Market updates and sector developments

Powen Group, a portfolio company of Brookfield Asset Management, has closed a pioneering bank-funded securitisation of Spanish solar assets with a value of up to €120m. The transaction is one of the first private European solar ABS and is the first to finance a combined portfolio, comprising both residential solar loans, as well as solar leases and power purchase agreements in the commercial and industrial (C&I) sector.

Norton Rose Fulbright advised on the structuring and execution of the financing in relation to both English and Luxembourg law, working alongside Garrigues, which provided Spanish law advice. The lender on the transaction, Barclays, was advised by Hogan Lovells.

"Unsurprisingly, the market for solar asset installation and financing is undergoing a period of significant expansion. As a global law firm with offices across Europe, we are very well placed to advise lenders, borrowers and issuers in this growing industry segment. Our renewables practice goes from strength to strength and we expect to see much more solar asset securitisation activity in Europe," comments Norton Rose Fulbright partner Christian Lambie, who led the team advising on the deal.