Europa Solar — Solar Ambition CF3 SAS — 9.0%/an · 36 mois

Plateforme · 21.0/25

A1 · Statut réglementaire 8.0/8✓ max

Enerfip holds AMF licence agrément AMF fonds propres-2022-2 currently valid (verified against AMF register)

A2 · Track Record 6.0/6✓ max

Score adjusted based on live data: default rate 0.0%, delay rate 0.5%, target IRR consistent with announcements
Exceptional ENR history → 6/6

A3 · Rigueur de sélection 3.0/4bon

Selection process documented with internal committee and technical/financial analysis
Selection rate not published

A4 · Santé financière 3.0/4bon

Score adjusted based on live data: platform profitable (€773K profit 2024), >7 years existence, healthy growth €700M+ financed, no distress signal
Lumo acquisition 2025 strengthens position

A5 · Protection investisseurs 1.0/3faible

4-day cooling-off period mandatory for agrément AMF (1 point minimum)
No secondary market mentioned
Segregated accounts not documented

Projet · 36.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligations fixed rate French law

B1.2: 2/3 - Dedicated société dédiée (SPV) Solar Ambition CF3 SAS, capital €1,000, light structure

B1.3: 1/2 - Senior declared, no known senior debt, pledge not registered as mortgage

B2 · Opérateur & Track record 7.0/15faible

B2.1: 2/4 - Thierry Dumas-Lairolle appointed company officer, limited accessible public information

B2.2: 4/5 - Solar Ambition Europe GmbH Group, 112 MWc in development, positive EBITDA

B2.3: 0/3 - First operation on Enerfip

B2.4: 1/3 - Newly registered société dédiée (SPV), parent company financial statements partial, limited judicial verification

B3 · Garanties & Sûretés 6.0/15faible

B3.1: 6/9 - First ranking pledge on shares in Arandano Desarrollos S.L. (Spanish law), registered in Madrid commercial register

B3.2: 1/4 - société dédiée (SPV) capital €1,000, parent holding balance sheet €8.3M but debt 73%, limited equity

B3.3: 0/2 - No banking partner mentioned, project <€2M no RF2

B4 · Structure financière 6.0/15faible

B4.1: 2/5 - Project IRR not communicated, projects under construction without documented signed PPA

B4.2: 0/4 - Equity committed N/A, société dédiée (SPV) capital €1,000

B4.3: 2/4 - No stress test, but growing renewable energy market partially compensates

B4.4: 2/2 - Holding positive EBITDA (€898K), debt ratio 73% stable

B5 · Pré-commercialisation 4.0/10faible

Construction/development phase multi-country, no documented signed PPA
Permits and grid connections not confirmed in file
BESS projects Italy and solar Spain/Germany in progress

B6 · Permis & Maturité 3.0/5

Projects in development/construction phase
Permits not definitively obtained documented in file
Third party challenge risks and grid connection risks explicitly mentioned

B7 · Marché & Localisation 2.0/3

European renewable energy market in strong growth (1,418 MW grid-connected Q1 2026 France)
Module prices rising
Documented negative electricity price risk off-peak hours: established market

Points forts

✓Simple senior obligations with first ranking pledge on Spanish subsidiary shares registered.

✓Enerfip platform licensed by AMF PSFP, zero historical default on renewable energy.

✓Solar Ambition Europe GmbH Group with positive EBITDA and 112 MWc in pipeline.

✓European renewable energy market in strong structural growth.

✓Rate 9% per annum within norm for ENERGY class with real guarantee.

Risques identifiés

!Issuer SPV capital €1,000, without documented equity committed in project.

!No PPA or electricity sales contract mentioned as signed in file.

!Building permits not definitively obtained, challenge risks and grid connection delays explicitly stated.

!Multi-country projects (Spain, Italy, Germany) complicating monitoring and remedies in case of default.

!Negative electricity prices observed (90% of days April 2026) weigh on future project profitability.

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