Hogan Lovells advises Società Finanziaria Regione Sardegna on securitisation of tax credits from EcoSismaBonus

The securitization was performed pursuant to Law 130/99 (i.e. the securitization law), through the vehicle company Saffi 130 S.r.l and the company Saffi Capital Solutions S.p.A., as Programme Administrator.

EcoSismaBonus is a tax relief measure introduced by the Relaunch Decree (Law Decree 34/2020, converted into Law 77/2020) that grants deductions convertible into tax credits for property renovations aimed at energy requalification and/or seismic risk reduction.

The securitization is performed through the "direct lending" procedure mentioned in Article 1, paragraph 1-ter, of Law 130/99. In line with said procedure, the securitization allows companies with registered office in Sardinia to obtain loans in the form of credit facilities granted directly by the SPV.

The borrowing companies were selected by SFIRS, in its capacity as administrator of the Sardinia Fintech Fund, through a public tender procedure.

The funds required to disburse the credit facilities to the companies are raised by the SPV through two credit lines granted by SFlRS and raised by the Sardinia Fintech Fund, pursuant to the provisions introduced by the 2021 Budget Law in Article 1, paragraph 1(b) of Law 130/99.

Within the scope of the securitization, the tax credits are assigned by the borrowing companies to third parties approved by SFIRS. The price at which the credits are assigned constitutes the main source of remuneration and repayment of the credit facilities.

The Hogan Lovells team advised SFIRS as transaction counsel in all legal and regulatory aspects of the securitization. The Hogan Lovells team was led by partner Federico Del Monte with support from associate Serena Tonello and trainee Anita Lucchini. The tax compliance aspects of the securitization was led by partner Serena Pietrosanti and senior associate Maria Cristina Conte.

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