Clifford Chance has advised NIBC Bank Deutschland AG and Delta Lloyd Asset Management on the refinancing of its warehousing for a portfolio of photovoltaic leases originated by MEP Werke GmbH in 2015 and 2016.

The refinancing by Delta Lloyd Asset Management of a warehousing originally provided by NIBC Bank Deutschland AG was implemented via the existing Irish platform Deutsche Ökostrom Limited. It achieves a long-term refinancing of MEP Werke Group's photovoltaic power plant lease model.

The transaction was structured to satisfy whole business securitisation standards and revolves around the lease model for privately used solar power plants established by the MEP Werke Group and its lease income. The innovative financing structure allows MEP Werke Group to demonstrate the sustainability of its business model. It constitutes the first transaction of its kind in Europe. In the short term it is also planned to implement a further warehouse financing transaction via a new platform to support the further growth of the solar lease business of MEP Werke Group.

The Clifford Chance team was led by partner Dr. Arne Klüwer  and comprised senior associate Mortimer Berlet and associate Philippa Winter (all Banking & Capital Markets, Frankfurt) as well as partner Dr. Felix Mühläuser and counsel Dr. Marie-Theres Rämer (both Tax, Frankfurt).