Ashurst advised Banco Bpm and Banca Akros on green asset backed securitisation
09 July 2021
The transaction consists of €16.5 million ABS Senior Notes and the amendment of the existing notes into €9.1 million ABS Junior Notes. The proceeds of the issuance of the notes issuance have been used to refinance Glennmont's acquisition of a portfolio of project finance loan agreements from an Italian bank. These loan agreements were initially originated to build solar and wind power plants in Italy, with a total installed capacity of 110 MW.
The senior notes have been underwritten by Banco Bpm and Banca FinInt, and the Junior notes by Glennmont and Banca FinInt. Banca Akros acted as arranger for the transaction, and Banca FinInt acted as servicer of the portfolio and the transaction.
The Orrick team was led by partners Carlo Montella, global Deputy Business Unit Leader of Energy & Infrastructure team, and Raul Ricozzi, supported by Assia Andriani.
The Ashurst team was led by counsel Annalisa Santini, and included energy partner Umberto Antonelli and tax partner Michele Milanese, supported by associate Riccardo Rao and trainees Daniele Dainese and Federico Squarcia.
