I am reviewing an Arc Flash study.
The Utility is using three single 25kva transformers
for a 75kva 240v delta transformer bank.
Will this installation meet NFPA 70 E Article 130.3 Exception 1?
Are the three single phase transformers provided by the Utility ,
meeting the intent of Paragraph (2)?

The exception you mention was last seen in 2009, you really should get a new copy of NFPA70E
This exception also does not exist in the previous version (2012) of NFPA70E. Instead there is a recommendation to look at IEEE1584 for transformers <240V.

So in summary:
Yes three interconnected single phase transformers units are considered to be the same as a single 3-phase transformer. The prohibition is against paralleled 3-phase transformers.
240V secondary transformers need to be considered.

We will review again with NFPA 70 E 2015 Table 130.7 (C) (15)(A)(b)

I noticed in your original post you mentioned you are reviewing an arc flash study. That implies an actual was done using IEEE 1584 methodology. Therefore, the incident energy levels should have been calculated and therefore you cannot use the NFPA Table mentioned above. See NFPA 70E-2015 130.5(C)