Project finance in Germany

Clifford Chance

In cooperation with various other practices, Clifford Chance's team covers a broad spectrum of project finance. Mostly, this pertains to national and international conventional and renewable energy and infrastructure projects. Florian Mahler focuses on the segments infrastructure, airports and toll roads, while Riko Vanezis regularly handles cross-border asset finance transactions. Beda Wortmann and Tobias Schulten are other members of the core team and are, among other matters, experienced in PPP projects.

Practice head(s):

Beda Wortmann

Hogan Lovells International LLP

Hogan Lovells International LLP's team focuses on large-scale and international project finance transactions pertaining to energy, infrastructure and water including wastewater. As well as its expertise in classic types of project finance, such as loans and their refinancing, the team led by Christian KnütelTobias Faber and the 'efficient and constructiveCarla Luh also advises sponsors, banks and investors on the issuance of project bonds, acquisition financings and securitisations.

Practice head(s):

Carla Luh; Christian Knütel; Tobias Faber


Very recommendable!

Key clients

DZ Bank

HSH Nordbank (HCB Hamburg Commercial Bank)

Norddeutsche Landesbank Girozentrale (NORD/LB)

Work highlights

  • Advice to the Norddeutsche Landesbank Girozentrale (NORD/LB) on the project financing of the Swedish onshore windfarm Brännliden.
  • Advice to the HSH Nordbank on the financing of the onshore windfarm Clogheravaddy in Ireland.
  • Advice to an international consortium of the Kuwait Authority for Partnership Projects (KAPP) on the successful tender procedure of the waste water project Umm Al Hayman with planning, construction, financing, maintenance and operation rights and transfer of the project, including the uncoupling of energy.

Norton Rose Fulbright

As well as its in-depth expertise in energy and infrastructure work, the team at Norton Rose Fulbright also has extensive PPP sector experience, which makes an attractive offering for sponsors, financial institutions and public sector clients. The team led by Dirk Trautmann, which includes asset and project finance specialist Markus Radbruch, who made partner in January 2019, frequently works in conjunction with other practices. In energy sector work, the practice routinely calls upon its M&A colleagues.

Practice head(s):

Dirk Trautmann

Other key lawyers:

Timo Noftz; Markus Radbruch

Key clients

Bundesministerium für Verkehr und digitale Infrastruktur (BMVI)

Hamburg Energie GmbH

IST3 Investment Foundation



Taaleri Sijoitus Oy

Ferrostaal Industrial Projects


Investment Fund for Developing Countries (IFU)

Alpha Bank


Copenhagen Infrastructure Partners

Tauber-Solar Gruppe

Sunpower Africa Development Ltd

SUSI Partners AG

3i Group plc

Work highlights

  • Advice to the financing banks on the project financing of the geothermal-project Bruck in Bavaria.
  • Advice to the KfW IPEX-Bank and an international banking consortium on several adjustments and waivers for the financing of the offshore windfarm Nordergründe as a consequence of the insolvency of several main suppliers.
  • Advice to Luxcara and Bjerkreim Vind AS on the project-bond-financing of a 155,4 MW-windfarm in Norway.

Watson Farley & Williams LLP

Handling energy and infrastructure sector work, Watson Farley & Williams LLP's team advises banks and investors on the financing of onshore and offshore wind park, solar energy and conventional energy projects. Most of its work takes places in a cross-border setting with a focus on Scandinavia, South America, France, UK and Ireland. The practice is also well versed in maritime and transport sector work, which is frequently handled by ship financing expert Maren Brandes. Other key members of the team include project and structured finance expert Thomas Hollenhorst and Florian Kutzbach, who joined the team in November 2018 from Clifford Chance. The latter has particular experience in financing projects in emerging markets.

Practice head(s):

Thomas Hollenhorst

Other key lawyers:

Clemens Hillmer; Maren Brandes; Florian Kutzbach

Key clients

Hamburg Commercial Bank AG

KfW (Kreditanstalt für Wiederaufbau)

KfW IPEX-Bank GmbH

Deutsche Investitions- und Entwicklungsgesellschaft (DEG)

Norddeutsche Landesbank Girozentrale (NORD/LB)

Tank & Rast Gruppe GmbH

Joh. Berenberg, Gossler & Co. KG

UniCredit Bank AG

Commerzbank AG

EastMerchant Capital GmbH

Credit Suisse

Work highlights

  • Advice to an international banking consortium on refinancing the loan of over €1.27 billion for the offshore windfarm Veja Mate in the German North Sea.
  • Advice to Ellomay Capital Ltd. and Talasol Solar S.L.U. on the project financing at a value of approximately €177 million concerning the construction of a photovoltaic plant with a maximum performance of 300 MW in Spain.
  • Advice to the HSH Nordbank as lead arranger on the project financing of the 147,6 MW windfarm Thor in Sweden.

White & Case LLP

White & Case LLP's team is led by Florian Degenhardt, who has particular expertise in advising banks, financial investors and sponsors on the financing of energy and infrastructure projects. As well as the team's in-depth financing expertise, which includes various types of financing models such as covered financings, bank loans, KfW, EIB and other promotional loans, promissory note loans and project bonds, its close cooperation with the Düsseldorf-based energy practice and the public law and regulated markets team in Berlin also makes for strong capabilities at these intersections.

Practice head(s):

Florian Degenhardt

Other key lawyers:

Thomas Flatten

Key clients

MEAG MUNICH ERGO AssetManagement GmbH

Deutsche Bank AG

Norddeutsche Landesbank Girozentrale (NORD/ LB)


UniCredit Bank AG

Euler Hermes

EKF Denmark

Europäische Investitionsbank (EIB)



Central Puerto S.A.

Skandinaviska Enskilda Banken AB (SEB)

Ib vogt GmbH

Work highlights

  • Advice to MEAG MUNICH ERGO AssetManagement GmbH and a group of institutional investors on the structured refinancing of the high-speed rail link Southern Europe-Atlantic in France.
  • Advice to the Deutsche Bank AG, MEAG MUNICH ERGO AssetManagement GmbH and a group of institutional investors on financing the Norwegian windfarm Eikeland-Steinsland.
  • Advice to the Norddeutsche Landesbank Girozentrale (NORD/LB) on the financing of the Spanish solar plant  Don Rodrigo.

Allen & Overy LLP

Allen & Overy LLP specialises in assisting lenders with the financing of national and international energy and infrastructure projects as well as with leasing transactions in the aviation and shipping sectors. In the energy segment, clients also benefit from Norbert Wiederholt's energy law expertise, which includes energy trading and all associated regulatory matters. Walter Uebelhoer heads the banking and finance practice from Munich, which lost counsel Jens Gölz to Simmons & Simmons in February 2019. He joined as partner.

Practice head(s):

Walter Uebelhoer

Other key lawyers:

Norbert Wiederholt; Peter Stenz

Key clients

ING Bank

Union Asset Management Holding AG


Alongside major banks, the team at CMS also receives instructions from various German and international corporates as well as sponsors. These mandates frequently pertain to financing issues arising from infrastructure and renewable energy projects. Markus Pfaff and Marc Seibold jointly head the banking and finance team, which includes project and asset financing expert Marc Riede.

Practice head(s):

Markus Pfaff; Marc Seibold

Other key lawyers:

Marc Riede; Jens Moraht

Key clients

Merkur Offshore GmbH

KfW IPEX-Bank GmbH

Work highlights

  • Advice to the Merkur Offshore GmbH on refinancing the existing project financing for the offshore windfarm Merkur.
  • Advice to the KfW IPEX-Bank GmbH on financing the purchase of approximately 4.400 tank and freight wagons from CIT Group Inc. in the course of a share and asset deal.

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer's team led by Daniel Reichert-Facilides frequently works in conjunction with other practice groups and consequently provides interdisciplinary advice to energy and transport sector clients on project financing issues and the financing of PPP projects.

Practice head(s):

Daniel Reichert-Facilides


Linklaters is committed to its cross-border and cross-practice approach based on a close cooperation with its Paris and London offices as well as on regular exchanges with its energy law, public law, tax and capital markets colleagues. This is particularly attractive for investors and banks, who instruct the team including Jan Endler, Michal Hlásek and Thomas Schulz to advise on various infrastructure and energy financing matters, including associated refinancing issues.

Practice head(s):

Jan Endler; Michal Hlásek; Thomas Schulz

Key clients

LetterOne Group

Macquarie European Infrastructure Fund II (MEIF2)

wpd AG

Allianz Global Investors

Work highlights

  • Advice to Macquarie European Infrastructure Fund II (MEIF 2) on matters concerning the financing of the sale of the Techem Group.
  • Advice to Allianz Global Investors on the purchase of four onshore windfarms in France from the Axpo-subsidiary company Volkswind GmbH.
  • Advice to the wpd AG on the due diligence and the financing for the offshore windfarm Yunlin in Taiwan with a volume of €2 billion.