Servedbet has successfuly completed the disposal of the Project Solaris NPL portfolio, with a total gross book value of approximately €1.3 billion. Alantra has advised the seller throughout the process.

Project Solaris is a secondary portfolio comprising nine granular secured and unsecured non-performing loan (NPL) portfolios, with a total gross book value of approximately €1.3 billion. The lion’s share of the assets, about €870 million, are portfolios in the Portuguese market, while the other €480 million correspond to portfolios in Spain.

According to Alantra, the transaction closed in 2025, with the winner bidder acquiring a majority stake through a tailored securitization structure. The buyer’s name wasn’t disclosed.

‘The deal was executed via a Portuguese STC securitization vehicle, under which the investor subscribed 80% of the notes backed by the portfolios, while Servdebt retained 20%. All proceeds were paid unfront to the seller. The structure was design to maximize flexibility and ensure alignment of interests, with Servdebt continuind as a servicer to drive future recoveries.’

Original Story: Alantra
Edition: Prime Yield

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