Elecnor incorporates Elecnor 2020 Energy Efficiency Securitization Fund

We advise Elecnor on incorporating a €50 million securitization fund to develop sustainable energy projects. This is the first securitization transaction of future receivables derived from government contracts in Spain.

The Elecnor 2020 Energy Efficiency Securitization Fund (Elecnor Eficiencia Energética 2020, Fondo de Titulización) has a maturity of seven years and is listed on the Spanish Alternative Fixed-Income Market. The bond issue adheres to the Green Bond Principles, and the bonds have earned G-advisory's green bond rating.

The fund’s assets are receivables arising from energy-services-management contracts and street-lighting-maintenance contracts Elecnor has with 43 Spanish municipalities and public entities. This is the first securitization transaction based on the sale of future receivables derived from government contracts in Spain.

Banco Sabadell is the arranger and placement entity, registered adviser, and paying agent for the transaction, and TDA, Titulización de Activos, SGFT is the fund’s management company.

Specialties

This securitization transaction is unique and it shows that there are alternative financing methods for other companies with similar underlying assets.

Elecnor, 2020