Hogan Lovells advises on EUR225 million ETECK financing deal

Amsterdam, 8 October 2021 – International law firm Hogan Lovells have advised a club of Dutch banks on a landmark EUR225 million portfolio financing transaction for Dutch sustainable heat supplier Eteck. The financing banks were Rabobank, ING, ASN Bank and ABN AMRO. The transaction is highly innovative and the first of its kind, facilitating the Dutch thermal energy transition. 

Eteck, the largest supplier of sustainable local heating and cooling in the Netherlands, has more than 250 projects in residential construction and commercial real estate with a total of almost 65,000 (housing equivalent) and users under contract. The company strives for the largest possible impact on decarbonising the heat and cooling demand in the Netherlands.

The complex transaction involved the portfolio refinancing of Eteck’s existing projects, a construction related facility for the realization of new and current construction and renovation projects and a growth facility for future heat projects.

The Hogan Lovells team was led by Amsterdam-based structured finance partner Robert Masman and London based project finance partner Andrew Gallagher with support from Scott Tindall (partner), senior associates Carola Houpst and Art van der Pols, and associates Yvette Voermans, Tom Crane, Alexandro Flemming and Amy Cleaves; counsel Alexander Fortuin advised on Dutch tax aspects.  

Commenting, Robert Masman, Partner, Hogan Lovells International LLP, said: "We are delighted to have advised on this landmark financing transaction at a time when its energy is transitioning away from the more traditional heating systems towards alternatives that are more sustainable and energy efficient. This transaction builds on Hogan Lovells’ prominent structured finance and project finance practice and wide sector expertise in renewable energy and green infrastructure transactions."


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