Hogan Lovells advises Very Fast People on the securitisation of tax credits derived from EcoSismaBonus

The EcoSismaBonus is a supporting measure introduced by the 'Decreto Rilancio' (Decree Law 34/2020, converted by Law 77/2020) which includes tax deductions granted in favour of renovation works on real estate aimed at energy requalification and/or reduction of seismic risk. These deductions can be converted into tax claims that can be transferred to third parties within the limits provided for by current regulations.

The transaction was conducted on the basis of the securitisation law (Law 130/1999). The tax claims from Very Fast People's clients were assigned to the special purpose vehicle Saffi 130 S.r.l. The structure of the securitization provides that Saffi 130 S.r.l. raises the funds required to pay the price of the tax claims both by issuing asset-backed securities and through a revolving credit line granted by a leading Italian credit institution. The credit facility was granted to the SPV pursuant to the provisions introduced by the 2021 Budget Law in Article 1(1)(b) of Law 130/99.

Hogan Lovells advised Very Fast People in its capacity as transaction drafting counsel in all legal and regulatory aspects of the securitisation. The team led by partner Federico Del Monte, with support from associate Diego Del Principe and trainees Serena Tonello, Federico Mariani and Anita Lucchini. Counsel Serena Pietrosanti and senior associate Maria Cristina Conte advised on the tax aspects of the transaction.