Norton Rose Fulbright advises on Atrato Onsite Energy’s £250 million asset-backed security financing

Global law firm Norton Rose Fulbright has advised Atrato Onsite Energy, following its recent acquisition by Brookfield Asset Management and Real Assets Investment Management, on its new asset-backed security (ABS) warehouse financing facility worth £250 million and associated working capital facility (WCF) worth £25 million, both provided by Barclays.

The ABS financing marks the first ABS warehouse arrangement dedicated to the solar sector in the UK. It will be used to advance the installation of both rooftop and ground-mounted solar systems for commercial and industrial customers, based on an existing portfolio with an installed capacity in excess of 200MW.

Norton Rose Fulbright advised on all key legal aspects of the transaction. The ABS financing was led by London-based partner Christian Lambie and the WCF financing was co-led by London-based Global Co-Head of Energy Robert Marsh and Singapore-based partner Ben Carrozzi, with support from associates Andrew van Wijk, Daisy Robson-Odugbemi, Regina Dimond and Charlie Winch (on the ABS financing) and Sophie Lawrence and Emily Allison (on the WCF financing).  Partner Yusuf Battiwala and associate Carla Akuamoah Antelo provided derivatives advice while partner Matt Hodkin and counsel Fareed Muhammed led on the provision of tax advice and partner Charlie Pinkerton, counsel Helen Finnis and Associate Katie Phipps provided real estate advice. Corporate advice was provided by partner Stephen Rigby with support from senior associate Sam Morrey and associate Ash Lister.

Christian Lambie commented:

“We were pleased to have assisted on this landmark transaction. ABS financing structures for solar projects present a strong opportunity for growth due to their ability to finance a variety of different types of solar assets. As the solar industry continues to expand, ABS could play a pivotal role in financing both large-scale solar projects as well as providing scale to more granular portfolios, making them an intriguing investment vehicle for those seeking sustainable and profitable ventures. Our ability to bring together expertise across multiple disciplines enable us to continue to advise across the whole renewable energy spectrum."

Scots law advice was provided by Shepherd and Wedderburn. Barclays was advised by Hogan Lovells.