Zilo Energie Acceleration (Zilo Energie Verte II) — 8.0%/an · 30 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 · 44.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) ZEV II, issuer distinct from operator, French law

B1.3: 1/2 - Senior rank claimed, no known senior debt at société dédiée (SPV), not formally registered

B2 · Opérateur & Track record 7.0/15faible

B2.1: 4/4 - Three founders named, functions specified, public profiles accessible

B2.2: 2/5 - Company created in 2023, <1 MWp connected at creation, 322 plants installed

B2.3: 1/3 - 1st operation on Enerfip partially repaid (ZEV1 ongoing, 0€ repaid)

B2.4: 0/3 - Gearing 3.47x, cumulative net losses, equity 318 k€ only

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge 100% ZEV II securities governed by Pono Technologies, registered

B3.2: 1/4 - Guarantor Zilo Energies fonds propres 318 k€, gearing 3.47x, operating losses

B3.3: 1/2 - BPI/BNP/CE debts identified on opco, no bank credit on société dédiée (SPV) ZEV II

B4 · Structure financière 8.0/15

B4.1: 3/5 - IRR not explicitly communicated; subscription model with contractualised revenues, no long-term PPA

B4.2: 2/4 - Equity contributed on ZEV1, ZEV2 contribution not quantified

B4.3: 2/4 - No formalised stress test, Loan-to-Cost (ratio prêt/coût total) low (<40% estimated asset cost)

B4.4: 1/2 - Post-financing taux de couverture de la dette not calculated, subscription revenues contractual but société dédiée (SPV) not operational

B5 · Pré-commercialisation 6.0/10

B6 · Permis & Maturité 4.0/5bon

Retail model (<36 kWc): no building permit required for individual rooftop installations
Network connection managed case by case by Enedis
Activity established for >2 years, sound legal structure, valid licences

B7 · Marché & Localisation 3.0/3✓ max

French RES market in strong growth (trend: rising)
Regulatory tailwind (self-consumption)
Innovative subscription model with no equivalent structured arrangement in France
Supply far below residential PV demand

Points forts

✓Enerfip platform leader in French RES, zero defaults, maximum A score.

✓Innovative solar subscription model, commercial traction +700% over one year.

✓First SPV ZEV1 on track, 320 plants installed, validating execution.

✓French residential RES market in strong structural growth.

✓Institutional support: BPI, BNP, Caisse d'Epargne, impact funds.

Risques identifiés

!Company created in 2023, very young, no repayments effected to date on ZEV1.

!Opco equity weak (318 k€), gearing 3.47x, recurring net losses.

!Repayment conditional on long-term SPV refinancing, liquidity risk.

!ZEV1 deployment delay (-34% in plant numbers vs initial projections).

!Growth projections (450%/year, €70m revenue 2029) highly ambitious, execution risk.