Hall Of Fame

Rising Stars

Project finance in Germany

Clifford Chance

Clifford Chance's project and asset finance group is regularly instructed by lenders, governments, investors, project developers and companies on international projects. Recent examples include the advice to the government of the Republic of Namibia on the development of the largest fully vertically integrated green hydrogen project in sub-Saharan Africa, which emphasises the practice's focus on the energy sector; the other sector focus is infrastructure. Practice head Florian Mahler boasts similar competencies and also acts as co-head of the global projects group since May 2023. Further mainstays include expertise in ECA and state-supported financing, Anna Thwaites is a key contact here, as well as joint venture and non-recourse project financing. Christof Häfner complements this with expertise in ​​asset financing with a focus on the aviation and rail sectors. Beda Wortmann is a key contact for PPPs and also covers the real estate financing area.

Practice head(s):

Florian Mahler

Other key lawyers:

Beda Wortmann; Christof Häfner; Jared Grubb; Anna Thwaites; Tobias Schulten


‘Clifford Chance impresses with a strong team. In difficult transaction phases, further team members are included if neccessary.’

Key clients

Baltic Hub (DCT)

Banque Misr

BNP Paribas S.A.


Coöperatieve Rabobank

Crédit Agricole Corporate and Investment Bank

DNB Bank

European Bank for Reconstruction and Development

Fraport AG


ING Bank



Landesbank Baden-Württemberg



Mitsubishi Corporation

National Westminster Bank


Santander Bank Polska

SMBC Bank International

TAV Havalimanları Holding A.Ş. (TAV-Airports)

Turkiye Is Bankasi et al.

UniCredit Bank AG

Work highlights

  • Advising the joint venture of airport operators TAV Havalimanları Holding A.Ş. (TAV Airports) and Fraport AG Frankfurt Airport Services Worldwide (Fraport AG) in a bridge financing of €1.225 billion to renew the operating rights for the Turkish Antalya Airport.

  • Advising the underwriters consisting of BNP Paribas SA, UniCredit Bank AG, Landesbank Baden-Württemberg, Crédit Agricole Corporate and Investment Bank, National Westminster Bank and NatWest Markets on the structuring of the more than €2 billion financing of the joint venture consisting of Deutsche Telekom and IFM Global Infrastructure Fund (IFM) for the expansion of Deutsche Telekom’s fiber optic network.

  • Advising lenders on financing the planning, construction, operation and maintenance of the Kütahya Integrated Health Campus in Turkey.

White & Case LLP

Insurance companies, pension funds, asset managers and banks regularly call upon White & Case LLP‘s financing expertise pertaining to project bonds, promissory note loans and combined financing, including development loans and financing covered by the Export Credit Agency (ECA). The team assists with various projects, such as gas and steam cogeneration plants, pipelines, LNG plants and offshore wind farms as well as motorways, airports, ports and projects in connection with the fibre optic network expansion. Practice head Florian Degenhardt regularly takes the lead here; his team cooperates across locations and practices, as was recently demonstarted in advising the European Investment Bank and a banking syndicate on financing of over € 1 billion to build a renewable energy pipeline in Spain and Portugal.

Practice head(s):

Florian Degenhardt

Other key lawyers:

Matthias Grigoleit; Roland Arlt


‘Strong business orientation and ability to look for pragmatic solutions.’

‘Florian Degenhardt is flexible, very solution-oriented and a good conversation partner.’

‘Very qualified and proactive team. They have provided first-class services and combined excellent market and regulatory knowledge.’

‘Florian Degenhardt did an excellent job advising us on complex financing with difficult regulatory aspects. The friendliness and good atmosphere in the team were particularly appreciated.’

Key clients

BNP Paribas


Deutsche Bank

Luxembourg S.A.

EIFO(ehemals EKF Denmark)

EnerjiSA Üretim

Euler Hermes

European Investment Bank (EIB)

ING Bank


Landesbank Baden Württemberg (LBBW)

MEAG MUNICH ERGO Asset Management GmbH


Norddeutsche Landesbank (NordLB)

Santander Bank

UniCredit Bank

Work highlights

  • Advising the European Investment Bank (EIB) and a consortium of banks led by NatWest on €1 billion financing to support the development and construction of Aquila Clean Energy’s renewable energy projects pipeline in Spain and Portugal over the next three years.

  • Advising BNP Paribas, ING Bank and other lenders on the financing of the construction and operation of a fiber optic network and the expansion of the fiber-to-the-home (FTTH) infrastructure by Glasfaser Nordwest, a joint venture founded at the beginning of 2020 by Telekom Deutschland GmbH and EWE AG.

  • Advising LBBW, Commerzbank and KfW IPEX on EIFO-covered financing for EnBW for the 960 MW He Dreiht offshore wind farm in the German North Sea.


CMS' team recently demonstrated its expertise in the energy sector thanks to numerous national and international instructions pertaining to hydropower, PV and offshore wind projects; this is complemented with experience in financing in the fibre optic and rail sectors. The client roster includes lenders such as financial institutions, investors and sponsors as well as companies on the borrowing side. The financing expertise covers structured financing, USPP transactions, privately placed registered bonds and refinancing. Project and asset financing expert Kerstin Block (sector focus on infrastructure, energy and rolling stock) and corporate, real estate and project financing expert André Frischemeier jointly head the practice. They are supported by Marc Riede, who is experienced in non-performing loans and restructurings.

Practice head(s):

Kerstin Block; André Frischemeier

Other key lawyers:

Marc Riede

Hogan Lovells International LLP

Hogan Lovells International LLP's team offers project financing expertise in the infrastructure and renewable energy sectors, which is called upon by banks, sponsors, borrowers and investors. This was recently demonstrated in the financing of the Baltic Power offshore wind farm in Poland with a capacity of 1.2 GW as well as various financings in the solar and fibre optic sectors. Practice head Carla Luh is well versed in the areas of energy, digital infrastructure and real estate in the context of international transactions. She is supported by senior associate Amy Wienke, who is qualified under German and English law and assists with cross-border matters. Alexander Stefan Rieger (M&A in the infrastructure and energy sector) joined Latham & Watkins LLP in May 2023.

Practice head(s):

Carla Luh

Other key lawyers:

Christian Knütel; Tobias Faber; Amy Wienke

Key clients

Berenberg Green Energy Junior Debt Funds

Strategic Fiber Networks

UBS Asset Management und Northern Fiber Holding


Northland Power/PKN Orlen


ib Vogt





Europäische Investitionsbank


Hamburg Commercial Bank




Storengy Deutschland

Baltic Power

Work highlights

  • Advising a consortium of banks on the signing of a debt financing package for the German fiber company TNG Glasfaser GmbH, controlled by Intermediate Capital Group.

  • Advising Baltic Power as the leading international project developer for the offshore wind project of the same name on all project and financing issues.

  • Advising an international credit consortium on the financing of a data center platform for maincubes worth over €1 billion.
    #### ORIGINAL ####
    Beratung eines internationalen Kreditkonsortiums bei der Finanzierung einer Rechenzentrumsplattform für maincubes von über €1 Milliarde.

Norton Rose Fulbright

Norton Rose Fulbright advises on projects in the infrastructure and renewable energy sectors, including the financing of geothermal energy projects and PV systems as well as onshore and offshore wind energy projects; debt funds regularly instruct the team on the financing of PPP projects in the highway sector. Other clients include public sector players and sponsors, which benefit from the firm's cross-border and cross-practice cooperation, thus covering various interfaces, such as M&A. Practice head Dirk Trautmann complements this with expertise in asset and corporate financing.

Practice head(s):

Dirk Trautmann

Other key lawyers:

Timo Noftz; Veit Sahlfeld


‘The practice immediately implements the specified framework conditions within the project. Appointments and preparations are always available at very short notice and at the highest level.’

‘The collaboration is not only professional, but also very good on a personal level. Nothing is left to be desired for us as the client.’

‘The key contact is Dirk Trautmann. He doesn’t try to sell, but rather offers the services that are actually needed and of high quality. He thinks through project topics further and identifies additional risks that need to be taken into account.’

Key clients


Europäische Investitionsbank





Norddeutsche Landesbank Girozentrale, Santander

Tauber Solar


Work highlights

  • Advising Brightmark in connection with the planning and construction of a plastics recycling plant for the extraction of pyrolysis oil for further processing into propylene and ethylene.

  • Advising Norddeutsche Landesbank Girozentrale and Santander on the €90 million financing of a 149 MW solar power plant in Spain.

  • Advising the European Investment Bank (EIB) on the partial financing of an R&D project of the Vaillant Group.

Watson Farley & Williams LLP

Watson Farley & Williams LLP's traditional strength is the financing support for onshore and offshore wind projects, where the team and co-practice leader Thomas Hollenhorst assist national and international companies, banks and investors, with ECA and general trade financing as well as acquisition financing. This is complemented by expertise in the asset finance area, which is headed by co-head Clemens Hillmer. The focus here is on advising shipping companies and shipyards on ship and container financing, while interfacing matters pertaining to shipping and energy are also covered; this was recently demonstrated in advising on the refinancing of floating storage and regasification units and the financing of the construction of a liquefied gas investor.

Practice head(s):

Thomas Hollenhorst; Clemens Hillmer

Other key lawyers:

Stefan Kilgus; Florian Kutzbach; Sven Fretthold; Riko Vanezis


‘Service was prompt and timely with good problem solving and guidance.’

‘Florian Kutzbach is a very good advisor in the area of ​​project financing, for example structured loans, refinancing and restructuring.’

‘Their combination of solid legal expertise, strong industry knowledge and down-to-earth mentality makes them our preferred law firm for any project financing.’

‘Working with Sven Fretthold is great. He is responsive, very knowledgeable, reliable and solution-oriented.’

‘Long-term, excellent client support at the highest level.’

‘Very easy to reach, quick response times, consistently good quality.’

Key clients

ABN Amro



Deutsche Bank



Goldman Sachs

Hamburg Commercial Bank

Investec Bank Limited

JA Mitsui Leasing, Ltd.

Joh. Berenberg, Gossler & Co. KG



Warburg Bank

Work highlights

  • Advising a consortium of international banks on the financing of BASF’s investment in the Hollandse Kust Zuid offshore wind farm.

  • Advising Deutsche Bank AG as mandated lead arranger and lender, as well as a large consortium of lenders, on the refinancing of an existing $250 million loan facility for the 470 MW Karadeniz Powership Osman Khan through a senior secured repayment loan.

  • Advising Höegh LNG Ltd on the $685 million refinancing of the Höegh Esperanza and Höegh Gannet floating storage and regasification units, which will serve Germany’s new floating LNG unloading station at the North Sea ports of Wilhelmshaven and Brunsbüttel.