London and Luxembourg offices advise Powen Group and Brookfield on first combined-portfolio European solar securitization

Global law firm Norton Rose Fulbright advised Powen Group, a portfolio company of Brookfield Asset Management, on a pioneering bank-funded securitization of Spanish solar assets, up to a value of EUR120m.

The transaction is one of the first private European solar securitization financings, 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 Europe, was advised by law firm Hogan Lovells.

Partner Christian Lambie led the Norton Rose Fulbright team advising on the deal. He was assisted on the securitisation aspects by Partner David Shearer, Associates Regina Chan and Andrew van Wijk, and Trainee Solicitors Holly Tunnah and Saachi Bains. Support on the derivatives aspects was provided by Partner Yusuf Battiwala and Associates Olivia McDonnell and Carla Akuamoah Antelo. Head of Luxemburg and Partner Stéphane Braun, and Counsel, Nam Nguyen and Cyril d’Herbes, advised on Luxembourg law.

Christian said:

"As one of the first ever European solar securitizations, this was an exciting deal to be able to support our clients on. We worked closely with the Powen and Brookfield teams, including their in-house counsel. 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, borrower and issuers in this growing industry segment. Our renewables practice goes from strength to strength and we expect to see much more solar asset securitization activity in Europe."

Norton Rose Fulbright’s Global Securitization team advises a wide range of market participants, including borrowers, sponsors, lenders, arrangers and issuers, in connection with transactions covering a wide range of asset classes, including in the renewables, trade finance, commercial real estate, equipment lease, utility, consumer finance and residential mortgage lending sectors. Within the Norton Rose Fulbright energy sector group, its lawyers have extensive experience advising on complex infrastructure and energy work.