A global first in securitisation: Hogan Lovells advises Enpal on a €300 million securitisation of solar and heat pump receivables

Press releases | 11 December 2025

Led by Dr. Dietmar Helms and Sebastian Oebels, global law firm Hogan Lovells has advised the market leader for photovoltaic systems in Europe Enpal B.V. on a securitisation of solar and heat pump receivables in Europe. The securitisation covers a receivables portfolio of EUR 300 million based on instalment purchase agreements for solar systems and heat pump system, and represents the first public transaction globally to also include receivables from heat pump contracts.

The securitisation aligns with the ICMA Green Bond Principles and was reviewed through an independent second-party opinion, making it one of the few green securitisations currently on the market. The securitisation qualifies as an STS (Simple, Transparent and Standardised) transaction. The notes will be cleared and listed on the Luxembourg Stock Exchange.

Dr. Dietmar Helms and team provided comprehensive advice to long-standing client Enpal on all legal aspects of this transaction.

Hogan Lovells team for Enpal B.V.

Dr. Dietmar Helms (Partner), Sebastian Oebels (Counsel), Svenja Schiefer, Theresa Bart (Associates) (Capital Markets, Frankfurt);

Dr. Heiko Gemmel (Partner), Vanessa Rinus (Senior Associate) (Tax, Dusseldorf);

Robert Masman (Partner), Viney Akshaykumar Moerliesing, Daniel De Bruijn (Associates) (Capital Markets, Amsterdam);

Sharon Lewis (Partner), Ailsa Davies (Counsel), Joanna Veitch (Associate) (Capital Markets, Paris);

Ariane Mehrshahi Marks (Partner), Gérard Neiens (Partner), Jean-Philippe Monmousseau (Counsel), Agnes Merz (Senior Associate), Carla Valdés Cortés, Martina Benackova, Michèle Aké (Associates) (Capital Markets, Luxembourg).