Natixis, Sole Structuring Bank and Sole Lead Arranger of the first issue of renewable energy asset backed securities (“REBS”)
Natixis acted as Sole Structuring Bank and Sole Arranger for the first issue of asset backed securities (ABS) backed by a portfolio of renewable energy plants (REBS) sponsored by Glennmont Partners
The issue by SPV Project 1806 S.r.l. (a securitization vehicle according to Italian 130 securitization law) of the €41,830,000 Class A asset-backed floating rate notes (the ‘Senior Notes’) and of €9,642,000 Class B asset-backed floating rate and variable return notes (the ‘Junior Notes’ and, together with the Senior Notes, the ‘Notes’) is the first issue of ABS tied to renewable energy plants.
The proceeds of the issue of the Notes have been applied to acquire from a mid-size Italian bank a portfolio of project finance loan agreements disbursed to finance or refinance the construction and/or operation of a portfolio of renewable assets with a total installed capacity of 66.4MW, including 8 wind farms (52MW or 63% of the total outstanding debt) and 6 photovoltaic plants (14.4MW or 37% of the total outstanding debt).
The sponsor of the initiative is Glennmont Partners.