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Allen & Overy advises M&G Investments on Germany's first solar securitization 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 securitization 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 Securitization 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.

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

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Capital marketsSecuritizationEnergy

Related people

Image of Martin Scharnke

Martin Scharnke

Partner

Frankfurt

Martin is Head of Germany Capital Markets.
Daniela Schmitt

Dr Daniela Schmitt

Counsel

Frankfurt

Daniela focuses on banking and financial services regulation.
Image

Sascha Fröhlig

Senior Associate

Frankfurt

Sascha has extensive experience in securitization, structured finance and derivatives transactions.