{"id":350,"date":"2026-05-13T14:29:00","date_gmt":"2026-05-13T14:29:00","guid":{"rendered":"https:\/\/acofi.it\/?page_id=350"},"modified":"2026-05-14T15:30:43","modified_gmt":"2026-05-14T15:30:43","slug":"cartolarizzazione","status":"publish","type":"page","link":"https:\/\/acofi.it\/en\/cartolarizzazione\/","title":{"rendered":"Securitisation"},"content":{"rendered":"<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Let us now take a closer look at the securitisation process and how the transaction works.<\/p>\n\n\n\n<p>(Click on the various points to explore each step of the process in detail)<br><br><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-text-color has-link-color wp-elements-664ae044b206ec674c194bd1d96fc208\" style=\"color:#920c08\">Structure of the infrastructure securitisation transaction<\/h2>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>1.&nbsp;<strong>Establishment of the operational SPV<\/strong><\/summary>\n<p>The first stage involves the incorporation of an operational SPV (Special Purpose Vehicle) under Guernsey law, i.e. the company responsible for: &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<\/p>\n\n\n\n<p>&nbsp; - design and build the plant;<\/p>\n\n\n\n<p>&nbsp; -hold infrastructure assets;<\/p>\n\n\n\n<p>&nbsp; - manage the energy project on an operational level;<\/p>\n\n\n\n<p>&nbsp; -generate cash flow from the sale of energy.<\/p>\n\n\n\n<p>The choice of Guernsey is no coincidence. The jurisdiction is frequently used in international securitisation transactions due to a number of strategic advantages:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>tax neutrality;<\/li>\n\n\n\n<li>flexible regulatory framework;<\/li>\n\n\n\n<li>high level of asset protection and bankruptcy remoteness;<\/li>\n\n\n\n<li>strong recognition from international institutional investors;<\/li>\n\n\n\n<li>high efficiency in cross-border operations<\/li>\n<\/ul>\n\n\n\n<p>The Guernsey SPV thus becomes the industrial, operational and financial vehicle for the structure.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>2.\u00a0<strong>Technical, legal and financial due diligence<\/strong><\/summary>\n<p>Before the transaction is structured, a comprehensive due diligence review of the project is carried out across three main areas.<\/p>\n\n\n\n<p>-Technical due diligence<\/p>\n\n\n\n<p>Includes analyses relating to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>plant availability;<\/li>\n\n\n\n<li>solar radiation and energy performance;<\/li>\n\n\n\n<li>network connection;<\/li>\n\n\n\n<li>reliability of inverters and components;<\/li>\n\n\n\n<li>O&amp;M analysis and the asset\u2019s useful life.<\/li>\n<\/ul>\n\n\n\n<p>-Legal due diligence<\/p>\n\n\n\n<p>It includes checks on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>authorisations and permits;<\/li>\n\n\n\n<li>land ownership and availability;<\/li>\n\n\n\n<li>regulatory and energy compliance;<\/li>\n\n\n\n<li>the validity of PPA contracts;<\/li>\n\n\n\n<li>corporate and contractual structure.<\/li>\n<\/ul>\n\n\n\n<p>-Financial due diligence<\/p>\n\n\n\n<p>Tests are carried out on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>sustainability of cash flows;<\/li>\n\n\n\n<li>DSCR (Debt Service Coverage Ratio);<\/li>\n\n\n\n<li>financial stress tests;<\/li>\n\n\n\n<li>sensitivity analysis;<\/li>\n\n\n\n<li>downside scenarios and market scenarios.<\/li>\n<\/ul>\n\n\n\n<p>This stage is crucial for confirming the project\u2019s financial viability and reducing the risk perceived by investors.<\/p>\n<\/details>\n\n\n\n<p><\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>3.&nbsp;<strong>Structuring of tradable flows<\/strong><\/summary>\n<p>The Guernsey SPV holds the economic rights to the future cash flows generated by the project, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>revenue from the sale of energy;<\/li>\n\n\n\n<li>PPA flows;<\/li>\n\n\n\n<li>public incentives;<\/li>\n\n\n\n<li>any carbon credits or RECs.<\/li>\n<\/ul>\n\n\n\n<p>At this stage, the flows become the&nbsp;<strong>securitisation collateral<\/strong>, that is, the underlying collateral for the financial transaction.<\/p>\n\n\n\n<p>In practice, it is precisely these future cash flows that will enable investors to be repaid and the coupons on the bonds issued to be paid.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>4.&nbsp;<strong>Legal formalisation of the assignment of receivables<\/strong><\/summary>\n<p>In order to legally transfer the cash flows to the Guernsey SPV, specific contractual agreements are entered into, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Assignment Agreement;<\/li>\n\n\n\n<li>Receivables Purchase Agreement.<\/li>\n<\/ul>\n\n\n\n<p>Through these contracts, the Guernsey SPV acquires the economic rights to the project\u2019s future receivables.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>5.&nbsp;<strong>Involvement of the Swiss bank<\/strong><\/summary>\n<p>This is where the Swiss bank comes into the picture, playing a central role in managing and structuring the transaction.<\/p>\n\n\n\n<p>Its functions may include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>financial structuring of the transaction;<\/li>\n\n\n\n<li>opening and managing segregated accounts;<\/li>\n\n\n\n<li>guarantee management;<\/li>\n\n\n\n<li>payment of coupons to investors;<\/li>\n\n\n\n<li>paying agent activities;<\/li>\n\n\n\n<li>custody of financial instruments;<\/li>\n\n\n\n<li>operational management of cash flows.<\/li>\n<\/ul>\n\n\n\n<p>The presence of an international bank enhances the credibility and stability of the entire organisation.<\/p>\n<\/details>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>6.&nbsp;<strong>Opening of segregated accounts<\/strong><\/summary>\n<p>Segregated accounts dedicated to the transaction are opened within the Swiss bank.<\/p>\n\n\n\n<p>These are accounts that are separate from the ordinary assets, contractually restricted and managed in accordance with specific financial waterfall rules.<\/p>\n\n\n\n<p>Generally, four main accounts are used:<\/p>\n\n\n\n<p>       &#8211;<em>Collection Account<\/em>: receives all revenue generated from the sale of energy and PPA contracts.<\/p>\n\n\n\n<p>       <em>-Reserve Account<\/em>: contains a cash buffer to cover any unforeseen events or temporary reductions in cash flow.<\/p>\n\n\n\n<p>       &#8211;<em>Debt Service Reserve Account<\/em> (DSRA): this is a reserve set aside exclusively for the payment of interest and coupons to investors.<\/p>\n\n\n\n<p>     <em> -Operating Account<\/em>: used to cover the project\u2019s operational and administrative costs.<\/p>\n\n\n\n<p>This structure ensures greater security, transparency and control over cash flows.<\/p>\n<\/details>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>7.&nbsp;<strong>Issuance of financial instruments<\/strong><\/summary>\n<p><\/p>\n<\/details>\n\n\n\n<p>The Guernsey SPV then proceeds to issue financial instruments intended for professional and institutional investors, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Green Bonds;<\/li>\n\n\n\n<li>ABS Notes;<\/li>\n\n\n\n<li>Infrastructure Notes;<\/li>\n\n\n\n<li>Private Notes.<\/li>\n<\/ul>\n\n\n\n<p>Investors subscribe to these instruments by providing the capital required to finance the transaction.<\/p>\n\n\n\n<p>Once the target funding amount has been reached, the project is launched or refinanced, and investors are gradually repaid through the revenue generated by the production and sale of energy.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/Formation-of-an-SPV-based-in-Guernsey.png\" alt=\"\" class=\"wp-image-393\" srcset=\"https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/Formation-of-an-SPV-based-in-Guernsey.png 1536w, https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/Formation-of-an-SPV-based-in-Guernsey-300x200.png 300w, https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/Formation-of-an-SPV-based-in-Guernsey-1024x683.png 1024w, https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/Formation-of-an-SPV-based-in-Guernsey-768x512.png 768w, https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/Formation-of-an-SPV-based-in-Guernsey-18x12.png 18w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<h1 class=\"has-text-align-center wp-block-site-title\"><a href=\"https:\/\/acofi.it\/en\" target=\"_self\" rel=\"home\">A.C.O.F.I.<\/a><\/h1>\n\n\n<figure class=\"wp-block-image aligncenter size-full is-resized\"><img decoding=\"async\" width=\"512\" height=\"512\" src=\"https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/cropped-Logo-ACOFI.png\" alt=\"\" class=\"wp-image-547\" style=\"width:200px;height:auto\" srcset=\"https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/cropped-Logo-ACOFI.png 512w, https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/cropped-Logo-ACOFI-300x300.png 300w, https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/cropped-Logo-ACOFI-150x150.png 150w, https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/cropped-Logo-ACOFI-12x12.png 12w, https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/cropped-Logo-ACOFI-270x270.png 270w, https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/cropped-Logo-ACOFI-192x192.png 192w, https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/cropped-Logo-ACOFI-180x180.png 180w, https:\/\/acofi.it\/wp-content\/uploads\/2026\/05\/cropped-Logo-ACOFI-32x32.png 32w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Contact:        info@acofi.it<\/h2>\n\n\n\n<p>\u00a9Copyright. All rights reserved.<\/p>","protected":false},"excerpt":{"rendered":"<p>Approfondiamo ora il meccanismo della cartolarizzazione e il funzionamento dell\u2019operazione. (Clicca sui vari punti per esplorare nel dettaglio ogni passaggio del processo) Struttura dell\u2019operazione di cartolarizzazione infrastrutturale La SPV di Guernsey procede quindi all\u2019emissione degli strumenti finanziari destinati a investitori professionali e istituzionali, tra cui: Gli investitori sottoscrivono tali strumenti fornendo il capitale necessario al [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_angie_page":false,"footnotes":""},"class_list":["post-350","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/acofi.it\/en\/wp-json\/wp\/v2\/pages\/350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/acofi.it\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/acofi.it\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/acofi.it\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/acofi.it\/en\/wp-json\/wp\/v2\/comments?post=350"}],"version-history":[{"count":104,"href":"https:\/\/acofi.it\/en\/wp-json\/wp\/v2\/pages\/350\/revisions"}],"predecessor-version":[{"id":979,"href":"https:\/\/acofi.it\/en\/wp-json\/wp\/v2\/pages\/350\/revisions\/979"}],"wp:attachment":[{"href":"https:\/\/acofi.it\/en\/wp-json\/wp\/v2\/media?parent=350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}