Glennmont securitises renewables in EUR-51.5m transaction

Source: Twitter, @Vestas

July 4 (Renewables Now) - London-based fund manager Glennmont Partners has sponsored the first issue of renewable energy backed securities (REBS) for a total amount of EUR 51.5 million (USD 58m).

The transaction involved the securitisation of performing project finance loans originated by Italy's Banca Popolare di Bari SCpA, including EUR 41.8 million of Class A asset-backed floating rate senior notes and EUR 9.64 million of Class B asset-backed floating rate and variable return junior notes.

The proceeds of the issue have been applied to acquire a portfolio of project finance loan agreements disbursed to finance or refinance the construction of eight wind farms totalling 52 MW and six solar photovoltaic (PV) plants with a combined capacity of 14.4 MW.

French multinational financial services firm Natixis SA (EPA:KN) served as the sole structuring bank and sole lead arranger for this transaction. Each of Natixis, Glennmont and Banca Popolare di Bari acted as underwriters.

(EUR 1.0 = USD 1.129)

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