Triage Test Co
Triage Test Co · ES · Active
Some data gaps or assumptions — review before distributing.
Alter5 Assessment
CONDITIONAL GO
Alter5 Fit
82/100
Investor Appeal
90/100
Headline Terms
| Term | Value | Tag | Note |
|---|---|---|---|
| Tenor | — | PENDING | BLOCKING. No financial model available. Tenor requires DSCR analysis, project life assessment, and offtake/PPA structure. Provide Alter5 or sponsor model to unlock. |
| Amount | 3,000,000 | CONFIRMED | EUR 3,000,000 as stated by sponsor. Well within the InvestEU Cohesion max ticket of EUR 15M if EIF eligibility is confirmed. |
| Pricing | — | PENDING | BLOCKING. No market convention data returned for PF / solar / ES. No financial model available. Pricing cannot be proposed until both are available. |
| Currency | EUR | CONFIRMED | — |
| Template Key | pf_nonrecourse | CONFIRMED | Pure project finance non-recourse. Security limited to project assets and SPV shares. Requires strong DSCR and offtake. Alternatives: pf_equitysupport, pf_corporateguarantee. |
| Security Package | — | PENDING | IMPORTANT. Typical PF non-recourse package includes: share pledge over SPV, DSRA (6 months), mortgage over project assets, assignment of revenues, insurance, and PPA/RECC rights. Not yet confirmed for this deal. |
Critical Q&A — 11 questions
Is there an Alter5 or sponsor financial model available? Required to size debt capacity, DSCR, tenor and pricing.
What is the current project stage? (Development / Ready-to-Build / Under Construction / Operational)
Is there a signed PPA or offtake agreement? If yes: counterparty, duration, and contracted price per MWh.
What is the SPV structure? Is debt being raised at SPV level or at holdco level?
What is the equity contribution from the sponsor and the target Debt/Equity ratio?
What are the current statuses of: (i) Autorización Administrativa, (ii) Licencia de Obras, and (iii) Punto de Acceso y Conexión a Red?
What is the sponsor's track record in solar development and/or operation in Spain? Relevant references or completed projects.
What are the headcount and annual revenue/balance sheet figures for the sponsor entity (current year and prior 2 years)? Required for EIF/InvestEU SME classification.
What is the full shareholder structure of the sponsor and/or SPV (names, entity types, % ownership)? Required for EIF group contamination assessment.
What is the proposed security package? (Share pledge over SPV, DSRA, asset mortgage, assignment of revenues and insurance)
What is the target financial close date and the construction / operational timeline?
Analysis Info
Re-running will overwrite the current draft analysis.
Matched Investors
(10)Highest-scoring investor. Spanish bank with direct project finance capability and low single-digit return mandate well-suited to this ticket. EIF intermediary — prioritise if sponsor EIF eligibility is confirmed.
Active European debt fund with renewables appetite. Sector and ticket size match.
Global institution with European solar PV track record. EIF intermediary.
Sector and ticket size match. Relevant for European renewable PF.
Spanish regional bank with strong Andalusia presence and solar PV track record. EIF intermediary — relevant for InvestEU Cohesion window.
Spanish debt fund with established renewable energy focus and domestic origination capability.
Infrastructure-focused debt fund. Solar PV and Spain within mandate.
European debt platform active in energy transition lending.
Specialist project finance fund with solar and Spain within scope.
Large institutional lender active in European renewables. EIF intermediary.