Golden Ray S.A. Compartment 1: 18 November 2024

Payments of interest and principal on the Notes are subject to available funds resulting, in particular, from the collections on a portfolio of residential solar instalment purchase receivables originated under certain Solar Purchase Contracts. Each such Purchased Receivable arises from a Solar Purchase Contract with a consumer, under which Enpal BV (the Seller) sells Solar Systems to such Customer.

Enpal BV, a Netherlands private company, is an integrated energy and mobility services company founded in 2017 by successful serial entrepreneur Mario Kohle. Enpal’s core service is a solar-based technology platform that addresses all energy and mobility related needs of customers as a one-stop-shop. Through Enpal’s end-to-end integrated energy solution, homeowners are offered a full-service offering the installation and operation of a solar and battery storage system, smart energy management through an IoT-powered mobile app, and an e-mobility charging solution.

Receivables Eligibility Criteria (include): The Solar Purchase Contract has an original contractual Receivables Maturity Date of not less than 60 months and not more than 300 months; is not a Defaulted Receivable; is not a Delinquent Receivable; is denominated in Euro; is a receivable for which the first payment has already been paid by the Customer; the related Customer is registered as an owner of the property as checked in line with the Credit and Collection Policy at the time of origination of the relevant Solar Purchase Contract and these checks have not revealed evidence of the property having been transferred or repossessed; each Receivable has been maintained and serviced in accordance with the Credit and Collection Policy.

At the cut-off date the portfolio consisted of 8,469 German originated receivables, with a WA seasoning of 5.15 months.

EU Risk Retention: Whilst any of the Notes remain outstanding, the Seller, in its capacity as originator, will retain for the life of the transaction a material net economic interest of not less than 5% with respect to the transaction in accordance with Article 6(3)(d) of Regulation (EU) 2017/2402. As at the Closing Date, such interest will be comprised of an interest in the Class F Notes.

US Risk Retention: The issuance of the Notes was not designed to comply with the US Risk Retention Rules other than the exemption under Section _.20 of the US Risk Retention Rules.

STS: The Seller intends to notify the European Securities Markets Authority that the transaction will meet the requirements of Articles 20 to 22 of the Securitisation Regulation.