Experience

Solar ABS transaction

Represented the sole structuring agent, joint bookrunners and initial purchasers in connection with a US$977.5 million securitization of solar assets subject to tax equity transactions. The notes were rated by Kroll Bond Rating Agency LLC. The transaction closed on June 11, 2024

Solar securitization with indirect guarantee by US Department of Energy

Represented the structuring agent and joint bookrunners in connection with a first of its kind asset backed securities transaction of solar loans which is supported by a first of a kind loan guarantee program with the US Department of Energy. Based on the indirect guarantee by the US Department of Energy, this was the first time solar loan backed securitization notes have achieved a AAA rating

Solar securitization

Represented the structuring agent, placement agent, joint bookrunners and co-managers in connection with a US$795 million securitization of solar assets. This transaction was the largest solar securitization in history. The notes were rated by Kroll Bond Rating Agency LLC

ATLAS SP Partners and Citi

Represented ATLAS SP Partners and Citi, financial advisors to Sunnova Energy International, Inc. (Sunnova), in connection with the US Department of Energy’s conditional commitment to provide an up to US$3 billion partial loan guarantee to make distributed energy resources, including rooftop solar, battery storage and virtual power plant (VPP)-ready software available to more American homeowners. The transaction is known as “Project Hestia."

Timeshare securitization transaction

Represented the initial purchasers in connection with a $380 million capital markets securitization of timeshare loans

Solar loan securitization

Represented the sponsor and issuer of a US$397 million securitization of loans originated to install solar panels and energy storage systems. The securities were rated by Kroll Bond Rating Agency and S&P Global Ratings 

UK and EMEA Securitisation Practice

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US Securitization Practice

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Key contacts

Gilbert K.S. Liu photo

Gilbert K.S. Liu

Managing Partner, Finance and Restructuring, US and Head of Securitization, US, New York