MCEL ENERGY — Arrow Portfolio T3 (Tranche 3) — 8.0%/an · 48 mois

Plateforme · 23.0/25

A1 · Statut réglementaire 8.0/8✓ max

agrément AMF licence AMF currently valid, fonds propres-2022-2 licence verified
Maximum score

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 · 36.0/75 (41.0 brut, red flags −5)

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) MCEL NOVA SPARK, French law, well documented

B1.3: 1/2 - Senior ranking on issuer, but no registered mortgage; pledge of securities not subordinated to identified senior debt

B2 · Opérateur & Track record 6.0/15faible

B2.1: 4/4 - Maarten DE HAAS (CEO) and Nicolas DOUCHET (CFO) appointed, verifiable LinkedIn profiles

B2.2: 2/5 - Real renewable energy experience (Sunrock, VSB) but MCEL created May 2025, 0 MW connected

B2.3: 0/3 - First transaction, no history on Enerfip or other platform

B2.4: 0/3 - Company created 2025, negative equity (-330K€), zero revenue, procedure impossible to verify

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 6/9 - Pledge of 100% of MCEL NOVA SPARK securities registered; no mortgage on underlying assets

B3.2: 1/4 - Guarantor MCEL ENERGY: negative equity (-330K€), company with no revenue founded 2025, very limited creditworthiness

B3.3: 0/2 - Senior debt Banque Populaire Grand Ouest mentioned but not yet approved at dossier date

B4 · Structure financière 6.0/15faible

B4.1: 4/5 - Project IRR not explicitly calculated but CRE tariffs secured 20 years (104-131€/MWh), PPA/regulated tariff signed, CAPEX 1.33€/W reasonable

B4.2: 2/4 - Equity 25% (2.035M€ out of 8.007M€ total CAPEX), including 1M€ quasi-equity operator

B4.3: 0/4 - No documented stress test, Loan-to-Cost (ratio prêt/coût total)/Loan-to-Value (ratio prêt/valeur actif) not calculated

B4.4: 0/2 - Business plan P90 shows negative net result ex-CCA (-326K€), revenue not yet generated

B5 · Pré-commercialisation 8.0/10bon

4 RTB projects (including 2 CRE award-winners with 20-year guaranteed tariffs at 104-105€/MWh), 1 project in operation (Petit-Renard)
Permits obtained, no appeals reported
S21 tariffs secured on 2 other projects
CRD connection OK on 5/6 projects
Purged permit level to be confirmed before acquisition

B6 · Permis & Maturité 4.0/5bon

Permits obtained on 5 RTB/operating projects, CRD OK, no appeals reported at date
Non-appeal certificates TBC at dossier date
Project no.6 (DEV): permit filed but E/A NOK
Acquisition planned post-purge
Score: 4/5

B7 · Marché & Localisation 2.0/3

French renewable energy market in growth (market trend: rising), CRE tariffs secured, demand stable
Projects in Pays de la Loire (department 72), established market
No premium location but contracted tariffs reduce market exposure

Points forts

✓CRE purchase tariffs secured 20 years (104-115€/MWh) on 4 projects, contracted revenue.

✓Permits obtained on 5/6 projects, no appeals reported, CRD confirmed.

✓Portfolio developed by Trinasolar, recognised sector player.

✓CEO Maarten DE HAAS: >100 MWc developed at Sunrock France/Belgium.

✓Pledge of 100% of MCEL NOVA SPARK securities documented in dossier.

Risques identifiés

!Company MCEL ENERGY founded May 2025, with no operating history or revenue.

!Negative equity (-330K€) of sponsor company at end 2025.

!Senior financing Banque Populaire not yet approved; risk of non-release blocking construction.

!Repayment strategy relies on project sale or new mezzanine debt. uncertain over 4 years.

!Project no.6 (2 MWc DEV) without confirmed connection or purged permit, included in scope.