Navigating Solar Financing: Guidance Provided by Hogan Lovells
Title: Barclays Bank Backs UK's First Solar Sector Asset-Backed Security
In the realm of green finance, April 2025 marked a significant milestone with Barclays Bank PLC teaming up with Atrato Onsite Energy, a leading commercial and industrial (C&I) solar specialist. This collaboration resulted in a groundbreaking GBP 250 million asset-backed securities (ABS) warehouse facility.
The ABS warehouse represents the sole dedicated ABS financing arrangement for the UK’s C&I solar sector[1][3][4], designed to turbocharge rooftop and ground-mounted solar deployment for businesses such as Amazon, Britvic, Nissan, and Tesco [3].
Led by Julian Craughan, head of capital markets - international at Hogan Lovells, the law firm served as the guide for BarclaysInvestment Bank on this financing deal. The advisory team also included members from Hogan Lovells' securitisation, tax, real estate, restructuring and special solutions, banking and loan finance, and infrastructure, energy, resources and projects practices [2].
Established in 2021, Atrato Onsite Energy has steadily grown a considerable portfolio of over 240MW of solar assets. Since being acquired by Brookfield Renewables in 2024, the company has signed 10 power purchase agreements (PPAs) and finalized financing for 42MW of new projects [1][3].
This financing bolsters Atrato’s ambitions to invest GBP 1 billion in solar energy by 2030, a move that will decrease annual CO₂ emissions by an approximate 50,000 tonnes [3]. In praising the partnership, Craughan expressed delight: "We're thrilled to have guided Barclays on this groundbreaking transaction, making a strong entry into the evolving C&I solar market" [2].
Atrato’s CEO, Gurpreet Gujral, highlighted the facility's expanded capacity, noting: "This £250 million capacity, in addition to our investors' capital support, empowers us to tap into our project pipeline and advance our goal of becoming Europe's leading C&I solar provider" [2].
Gordon Beck, Barclays' head of corporate and sustainable securitisation EMEA, echoed these sentiments, emphasizing the bank's commitment to sustainability: "We're extremely proud to support Atrato Onsite Energy with this landmark financing, furthering our commitment to empower corporates in transitioning to cleaner energy sources and fostering sustainable economic growth" [2].
On the legal front, Norton Rose Fulbright advised Atrato in relation to the financing, underscoring the transaction's complexity and significance [1][3]. As the solar sector forges ahead, playing a crucial role in the global fight against climate change, such innovations will pave the way for a greener, more sustainable future.
- Barclays Investment Bank, in collaboration with Atrato Onsite Energy, unveiled a GBP 250 million asset-backed securities (ABS) warehouse facility in 2025, marking the first dedicated ABS financing arrangement for the UK’s commercial and industrial (C&I) solar sector.
- The ABS warehouse, designed to boost rooftop and ground-mounted solar deployment for businesses like Amazon, Britvic, Nissan, and Tesco, was guided by Julian Craughan, head of capital markets - international at Hogan Lovells.
- With over 240MW of solar assets under management, Atrato Onsite Energy, established in 2021 and acquired by Brookfield Renewables in 2024, aspires to invest GBP 1 billion in solar energy by 2030, reducing annual CO₂ emissions by approximately 50,000 tonnes.
- Atrato’s CEO, Gurpreet Gujral, observed that the expanded capacity from the new financing will enable the company to tap into its project pipeline and strive towards becoming Europe’s leading C&I solar provider.
- Gordon Beck, Barclays' head of corporate and sustainable securitisation EMEA, expressed the bank's pride in supporting Atrato Onsite Energy with this landmark financing, furthering their commitment to cleaner energy sources and sustainable economic growth.
- Norton Rose Fulbright advised Atrato on the financing, emphasizing the transaction's complexity and significance as the solar sector continues to play a pivotal role in the global fight against climate change.
- In a move that demonstrates the blossoming renewable-energy industry's potential, science, technology, finance, real-estate, and environmental-science entities are teaming up to pave the way for a greener, more sustainable future.
- This partnership between BarclaysInvestment and Atrato Onsite Energy contributes to the transition of businesses towards renewable energy, a key step in addressing climate-change concerns within the energy and business industries.
