H2Green La Isla — 11.0%/an · 48 mois

Plateforme · 23.0/25

A1 · Statut réglementaire 8.0/8✓ max

A2 · Track Record 6.0/6✓ max

Default rate 0.00% → 6/6
Delay rate 0.32% (<5%) → 6/6
Average realised return 7.95% compliant with announced renewable energy range (5-9%) → 6/6
A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6

A3 · Rigueur de sélection 3.0/4bon

Documented selection process (published risk score 2/5, internal committee), but overall selection rate not explicitly published
Leading renewable energy platform in France since 2014, 537 projects financed

A4 · Santé financière 3.0/4bon

Independent profitable platform (net income approximately 600K€ 2022), more than 10 years in existence, 30-50 employees, consistent growth
Acquisition of Lumo end of 2025
No listed institutional shareholder → 3 points vs 4 points for group subsidiary

A5 · Protection investisseurs 3.0/3✓ max

agrément AMF licence → reflection period 4 days plus mandatory continuity plan (1 point)
Segregated accounts required by agrément AMF status (1 point)
Enerdeal secondary market operational since 2023 (1 point)

Projet · 42.0/75

B1 · Instrument & Structure 8.0/10bon

B1.1: 5/5 - Simple obligation fixed rate, recognised EU Spanish law

B1.2: 2/3 - Direct loan from dedicated société dédiée (SPV) issuer H2Green La Isla SL, Spanish law

B1.3: 1/2 - Senior ranking claimed, no registered mortgage, no known senior debt

B2 · Opérateur & Track record 8.0/15

B2.1: 3/4 - Eduardo Almagro Blanco appointed, CVs in appendix, LinkedIn not verified here

B2.2: 2/5 - SailH2 green H2 developer, small scale projects executed, phase 1 operational, but limited track record

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

B2.4: 3/3 - No collective insolvency proceeding identified, 2025 balance sheet: gearing 2.23x, improving

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge 100% of shares in H2Green La Isla SL registered in Spanish registry, conditional on maximum amount raised

B3.2: 1/4 - société dédiée (SPV) issuer: total assets 13.4M€, equity ~5.5M€ (equity ratio 40.7%), gearing 2.23x, taux de couverture de la dette 0.95x

B3.3: 0/2 - No identified banking partner, project <2M€ first tranche

B4 · Structure financière 7.0/15faible

B4.1: 3/5 - H2 sales agreement signed (phase 1), IRR not explicitly communicated, partial PPA

B4.2: 0/4 - Operator equity contribution in project not documented (NA in file)

B4.3: 2/4 - No stress test; phase 1 operational structurally reduces risk

B4.4: 2/2 - EBITDA 184K€ in 2025, gross margin 13.1%, positive trend

B5 · Pré-commercialisation 6.0/10

B6 · Permis & Maturité 3.0/5

B7 · Marché & Localisation 2.0/3

Score adjusted thanks to live data: Seville/Andalusia, Spanish renewable energy market in strong growth, EU 2024 green H2 regulatory framework favourable
Green H2 market still relatively immature (noted in file), but rising trend confirmed by live data

Points forts

✓Phase 1 of site operational with signed H2 sales agreement.

✓Public MOEVES II subsidy obtained, project of regional strategic interest.

✓Pledge 100% of issuer shares notarised and registered in Spain.

✓European regulatory framework (RED III, EU directive 2024/1788) highly favourable to green H2.

✓Enerfip platform leader renewable energy France, zero historical default, licensed PSFP.

Risques identifiés

!Issuer DSCR 0.95x in 2024-2025: insufficient cash flows to cover current debt service.

!Green hydrogen market still relatively immature: strong sensitivity to H2 sales in 2027.

!Operator equity contribution in project not documented (NA in file).

!Pledge conditional on maximum amount being raised: not constituted if target not reached.

!Yield 11% per annum above renewable energy standard (5-9%): verify that guarantees compensate.