Allen & Overy advises M&G Investments on Germany's first solar securitisation by Enpal

Published Date
May 4, 2023
Allen & Overy has advised London-based leading international asset manager M&G Investments (M&G) on the investment in ABS notes in the amount of EUR 356 million issued by Enpal B.V. (Enpal). Enpal is a fast growing renewable energy company based in Berlin and Germany's first green unicorn.

The notes, in the form of an asset-backed securities facility (ABS facility), consist of EUR 56 million secured mezzanine loan commitments by funds managed by M&G and EUR 300 million senior loan commitments by investment bank Citi. This transaction marks Germany's first residential solar securitsation and the launch of a new European asset class. Enpal will use the funds to finance 12,500 PV systems.

On 4 May 2023, the transaction won trade journal GlobalCapital's "Private Securitisation of the Year" award for 2023.

The Allen & Overy team was led by partner Martin Scharnke and included counsel Dr Daniela Schmitt, associate Sascha Fröhlig and senior transaction officer Corinna Dreyer (all Capital Markets, Frankfurt). The team was also supported by lawyers from Allen & Overy's Amsterdam office.

Content Disclaimer
This content was originally published by Allen & Overy before the A&O Shearman merger