EIRE — 8.5%/an · 36 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 · 41.0/75

B1 · Instrument & Structure 8.0/10bon

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

B1.2: 2/3 - Dedicated société dédiée (SPV) JC Ireland, clear French law

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

B2 · Opérateur & Track record 9.0/15

B2.1: 3/4 - Andréa Jouven appointed CEO, identifiable LinkedIn profile, CV attached

B2.2: 3/5 - 23 years renewable energy experience, 5.6 GW pipeline, 0 MW grid connection remaining after disposals

B2.3: 2/3 - Two active loans on Enerfip (Orsana, Iberia), not yet repaid

B2.4: 1/3 - Issuer JC Ireland recently incorporated, group balance sheet 2025: equity 21.8M€ but high gearing ~3.3, cash fell from 12.2M€ to 4.2M€ in May 2026

B3 · Garanties & Sûretés 9.0/15

B3.1: 7/9 - GAPD from JC Mont-Fort Holding SA (Swiss parent company) plus first ranking pledge of issuer shares

B3.2: 1/4 - Swiss holding: group equity 21.8M€ but gearing ~3.3, cash in significant decline, partial information on Swiss holding

B3.3: 1/2 - No identified banking partner, project <2M€ therefore no RF2, no bank named

B4 · Structure financière 7.0/15faible

B4.1: 3/5 - Development phase without PPA or grid connection; IRR not calculable, revenues not contractualised

B4.2: 2/4 - 3.9M€ already committed by sponsor on projects; exact proportion of equity not specified

B4.3: 0/4 - No stress test presented, no operational revenues

B4.4: 2/2 - Disposals planned 2026 at KPMG market prices structured, multiple SPAs in progress signed

B5 · Pré-commercialisation 4.0/10faible

Development phase, permits under review
Land secured, environmental studies completed
No permit obtained, no PPA signed
Note: similar IBERIA pipeline shows unfavourable EIA regulatory risks

B6 · Permis & Maturité 1.0/5faible

Advanced development phase: land secured, studies completed (output assessments, environmental)
No building permit obtained or formally filed in Ireland
Mid-planning stage per KPMG grid

B7 · Marché & Localisation 3.0/3✓ max

Irish renewable energy market in strong growth, M&A very active (Ardian, Brookfield, GLIL)
Institutional demand exceeds available supply
KPMG valuations structured and transparent

Points forts

✓GAPD from Swiss parent company JC Mont-Fort plus first ranking pledge of issuer shares

✓Group with 23 years renewable energy experience, 5.6 GW pipeline, international presence in 8 countries

✓Irish renewable energy market very active, KPMG valuations structured and significant institutional transactions

✓Enerfip licensed PSFP AMF, zero default track record, Enerdeal secondary market available

✓3.9M€ already committed by sponsor on Irish projects, land secured

Risques identifiés

!Issuer JC Ireland recently incorporated, no own financial history available

!Group cash fell from 12.2M€ (end 2025) to 4.2M€ (May 2026); consolidated gearing ~3.3

!Similar IBERIA projects show unfavourable EIA risks and recurring regulatory blockages

!Repayment entirely conditional on RTB disposal; no PPA or secured grid connection

!Guarantor holding JC Mont-Fort domiciled in Switzerland, financial soundness not fully verifiable