Smart Energy Ayamonte — 8.0%/an · 36 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 · 50.0/75

B1 · Instrument & Structure 9.0/10bon

B1.1: 5/5 - Simple obligation fixed rate Spanish law clear

B1.2: 3/3 - Dedicated société dédiée (SPV) Avangreen CEL SAU, distinct issuer sponsor

B1.3: 1/2 - Senior ranking claimed, pledges registered but no first-ranking mortgage registered

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - Manuel Gómez Gutiérrez appointed CEO, LinkedIn identifiable, UBO documented

B2.2: 4/5 - 18 years renewable energy experience, 18 countries, 350 MWp in development; MWp connected not specified

B2.3: 1/3 - Ceuta operation ongoing without repayment to date

B2.4: 1/3 - 2023-2025 balance sheets available, DFN/EBITDA 4.76x tight; judicial verification incomplete

B3 · Garanties & Sûretés 8.0/15

B3.1: 6/9 - Pledge 100% Avangreen CEL SAU shares + pledge EPC receivables rights + pledge bank accounts; notarially registered

B3.2: 1/4 - Sponsor fonds propres not detailed precisely, gearing not calculable, partial information

B3.3: 0/2 - No bank partner identified on project <2M€, RF2 not triggered

B4 · Structure financière 9.0/15

B4.1: 4/5 - PPA signed 20 years Ayamonte municipality 120 EUR/MWh, long-term regulated tariff; IRR not specified but contracted revenues solid

B4.2: 0/4 - Operator equity not mentioned (N/A in FICI), financing 78% by crowd

B4.3: 3/4 - Long-term PPA covers repayment; stress test not formalised but public contract secures

B4.4: 2/2 - PPA 20 years public authority, taux de couverture de la dette structurally >1.5 with contracted revenues

B5 · Pré-commercialisation 8.0/10bon

B6 · Permis & Maturité 5.0/5✓ max

Ready-to-Build status achieved January 2026, 1.466 MWc on 12 authorised rooftops, grid connection confirmed
All permits obtained and cleared, construction phase started

B7 · Marché & Localisation 2.0/3

Score adjusted thanks to live data: Spanish renewable energy market in strong growth, Andalusia strategic zone, long-term public authority PPA
Established market, minor regulatory risks
No premium renewable energy market France → 2 pts

Points forts

✓20-year PPA with Ayamonte municipality (public authority) at 120 EUR/MWh secured

✓Ready-to-Build status achieved January 2026, permits obtained on 12 rooftops

✓Triple pledge notarially registered in Spanish register

✓Avangreen 18 years renewable energy experience in 18 countries, established operator

✓Enerfip platform leading renewable energy France, zero default, PSFP AMF licence

Risques identifiés

!Sponsor DFN/EBITDA at 4.76x in 2025, high financial leverage on holding

!Operator equity not committed in this project (declared N/A)

!Previous Ceuta operation (3.5M€) without any repayment to date

!MWp effectively connected and in operation not documented in file

!Project in Spain, regulatory risk change in renewable energy royal decrees