strikethree

Don't know about Qualified SPE, so I am speaking about SPE in general from IFRS perspective.

SPE is ALWAYS a separate legal entity.
IFRS requirement for consolidation is whether the parent has CONTROL which may or may not correlate with economic interest/ownership (esp in SPE structure, the one has control is normally not the one owning majority shares) .

Judging from your info, I would say yes, you need to consolidate from accounting point of view. For more info, you might want to look up SIC 12 and IAS 27.

However, you are doing a firm valuation not a financial report, so the goal is different so you have to judge the situation how the structure is set up: e.g., who owns the risk of the receivables. If the parent still bears the risk then you should consolidate to do firm valuation.

I do not understand your notes payable info, so you need to give me more info. Who does the SPE borrow from? why? where does the money go to?