July 29, 2020
Cadwalader recently represented GoodFinch Fund I, LP as sponsor in the issuance of approximately $252M Solar Loan Backed Notes, Series 2020-2 GF. The Notes were co-issued by Loanpal Solar Loan 2020-2 Ltd. and Loanpal Solar Loan 2020-2 LLC. Barclays Capital Inc. and Goldman Sachs & Co. LLC were initial purchasers of the senior notes, and placement agents for the Class R Subordinate Notes in these Rule 144A/Reg S offerings.
The senior notes were rated by the Kroll Bond Rating Agency, LLC. Sustainalytics US, Inc. provided a second-party opinion evaluating the offering against the International Capital Market Association's Green Bond Principles.
All of the solar loans were originated by Loanpal, LLC (“Loanpal”). Certain of the solar loans were subsequently sold to an affiliate of the sponsor and an affiliate of Goldman Sachs & Co. LLC, both of whom transferred the solar loans, together with additional solar loans from Loanpal, to the issuer at closing. Loanpal is one of the top solar financiers in the United States by market share, having originated over $3.6 billion in solar loans since launching its solar program in December 2017. Loanpal will service the solar loans included in the transaction.
This is the sponsor's first solar loan securitization. This was the fifth solar loan securitization of solar loans originated by Loanpal. The was the first securitization for which Barclays Capital Inc. was an initial purchaser. Affiliates of Barclays Capital Inc. provided warehouse financing to affiliates of the sponsor for certain of the solar loans prior to securitization.
The Cadwalader team included Ira J. Schacter, Michael A. McCormack, Gary Silverstein, Dylan Lionberger, Peter Dodson, Maurine Bartlett, Alex Strom and Margaret Craib.