes économiques, climatiques et réglementaires, la prudence a longtemps prévalu. Cette réaction s’est traduite par une grande diversité de positions locales. Les Chambres d’agriculture ont chacune élaboré leurs propres chartes, souvent restrictives, parfois excessivement, par crainte de voir l’agriculture devenir un simple prétexte au développement énergétique. Cette phase de protection était compréhensible, mais elle a également contribué à figer des cadres peu connectés aux réalités du terrain.

Sur le terrain, de nombreux projets ont démontré que l’agrivoltaïsme pouvait répondre à des besoins agricoles concrets. Protection contre le stress hydrique, amélioration du confort animal, sécurisation des rendements face aux aléas climatiques, autant de situations où les solutions d’ombrage prennent tout leur sens, en particulier dans les zones à fort ensoleillement. Plus le gisement solaire est élevé, plus la valeur agronomique de l’ombrage est forte, et plus l’équilibre entre production agricole et production électrique devient pertinent. L’agrivoltaïsme ne dégrade pas un gisement, il permet d’en révéler l’usage là où le photovoltaïque classique était exclu.

Quelle est votre analyse des coûts de l’agrivoltaïsme ?

Cette logique de volume a également des conséquences économiques directes. Contrairement à une idée répandue, l’agrivoltaïsme ne conduit pas mécaniquement à une inflation des loyers agricoles. Lorsque l’accès au foncier cesse d’être dicté par la rareté, les équilibres se réajustent. Les loyers se stabilisent à des niveaux soutenables, cohérents avec une exploitation agricole maintenue et une reproduction des modèles à grande échelle. Les ordres de grandeur observés ne sont plus ceux d’un marché sous tension, mais ceux d’un marché qui commence à se normaliser. Les surcoûts techniques souvent associés à l’agrivoltaïsme doivent être analysés dans cette trajectoire. Ils reflètent en grande partie un marché encore jeune, où de nombreuses solutions sont issues de phases pilotes ou de prototypes. À mesure que les volumes augmentent, les architectures se standardisent, les composants deviennent des blocs industriels et les chaînes de valeur s’organisent. Cette dynamique est classique dans le secteur énergétique. Elle conduit à une baisse progressive des coûts unitaires, à une meilleure maîtrise de l’exploitation et à une bancabilité renforcée des solutions techniques. Du point de vue financier, cette évolution change profondément la lecture du risque. Un projet agrivoltaïque ne se valorise pas uniquement sur la base de paramètres économiques théoriques, mais sur sa capacité à aboutir. 

Quelles sont les étapes clés pour sécuriser le développement d’un projet agrivoltaïque ?

La phase de développement devient centrale, et avec elle le rôle des instances de qualification des projets. En France, la CDPENAF est désormais le véritable verrou du développement agrivoltaïque. Par sa composition, elle réunit à la fois le monde agricole, les acteurs du territoire et l’administration. Elle incarne une lecture collective du projet, ancrée dans les réalités locales. 

Un projet correctement développé, fondé sur un besoin agricole réel et une conception cohérente, est immédiatement reconnu par ses pairs. Lorsqu’un avis favorable est rendu, et plus encore lorsqu’il est unanime, il confère au projet une légitimité forte. L’administration, qui siège au sein de la commission, peut alors difficilement s’inscrire en contradiction lors de l’instruction du permis. Cette reconnaissance en amont réduit significativement le risque développement et améliore la visibilité sur les délais et l’aboutissement du projet. C’est à ce niveau que la lecture financière rejoint la lecture technique. Un projet agrivoltaïque ayant franchi positivement l’étape CDPENAF présente un profil de risque très différent d’un projet encore théorique, même si leur niveau d’avancement administratif semble comparable. Cette différence se reflète naturellement dans la valorisation des projets en développement, en particulier dans un contexte de transactions ou de structuration de portefeuilles.

Comment voyez-vous l'évolution du cadre réglementaire en France ?

L’agrivoltaïsme ne se construira pas par une doctrine nationale uniforme, mais par la multiplication de projets réussis, reconnus localement et reproductibles. Les cadres évolueront par capillarité, de département en département, à mesure que les retours d’expérience s’accumulent. À l’échelle du plus grand territoire d’Europe, cette dynamique locale constitue moins une faiblesse qu’un levier puissant de déploiement. L’enjeu n’est donc pas de comparer l’agrivoltaïsme à un photovoltaïque au sol devenu marginal, mais de comprendre comment il peut devenir un pilier durable de la transition énergétique française, en conciliant exigences agricoles, réalités territoriales et lisibilité économique pour les investisseurs.

→ Lire l'article complet et notre analyse marché sur LinkedIn.

As rooftop solar gains traction across the commercial and industrial (C&I) landscape, Independent Power Producers (IPPs) like GreenYellow are facing a growing set of structural and financial challenges. In a conversation with the company’s leadership, several key barriers and emerging solutions come to light.

What Are the Biggest Obstacles to Structuring C&I Solar Projects Today?

“One of the most pressing challenges in structuring C&I solar projects, according to GreenYellow, lies in the fragmented nature of the market. The diversity of counterparties is significant,” explains the company. “We serve a wide array of clients, from multinational industrials to local SMEs, each with its own risk profile, internal processes, and decision-making pace. This diversity makes deal structuring inherently complex and slows execution timelines”.

Regulatory hurdles compound the issue. Securing grid or client direct connections, obtaining permits, and navigating land use regulations are time-consuming and vary greatly from one project to another. In response, GreenYellow has vertically integrated much of the value chain, from project development to engineering, financing, and long-term operations — in a bid to retain control and streamline execution.

How Can You Structure Multi-Site or Multi-Model Portfolios in a Fragmented Market?

Faced with a highly fragmented client base and site distribution, GreenYellow is turning to portfolio aggregation to unlock scale. “The key is standardization,” the company explains. Even though each site has its own specificities, we make a constant effort to streamline and standardize our contractual framework, be it PPAs, EPCs, or O&M agreements, so that the portfolio remains transparent to lenders. “Over the years, GreenYellow has evolved from a photovoltaic developer into a full-fledged industrial player in energy solutions for its B2B clients.”

Behind the scenes, this requires robust legal and technical frameworks that can flexibly align bespoke project elements with a coherent investment narrative. Equally critical is the ability to mutualize operational risks and centralize performance monitoring across the portfolio. Project-by-project financing doesn’t scale, GreenYellow points out. We need platforms that allow us to structure and finance at the portfolio level.

What Makes a C&I Solar Project Bankable in Today’s Market?

So, what makes a C&I solar project bankable in today’s market? It starts with the off taker, says GreenYellow. We look closely at the client’s creditworthiness, and truthfully, the pool of investment-grade clients in this segment remains limited.

Beyond credit risk, contractual clarity is essential. Lenders demand well-balanced agreements with defined risk allocations, enforceable terms, and standardized templates wherever possible. Predictability of revenue, especially in self-consumption models, is another non-negotiable. “If consumption and production are well-matched, and the client is engaged for the long term, then we can start to build platforms that are truly scalable and financeable.”

In your view, which economic models are best suited to accelerate the deployment of rooftop PV?

Looking ahead, GreenYellow sees a clear shift away from the traditional CAPEX-heavy model. Few clients want to carry the upfront investment today. That’s why we’re seeing rapid growth in leasing, third-party financing, and energy-as-a-service models.

These approaches not only remove financial barriers but also make room for more sophisticated value-added services. We increasingly integrate battery storage, real-time monitoring, and advanced O&M into our offers, GreenYellow notes. It strengthens the technical fundamentals and enhances bankability.

As the company highlights, "Clients and Financial Partners value GreenYellow’s industrial capability to deliver on its promises in terms of cost, quality, timelines, and safety. Industrial Partnership, Expertise, and Trust are key differentiators that truly make the difference.".

Mechanisms like collective self-consumption (ACC) are also emerging as promising levers for growth — though the regulatory framework still needs to catch up to market ambition.

In the end, GreenYellow believes the future of rooftop solar in the C&I sector hinges on its ability to build portfolios that are standardized, scalable, and adapted to increasingly sophisticated clients. That’s where the market is heading — and so are we.

Solar Self-Consumption: Powering a Local and Citizen-Led Energy Future

Driven by soaring electricity prices and cheaper solar technology, self-consumption is gaining ground across France and Europe. Whether individual or collective, it’s shaping a more resilient, decentralized, and community-focused energy model.

A Rapidly Expanding Market in France and Across Europe

In France, nearly 680,000 self-consumption systems (individual and collective combined) were active at the end of 2024, up from fewer than 100,000 in 2020. Individual self-consumption (ACI) leads the way, with 325,939 installations recorded as of mid-2023, representing 1,629 MW of installed PV capacity, up +88% in just one year. Currently, around 45% of all PV installations in France are self-consuming, but only 3% are paired with storage batteries.

Meanwhile, collective self-consumption (ACC)—where several consumers share locally generated solar power—is gathering pace. From just 6 projects in 2018, France now counts 698 active collective operations (as of end-2024), involving over 5,500 participants, including 4,776 consumers and 727 producers. These remain relatively small-scale (an average of 2 producers and 11 consumers per project) and are largely driven by municipalities and social housing providers.

Across Europe, the momentum is equally strong. In Spain, over 540,000 new residential self-consumption systems were installed in 2023 following the repeal of the controversial “sun tax.” In Crevillent (30,000 residents), the “Comptem” initiative aims to meet 50% of the city’s energy needs via collective solar power by 2030. In Germany, where individual prosumers are widespread, a dedicated legal framework for ACC is now emerging, with studies suggesting that up to 35% of the country’s 2030 renewable goals could be met through local energy sharing.

Two Complementary Models with Distinct Advantages

Individual Self-Consumption (ACI)

ACI appeals due to its simplicity and direct economic benefits. A well-sized system can cover 20–50% of household needs, cutting energy bills by up to €800 per year. Property values often increase, and any surplus energy can be sold back to the grid under a 20-year feed-in tariff (EDF OA).

However, the model is still mainly accessible to homeowners with suitable rooftops, requiring an upfront investment of €6,000 to €10,000. Without battery storage (rare in France), energy is often produced at times when it’s not needed, reducing efficiency and revenue potential.

Collective Self-Consumption (ACC)

ACC allows multiple nearby users (e.g. apartment residents, public buildings, small businesses) to share solar energy from a single, larger installation. It increases economies of scale, improves overall self-consumption rates (often over 90%), and makes solar accessible to renters and non-owners.

Electricity is typically sold to participants at €0.12–0.14/kWh, undercutting retail tariffs (~€0.25/kWh), while producers earn more than they would via traditional feed-in schemes. However, ACC projects involve complex administrative setups, legal structures, and a high degree of coordination between participants. Their success hinges on technical compatibility, sound governance, and balanced energy profiles across the group.

A Maturing Business Model: From Subsidy to Market-Driven

Initially based on subsidized feed-in tariffs, the self-consumption model shifted after 2017 toward a “consume first, sell the rest” logic. The legal framework established in France (notably the 2017 law and the 2021 S21 tariff order) has created a stable and bankable foundation for both ACI and ACC.

Today’s ACI Landscape

Energy majors such as EDF, TotalEnergies, and Engie now offer turnkey solar kits, sometimes with leasing, roof rental, or plug-and-play DIY systems. Business models increasingly revolve around maximizing onsite consumption, while optional battery storage (getting cheaper) boosts performance.

ACC Comes of Age

For collective projects, the S21 decree allows surplus electricity to be sold to EDF OA at guaranteed rates, securing revenues. This hybrid model (local consumption + national resale) has attracted private investors, citizen co-ops, and startups (e.g. Enogrid, Urban Solar Energy). Recent reforms under the 2023 Renewable Energy Acceleration Law have simplified project development by expanding eligible zones (up to 20 km in rural areas) and raising power thresholds (up to 5 MW).

As a result, the model is becoming increasingly professionalized and investor-ready, with new actors supporting communities through project structuring, legal management, and technical operation.

Conclusion: Toward Energy Made by and for Consumers

By 2025, solar self-consumption has matured into a strategic energy pillar. With 680,000 installations and nearly 700 collective projects, France is no longer a latecomer—it’s setting the pace for decentralized, citizen-led energy production. The combination of economic viability, regulatory clarity, and public appetite for energy independence suggests strong continued growth.

Looking ahead, the challenge is to scale up. Mass adoption, smart grid integration, shared storage, and digital optimization will be key to unlocking the next phase: an energy system where citizens are not just consumers, but active producers, managers, and stakeholders.


→ Read our LinkedIn articles here.

Le septième épisode des Insid’ER Talks est désormais disponible. Au programme : le rôle des e-fuels dans la transition énergétique, de la production d’hydrogène à la fabrication de carburants de synthèse, et leur capacité à décarboner dès aujourd’hui les secteurs les plus émetteurs.

Antoine Huard, fondateur de Verso Energy, est notre invité pour cet épisode animé par Malena Reali.

Verso Energy développe des projets intégrés, de l’électricité renouvelable aux molécules bas carbone, avec une ambition claire : produire du méthanol et du kérosène de synthèse à partir d’hydrogène et de CO₂, en s’appuyant sur des infrastructures existantes et des écosystèmes industriels locaux.

Parmi les sujets abordés :
– Le passage de l’électron à la molécule
– Le potentiel des carburants de synthèse pour l’aérien et l’industrie
– Les projets en développement en France
– Les enjeux de financement et de sécurisation des modèles
– Les freins réglementaires et les délais de développement
– Le rôle de l’information dans le débat public

Un échange structurant sur un pilier encore émergent mais central de la transition énergétique. 

Voir l'épisode

The fifth episode of our podcast series Insid’ER Talks features a conversation with Michael Salomon, founder of Clean Horizon Consulting and a leading expert in the battery energy storage (BESS) sector. The episode is hosted by Malena Reali, Senior Analyst at Tevali Partners.

With battery storage emerging as a cornerstone of the energy transition, this conversation offers a comprehensive and accessible overview of the key dynamics shaping the market across Europe.

In this episode:

• An in-depth look at the evolution of battery storage technologies in Europe

• A breakdown of revenue models for BESS assets, including capacity markets, reserves, and arbitrage mechanisms

• Regional perspectives across key markets such as the UK, Germany, France, Spain, and others

• Insights into the role of public support, especially for stand-alone storage projects

• A discussion on recent fire incidents in lithium-ion systems and the implications for insurance and project development

Michael Salomon shares his unique perspective on the strategic role of BESS infrastructure and the challenges that come with its rapid expansion.

This episode is part of Insid’ER Talks, the podcast by Tevali Partners that explores the business and financial dimensions of the energy transition.

Voir l'épisode

Structuring Bankable C&I Solar Portfolios in France: Why Standardization is Key

At the Solarplaza Summit France – PV & Storage 2025, Tevali Partners had the opportunity to contribute to the conversation around one of the sector’s most pressing challenges: making Commercial & Industrial (C&I) solar projects bankable at scale.

During a roundtable moderated by Michael Tobelem, Founding Partner at Tevali, representatives from Crédit Agricole CIB, Helexia and GreenYellow discussed the financial structuring of distributed solar portfolios in a highly fragmented French market.

Fragmentation as Both Challenge and Opportunity

The diversity of the French C&I landscape — in project size, developer profiles, and contractual frameworks — presents a unique paradox. On one hand, this heterogeneity can help dilute risks when aggregating projects into larger portfolios. On the other hand, it makes credit analysis complex, slows deployment, and creates significant hurdles for lenders.

To overcome these barriers, the speakers emphasized the need for standardized contractual structures. Harmonizing PPAs, EPCs, and O&M agreements clarifies risk allocation, improves transparency, and allows for easier replication — all critical steps toward making C&I portfolios bankable.

Off-Taker Quality and Predictable Cash Flows

Another key point of consensus was the central role of the off-taker in securing financing. The financial solidity and creditworthiness of the counterparty remains a primary concern for banks. This is especially true in fragmented markets, where project-by-project assessment is impractical. In response, banks are increasingly favoring platform-based approaches that aggregate multiple assets and assess their viability based on global scoring, rather than on individual characteristics.

Such platforms must strike a delicate balance: they need to be standardized enough to ensure clarity and risk control, yet flexible enough to accommodate different project types and profiles.

The Rise of Hybrid Models

Finally, the panel discussed the growing importance of hybrid financing models and integrated services — including battery storage (BESS), automated consumption control, and energy efficiency features. These additions not only enhance the technical and operational profile of projects but also make them more attractive to financial institutions. Well-documented and structured portfolios can now access financing conditions approaching those of utility-scale assets.

Tevali Partners extends its thanks to Julie Tholliez, Mathieu Cambet, Fabian Eiglier, and Marjory Dupouy for their valuable contributions and the successful coordination of the session.

A few weeks ago, the entire Tevali Partners team gathered for our annual seminar at the Château des Mesnuls, hosted by Châteauform’. This “Sémin’air” was a moment to reconnect, recharge, and lay the groundwork for the months ahead.

Day 1 — Understanding Ourselves and Each Other

The first day was dedicated to collaboration and alignment. Following an opening message from the leadership team, the group took part in a series of team-building challenges and a Process Communication Model workshop led by Lyndia Lesauvage. This in-depth session gave us new tools to understand individual communication styles and strengthen team dynamics. The day ended with a lively evening featuring a team dinner, music, and a now-legendary Tevali Talent Show.

Day 2 — Moving, Laughing, Thinking

The second day began in a more relaxed spirit, with optional morning activities including tennis, swimming, and informal conversations. In the afternoon, the team came together for the “Tevaliades”, an internal round of Olympic-inspired games, before closing the seminar with a Climate Fresk workshop led by Marie-Céline Maréchal. The workshop was a valuable opportunity to collectively reflect on our environmental impact and long-term responsibilities.

This seminar was a unique moment to step back from our day-to-day activities, strengthen internal bonds, and realign our collective ambitions. We return with fresh energy and a reinforced sense of purpose to support our clients and advance the energy transition.

Tevali Partners is proud to have advised Vents du Nord Group on the structuring of an innovative €20 million development financing facility to support the group’s transformation into an Independent Power Producer (IPP). The financing, provided by CIC Private Debt, will secure the development of VDN’s pipeline of wind and solar projects across France, representing a total capacity of 465 MW.

The financing will allow VDN to fund key development activities including project development costs, working capital, corporate overhead, and early construction expenditures ahead of project-level senior debt financing. This structure also offers VDN the flexibility to either sell or retain projects for long-term ownership as they reach RTB status.

This transaction highlights Tevali Partners’ ability to deliver tailor-made, non-dilutive financing solutions for renewable energy developers, unlocking value from early-stage pipelines while preserving long-term strategic flexibility. This success is also a collective achievement, made possible by the valuable contributions of the following advisors who played a key role in this operation: Jeantet, Klein Wenner, Greensolver, and Finance Consult.

Steven Kassab and Hubert de Beaufort, respectively Partner and Senior Analyst at Tevali Partners, commented: "We are proud to have supported VDN in this strategic step of its transition to an IPP model. This innovative structure reflects our ability to design and execute flexible financing solutions adapted to the specific needs of mid-cap developers in the energy transition ecosystem."

Matthias Munninger and Quentin Ferret, respectively Head of Finance & Project Implementation and Senior Finance Manager at VDN: “We would like to thank Tevali for the very trustful and constructive cooperation! The successful completion of the development financing after months of intensive work underlines the confidence of the market and our lender CIC Private Debt in our high-quality and diversified pipeline, our excellent team and our IPP strategy.  This will enable us to focus intensively on the profitable further development of our pipeline in a challenging environment and the expansion of our IPP portfolio.”

This transaction further strengthens Tevali Partners’ position as a reference player for independent financial advisory in the European renewable energy sector, with a strong focus on mid-market developers and tailored financing strategies.

Advisors involved in this financing included:

Jeantet, drafting of credit documentation and lender’s legal advisor 
Klein Wenner, sponsor’s legal advisor
Klein Wenner, legal, tax, and regulatory auditor
Greensolver, technical advisor
Finance Consult, financial model auditor