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Allen & Overy advises Glennmont Partners on landmark infrastructure on-balance sheet securitisation

Allen & Overy has advised Glennmont Partners, one of Europe's largest fund managers belonging to Nuveen group and focusing on green and sustainable investments, acting as protection seller, on an on-balance sheet securitisation in respect of a EUR1 billion loan portfolio owned by a major EU bank relating to sustainable infrastructure projects in Europe and the UK. This is one of the first transactions known to the market on this type of asset.

The portfolio comprises over 75 loans in respect of projects situated across the UK and Europe, and covers a range of sustainable infrastructure sectors, including onshore wind, offshore wind, solar photovoltaic, concentrated solar power and digital infrastructure.

The Glennmont Partners team was led by Claudio Vescovo, Managing Director and Head of Energy Transition Credit Funds, and Alberto Treglia, director, with the support of manager Alexandre Cary and associates Diego Dominguez De Pedro and Carlos Rebolledo Pombo. Quote by Glennmont Partners

Partner Parya Badie led the Allen & Overy team that assisted Glennmont Partners, supported by counsel Pietro Bellone, senior associates Eric Denton and Robert Simmons and associate Valentine Nguhi. A UK and pan-European team led by Madrid partners Ignacio Ruiz-Camara, Salvador Ruiz Bachs and Vanessa Cuellas, London partner Edward Moser, Paris partners Driss Bererhi, Jean-Dominique Casalta and Romaric Lazerges and Frankfurt partners Stefan Henkelmann and Udo Olgemoeller provided support in relation to the due diligence on the infrastructure loans and the underlying assets.
Claudio Vescovo, Managing Director, commented: “We’re pleased to continue innovating and creating value for our investors. This transaction offers Glennmont’s investors exposure to a highly diversified portfolio and a hedge to inflation with potential upsides in the current interest rate environment. This transaction demonstrates Glennmont’s ability to find attractive opportunities and deliver sustainable, enhanced returns for our investors.”
Parya Badie, partner, commented: “This landmark transaction demonstrates continued appetite for ESG investments.  It also highlights the importance of developing partnerships with investors like Glennmont, where the investor can pursue its strategic objectives while facilitating the bank’s significant risk transfer in respect of a diverse pool of assets spread across multiple jurisdictions.  We are proud to be at the forefront of this work – supporting the growth of the ESG market and offering our clients a seamless service across our global network”.