Orrick Advises on First-of-Its-Kind Securitization of Renewable Energy Receivables in Italy


Orrick assisted WRM Group, acting as arranger and note subscriber, in a first-of-its-kind securitization of performing and non-performing renewable energy receivables originated by Mediocredito Italiano S.p.A. The claims, with a Gross Book Value of approximately €180 million, arise out of leasing contracts and medium/long-term financings, guaranteed by 74 photovoltaic plants with a total capacity of over 85 MWp. 

Banca Finint Group acted as arranger and master servicer. Archmore IDP, the infrastructure debt platform operated by UBS AM and Glennmont REBS, the renewable energy debt platform operated by Glennmont Partners, granted the debt financing for the acquisition.

Orrick's team advised on the securitization and the financing under Italian and English Law, as well as on regulatory and tax issues. In addition, the team handled the administrative and regulatory legal due diligence of the 74 solar plants for Archmore IDP and Glennmont REBS, together with related financial documentation.

The Orrick team was led by Patrizio Messina and Annalisa Dentoni-Litta and included Roberto Percoco, Federico Di Giovanni, Calogero Cammarata, Daniele Consolo (for regulatory aspects), Madeleine Horrocks and Franco Lambiase (for English law aspects), and Giovanni Leoni and Camillo Melotti Caccia (for tax aspects). 

All legal due diligence relating to the analysis of the administrative and regulatory aspects of the 74 solar power plants and the related financial documentation was handled on behalf of Archmore IDP and Glennmont REBS by the team of Carlo Montella with Francesca Isgrò and Raul Ricozzi, Pina Lombardi, Celeste Mellone, Marco Donadi, Milvio Delfini and Edoardo Mencacci.  

The drafting of the documentation relating to the financing by Glennmont REBS was carried out by the team led by Carlo Montella and Raul Ricozzi with the assistance of Laura Galbiati and Ignazio D’Andria.