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Participate in French energy sovereignty by investing in the manufacturing of made-in-France solar power!
A major breakthrough in the world of renewable energies: France is relaunching its 100% European photovoltaic panel production sector on its territory! A genuine challenge for sustainable transition, but also for the economic and energy sovereignty of the Hexagon.
Enerfip invites you to participate in this innovative fundraising campaign by investing in a bond issue at the level of the company TELI to increase the capital of the company CARBON, which has a twofold objective:
- The continuation of preparatory work for the giga-factory in Fos-sur-Mer, for which the building permit was obtained in January 2025 and whose commissioning is scheduled for the end of 2027;
- The establishment of CARBON ONE, an assembly plant of 500 MW located in the Aix-Marseille metropolitan area, operational by mid-2026, which will allow the production of 1 million photovoltaic panels each year!
CARBON is a French company that aims to become a European leader in the photovoltaic industry by building the largest solar panel manufacturing plant in France!
This plant of over 250,000 m² will ensure the entire value chain of panel production with a production capacity of nearly 3.5 GWc/year, including 5 GWc of cells. The goal is to strengthen Europe’s energy independence and promote French reindustrialization by creating 3,000 direct and sustainable jobs. The giga-factory in Fos-sur-Mer will ultimately significantly decarbonize our economy by avoiding the emission of nearly 4 million tons of equivalent CO2 each year.
Read our blog article: The future of photovoltaics is in France with CARBON!
The offer
Why invest?
TELI is a company specifically created to finance CARBON SAS.
Its financing relies on two main sources:
- On the one hand, contributions from existing shareholders and new investors through successive capital increases;
- On the other hand, bond loans.
In case of successful fundraising, TELI will benefit from a bond financing of 2.5 million euros via Enerfip and also more than one million euros from various actors in the photovoltaic sector who have also decided to support CARBON. You will find below the list of independent operators / consulting firms: CVE Group, IEL, Irisolaris, Langa International, Provence Eco Energie, Sépale, Silversun, Synapsun, Technique Solaire, Tenergie, Terre et Lac and Wwise. This “club-deal” can be expanded if necessary and other actors have already positioned themselves for the time being.
TELI has already invested more than 10 million euros in the CARBON project, the majority of which comes from its shareholder Libre Soleil, itself owned by Mr. Pierre-Emmanuel MARTIN.
This fundraising is an opportunity to actively contribute to the reindustrialization of the French solar sector. By participating in this fundraising, each investor directly contributes to the industrial renaissance of photovoltaics in France, by supporting the development of local, sovereign, and sustainable production of solar panels.
These funds will be fully allocated to TELI’s participation in the Series A fundraising of CARBON.
Participate in the reindustrialization of the solar industry
Europe is at a key turning point in its energy independence, it has decided on a program; the NZIA (Net Zero Industry Act), a major initiative of the European Union aimed at supporting the ecological transition and strengthening industrial competitiveness in a world undergoing climate change. This protective European framework promotes the use of solar panels manufactured in France or Europe, with the aim of achieving 40% of renewable energy equipment of European origin by 2030.
France has stated that it wants gigafactories!
Indeed, as it recalled in November 2024 as part of the objectives set by the PPE n°3 (Multiannual Energy Programming):
“France is relying on the establishment of several gigafactories on its territory, which should make it possible to produce up to 10 GW of components on various strategic links in the value chain by 2030 (3 to 5 GW on the silicon value chain, 5 to 10 GW of ingots & wafers, 5 to 10 GW of battery cells, 3 to 5 GW of solar glass, 3 GW of inverters).”
The CARBON project therefore perfectly fits into the new directives of the European Union and constitutes the most advanced and integrated project at the national level. CARBON, through its gigafactory, its pilot assembly line in Aix-Marseille CARBON ONE and its research center CARBON lab, aims for a strong position in the French market and then the European market.
The reindustrialization of France is not just a challenge, but a strategic necessity. CARBON aims to restore the prestige of the French industry, by contributing to restoring national energy sovereignty, while responding to current economic and climate challenges.
Through this participatory financing campaign, Enerfip and TELI wish to associate citizens with their energy sovereignty and enable them to participate in the competitiveness of the French industry in terms of renewable energy production.
The expected popular momentum would also demonstrate, on the one hand, the willingness of the French to support strong initiatives like the one proposed and, on the other hand, their desire to participate in the decarbonization of the French economy.
Guarantee/Seniority
The project is eligible for the PEA-PME.
Investors benefit from a first-rank pledge on 15% of TELI’s shares, granted by the main shareholder Libre Soleil. The obligations of Enerfip’s investors will be on the same level as those of the sector’s actors who will have to invest 1 million euros in bonds at the level of TELI.
Repayment Strategy
The payment of annual interest will be ensured either by new capital increases at the level of TELI, or by a contribution in current account by Libre Soleil.
Regarding the repayment of the principal, several solutions are envisaged: (i) a capital increase subscribed by Libre Soleil, (ii) the sale of part of CARBON’s shares, or (iii) refinancing by a debt secured on TELI’s shares in CARBON, whose valuation over a 5-year horizon is estimated between 150 and 350 million euros.
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
CARBON - Obligation 8.5%/year over 4+1 years - PEA-PME
Simulation - Rate : 8.5% / year on 5 ans
Initial investment:
€1,000
Repayments and interest:
€1,425
In 5 transfers
| Date | Interest* | Capital | Amount |
| 27/04/2026 | €85 | €0 | €85 |
| 27/04/2027 | €85 | €0 | €85 |
| 27/04/2028 | €85 | €0 | €85 |
| 27/04/2029 | €85 | €0 | €85 |
| 27/04/2030 | €85 | €1,000 | €1,085 |
| Total | €425 | €1,000 | €1,425 |
*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
Iconic Solar Production Sites Made in France!
The Giga-factory in Fos-sur-Mer
Spanning the equivalent of nearly 30 football fields (a 45-hectare site with 290,000 m² of industrial installations and 60,000 m² preserved for biodiversity), this giga-factory aims to reinvent photovoltaic production in France. Through complete vertical integration, it will bring together all the stages of solar panel manufacturing on a single site, ensuring optimal quality, cost reduction, and minimized carbon footprint. A forward-looking industrial model designed to restore Europe’s energy sovereignty.
CARBON ONE: The Aix-Marseille Assembly Plant (to be commissioned mid-2026)
CARBON ONE, a true accelerator for the CARBON project:
👉 Industrial Accelerator: CARBON ONE will be a pilot unit, essential for any industrial project of this scale, to test, validate, and optimize production processes (automation, robotics, digitalization…).
👉 Commercial Accelerator: It will meet the increasing demand for Made in France photovoltaic panels, driven by the evolving regulatory framework and the recent signing of the Solar Pact.
👉 Ecosystem Accelerator: CARBON ONE will foster CARBON’s integration into its ecosystem by enabling long-term partnerships with suppliers (raw materials and equipment), R&D centers, etc.
The CARBON LAB: Investment in Innovation (starting 2026)
Innovation is in CARBON’s DNA, which will invest at least 3% of its turnover in research and development, as exemplified by the CARBON LAB.
Located in Istres, on a former Areva site of 16 hectares, this research center focuses on several areas:
- Improving photovoltaic cells with more efficient and sustainable technologies.
- Optimizing industrial processes through artificial intelligence and automation.
- Eco-design, to develop more recyclable panels with a reduced carbon footprint.
- Developing new materials to increase the lifespan and performance of panels.
CARBON collaborates closely with European research institutes such as CEA-Liten, INES, and ISC Konstanz to stay at the forefront of innovation.
Context of the Photovoltaic Production Sector
For two decades, Europe has allowed its photovoltaic production capacity to decline, creating a dependence on China, which now holds a near-monopoly on the sector. Yet, in 2002, France produced nearly twice as much as China. Faced with this situation, CARBON is committed to relocating this strategic industry by developing a state-of-the-art gigafactory. This project aims to reduce imports, strengthen European energy independence, and create hundreds of skilled jobs while accelerating the ecological transition.
Photovoltaic energy has become the most deployed energy source in the world. Its market, which was worth 150 billion euros in 2021, is expected to make solar the world’s leading energy source by 2050. Europe is following this trend with massive growth potential: in 2021, 29 GW of new capacities were installed, a figure that should reach 50 to 70 GW per year by 2025.
To meet this demand, CARBON plans to transform its site into a gigafactory by 2026-2027, with a capacity of 5 GW for photovoltaic cells and 3.5 GW for modules. This cutting-edge infrastructure will enable the production of “Made in France” solar panels, boost the residential solar market, and create around 3,000 jobs. Beyond production, this project is part of a comprehensive industrial strategy aimed at strengthening European competitiveness and positioning CARBON as a key player in innovation and energy sovereignty in Europe.
Project owners
DNA:
Europe is facing the challenge of decarbonizing its economy and the issue of energy sovereignty. In this context, CARBON, a French initiative with a European dimension that relies on an unprecedented alliance of entrepreneurs, industrialists, and solar energy experts, aims to participate in the sustainable reindustrialization of France and Europe by building a large-scale industrial solution for the solar sector.
Their project? To develop in Europe, and particularly in France, an industry that integrates the core of the value chain to produce and market on a large scale competitive, reliable, durable, high-yield, and ultra-low-carbon wafers, cells, and photovoltaic modules.
Key Figures:
- 200 direct jobs by 2026 on CARBON ONE
- 3,000 direct jobs by 2027-2028 on the GIGA-FACILITY and CARBON LAB
- 5 GW of cell production capacity by 2027
- TOP 10 of global manufacturers by 2030 TBC
100% European manufacturing of high-performance, reliable, and innovative products
By 2026, CARBON will manufacture and market competitive, reliable, durable, high-yield, and ultra-low-carbon photovoltaic products.
Team:
CARBON brings together an international team of entrepreneurs, industrialists, engineers, researchers, consultants, and solar sector experts, convinced of the necessity of the energy transition to meet the climate challenge, determined to create local jobs by contributing to the reconstruction of an entire industrial sector.
Our analysis
A word from the analyst
Check out our blog article right away: Why Invest in Photovoltaics?
Did you know?
How is a solar panel made? Mostly manufactured in China, solar panels are composed of silicon. What is it? It is the second most abundant element on Earth, after Oxygen. It is notably found as the main component of sand and quartz. To make a solar panel, follow these steps:
- reduction, which brings the mixture of raw material to a very high temperature (around 3,000 degrees Celsius) before being purified to 99.9%;
- once solar silicon is obtained, in the form of crystals, it is cut into ingots;
- cut into slices 200 microns thick, the ingots become wafers;
- they are then chemically treated to not reflect the sun and to increase the amount of light absorbed;
- phosphorus is added at very high temperature on the front face of the panel;
- then an electrical circuit is printed on the surface of the wafer to collect and transfer the electrical current produced;
- the final step in manufacturing a photovoltaic panel is to connect the cells, solder them, encapsulate them between a glass plate and a polymer layer to create the panel.
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.
