The €300 million ($345 million) securitisation from German renewable energy firm Enpal is the first public securitisation globally to include receivables from heat pump contracts. It was the application of this innovative structure that was a deciding factor for the judges.

A further key feature of the transaction is that it qualifies as a Simple, Transparent, and Subsidised (STS) securitisation under the European securitisation framework. This combines green asset eligibility and a listing on the Luxembourg Stock Exchange within a single transaction.

The transaction also aligns with the International Capital Market Association (ICMA) Green Bond Principles and was reviewed through an independent second-party opinion. Enpal also states it is a scalable financing solution for decentralised renewable energy and low-carbon heating assets, facilitating access to capital markets for technologies critical to residential decarbonisation.

Hogan Lovells advised Enpal on all legal aspects of the transaction, supporting the structuring and execution of a landmark deal under the European securitisation framework.

In giving Enpal the award, the judges liked that this was a "strong, innovative deal" that focused on solar and heat pumps.