Hogan Lovells advises Enpal on first European public securitization of solar loan receivables

Press releases | 05 November 2024

Led by Partner Dr Dietmar Helms and Counsel Sebastian Oebels, global law firm Hogan Lovells advised Enpal B.V. on the first ever European public securitization of solar loan receivables. This transaction also marks the first German securitization with a tranche (Class A1 notes) directly backed by a guarantee from the European Investment Fund (EIF), showcasing Enpal's commitment to green energy financing.

The transaction involves a EUR 240 million portfolio of receivables derived from solar instalment purchase agreements. Significantly, the deal adheres to the ICMA Green Bond Principles and has been verified by an independent second-party opinion, making it one of the select few green securitizations in the market. Furthermore, the European Investment Bank (EIB) made a direct investment in the Class A2 notes, emphasizing the project's role in promoting sustainable finance.

This securitization qualifies as an STS (Simple, Transparent, and Standardized) transaction, with all note classes cleared and listed on the Luxembourg Stock Exchange.

Dr Dietmar Helms and his team provided comprehensive legal guidance for all aspects of this transaction.

Hogan Lovells Team for Enpal B.V.

Frankfurt

Dr Dietmar Helms (Partner), Sebastian Oebels (Counsel), Anna Rogge (Counsel), Sandra Reinecke (Associate), Svenja Schiefer (Projects Associate), Alexander Peters (Projects Associate) (all Finance);

Düsseldorf

Dr Heiko Gemmel (Partner), Vanessa Rinus (Senior Associate) (both Tax);

Amsterdam

Robert Masman (Partner), Viney Akshaykumar Moerliesing (Associate), Daniel De Bruijn (Junior Associate) (all Corporate & Finance);

Paris

Sharon Lewis (Partner), Ailsa Davies (Counsel), Joanna Veitch (Associate) (all Capital Markets);

Luxembourg

Ariane Mehrshahi Marks (Partner), Gérard Neiens (Partner), Jean-Philippe Monmousseau (Counsel), Agnes Merz (Senior Associate), Carla Valdés Cortés (Associate), Martina Benackova (Associate), Michèle Aké (Associate) (all Corporate & Finance).