H2Green La Isla T2 — 11%/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 obligation fixed rate, recognised Spanish law EU

B1.2: 2/3 - Direct loan dedicated issuer H2Green La Isla SL, Spanish law

B1.3: 1/2 - Senior ranking claimed, pledge of partnership interests in progress conditional registration

B2 · Opérateur & Track record 7.0/15faible

B2.1: 3/4 - Eduardo Almagro Blanco appointed, CV in appendix, site sailh2.com identifiable but LinkedIn profile not confirmed

B2.2: 2/5 - SailH2 specialised green H2, small projects executed, no documented realisation >1 MWp connected

B2.3: 1/3 - 1st operation on Enerfip, other H2Green La Isla fundraising mentioned without repayment history

B2.4: 1/3 - taux de couverture de la dette 0.95x in 2025, current ratio 0.45x, gearing 2.23x; tight liquidity but no identified proceeding

B3 · Garanties & Sûretés 7.0/15faible

B3.1: 6/9 - First ranking pledge on 100% partnership interests H2Green La Isla SL, registered Spanish commercial register, conditional on maximum amount raised

B3.2: 1/4 - Issuer H2Green La Isla SL: very weak equity (<1M€ implicit), gearing 2.23x; limited guarantor solidity

B3.3: 0/2 - No bank partner identified in file on this project

B4 · Structure financière 6.0/15faible

B4.1: 3/5 - Project IRR not provided; MOEVES II subsidy obtained, hydrogen PPA signed mentioned but rate not specified → 3 pts by default

B4.2: 2/4 - Crowd finance 44% phase 2 CapEx; operator equity not quantified in file → 2 pts caution

B4.3: 0/4 - No stress test presented; taux de couverture de la dette 0.95x in 2025 insufficient

B4.4: 1/2 - EBITDA 2025 of 184K€ positive but taux de couverture de la dette <1.2; margin under construction

B5 · Pré-commercialisation 6.0/10

Hydrogen sales agreement signed mentioned (buyer not publicly named)
Phase 1 operational, solar panel 1.83 MWc active Q1 2026
Phase 2 building permit not documented as exhausted
Score 6/10: permit obtained + partial contractualised sales without full detail

B6 · Permis & Maturité 4.0/5bon

Phase 1 operational (solar plant connected Q1 2026, electrolyser in commissioning)
Phase 2 under construction with authorisation obtained; possible remedy periods → 4/5

B7 · Marché & Localisation 3.0/3✓ max

Spain RES market strong growth (CAGR 7.15% until 2030), electricity demand +2.7% in 2025
Green hydrogen supported by EU 2024 regulatory framework
Score adjusted thanks to live data: rising market confirmed → 3/3

Points forts

✓Enerfip platform leading renewable energy in France, PSFP licence, zero historical default.

✓Phase 1 operational: solar 1.83 MWc connected Q1 2026, hydrogen sales agreement signed.

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

✓Spanish green hydrogen market strong growth with EU regulatory support.

✓100% pledge of partnership interests registered at Spanish commercial register.

Risques identifiés

!DSCR 2025 of 0.95x and current ratio 0.45x: insufficient short term liquidity.

!Green hydrogen technology at MW scale: high technological and performance risk.

!No bank partner on 2M€ fundraising: absence of external financial validation.

!Pledge conditional on reaching maximum amount, not yet constituted.

!Return 11%/year above RES standard (5-9%); verify adequacy of guarantees.