Hall Of Fame

Rising Stars

Project finance in Germany

Clifford Chance

Clifford Chance acts for investors, project developers and companies, although the team is particularly active in the banking segment. The group advises on various projects and is experienced in the energy, above all renewable energies, infrastructure and PPP sectors. Asset financing is another mainstay, including project financing, Christof Häfner is a key contact here, where the practice mainly advises clients from the sectors aviation and rail transport. Projects with cross-border aspects are handled in close cooperation with the international network and German team, including matters under English law. The latter competency was strengthened in May 2022 with the partner appointment of Anna Thwaites; she is admitted under English and Australian law and is a key contact for PPP and infrastructure finance. The team is led by Florian Mahler (project finance and asset finance) in Düsseldorf and includes Beda Wortmann (project finance and PPP) in Frankfurt. Riko Vanezis (project work and finance in the energy and infrastructure sector) joined Watson Farley & Williams LLP in November 2022.

Practice head(s):

Florian Mahler


Other key lawyers:

Beda WortmannChristof Häfner; Jared Grubb; Anna Thwaites; Tobias Schulten


Testimonials

‘Combination of know-how and appropriate willingness to compromise if necessary, which makes it possible to find purposeful solutions.’

‘The team has extensive knowledge of project finance and can draw on the know-how of the entire Clifford Chance network.’

‘The key partners are very experienced, which shows in their calm and thoughtful approach to transactions.’

‘The team is able to effectively manage complex project finance transactions involving diverse and sometimes difficult parties.’

‘Jared Grubb is a fantastic partner. He is very responsive to clients’ needs and has a great team of people.’

‘Jared Grubb has a wealth of knowledge and experience and is always willing to share it in client training sessions.’

Key clients

UniCredit Bank AG


Turkiye Garanti Bankasi A. S.


African Development Bank


VINCI Concessions Deutschland GmbH


Encavis AG


Bayerische Landesbank


Landesbank Baden-Württemberg


Türkiye Cumhuriyeti Ziraat Bankası A.Ş


Banco Bilbao Vizcaya Argentaria S.A.


DekaBank Deutsche Girozentrale


HSBC Trinkaus & BurkhardtAG


DNB Bank Polska S.A


European Bank for Reconstruction and Development


3i Infrastructure plc/ DNS Bidco GmbH


KfW IPEX-Bank, Helaba, Credit Agricole CIB, ABN AMRO


Rivage Investment


Stadtwerke Köln GmbH


JP Morgan Chase Bank


DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH


Work highlights


  • Advising a banking consortium and UK Export Finance on the financing of a photovoltaic power plant in the Turkish region of Karapinar.

  • Advised the European Bank for Reconstruction and Development on the financing of the EU car battery recycling plant.

  • Advising BayernLB on the €61.9 million Green Loan project financing of GE turbines for the E energija Telšiai wind farm in Lithuania.

Hogan Lovells International LLP

Hogan Lovells International LLP accompanies banks, investors and project developers in traditional project financing, ECA-covered financing and project bonds as well as acquisition financing. Noteworthy is the group's industry expertise in German and international energy and infrastructure projects, where the team is experienced in renewable energies such as onshore and offshore wind energy projects. Practice head Carla Luh also leads the German finance practice since the beginning of 2022 and is supported by senior associate Amy Wienke, who frequently advises on international projects, thanks to her dual qulification in English and German law.

Practice head(s):

Carla Luh


Key clients

Berenberg Green Energy Junior Debt Funds


Encavis AG


goetel GmbH


Hamburg Commercial Bank


Statkraft AS


wpd europe GmbH


Baltic Power Sp. z o. o.


Greenvolt – Energias Renovaveis SA


EB – Sustainable Investment Management and LHI


LBBW


Europäische Investitionsbank


DekaBank


NordLB


DZ Bank AG


STRABAG


VINCI


WTE/EVN


Northland Power Inc


Statkraft


Work highlights


  • Advice to private bank Berenberg and the Berenberg Green Energy Junior Debts Funds on the financing of several renewable energy projects in Finland, Spain, Italy and Chile.

  • Advising the wind and solar farm operator Encavis AG on the acquisition of the Paltusmäki wind farm.

  • Advising goetel GmbH on a loan financing of around €345 million. With the loan and the equity provided by the shareholder Basalt Infrastructure Partners III, goetel plans to connect around 250,000 households to the fiber optic network over the next three years.

Norton Rose Fulbright

Norton Rose Fulbright regularly assists financial institutions, sponsors, investors and public sector clients with various energy and infrastructure projects, including PPPs. The team is well versed in international project financing and frequently cooperates across locations. Additionally, a close cross-practice collaboration with the M&A team benefits clients from the energy sector in transactions and investments. Recent projects related to the solar, wind, geothermal and conventional energy industries, while the practice also assisted with road construction projects in the infrastructure sector. Dirk Trautmann heads the practice from Munich and focuses on asset and corporate financing.

Practice head(s):

Dirk Trautmann


Other key lawyers:

Timo Noftz; Veit Sahlfeld


Testimonials

‘Reliable support and openness to particular concerns of clients.’

‘Serious effort to leave the beaten tracks and break new ground with solid legal underpinning.’

‘Continuously reliable advice, spontaneous availability.’

Key clients

Bundesministerium für Verkehr und digitale Infrastruktur (BMVI)


Brightmark


Carval


Goldbeck Solar


KfW IPEX, European Investment Bank, MEAG, KBC, CSOB


Nord/LB


Tauber Solar


Tiger Infrastructure Partners


Total Renewables


Unicredit


Work highlights


  • Advice to CarVal on financing a portfolio of PV projects with a total volume of over 2.5 GW in Germany, the Netherlands and Great Britain of the ASE Group.

  • Advising an asset manager from Munich on the financing of the planned acquisition of a PPP portfolio including road and railway projects.

  • Advising Europe’s largest motorway operator on the execution of a PPP project contract.

White & Case LLP

White & Case LLP ‘s project finance practice, headed by Hamburg-based Florian Degenhardt, regularly cooperates with the energy team in Düsseldorf and public law practice in Berlin. This combined expertise is used by banks, institutional investors and sponsors in national and international energy and infrastructure projects with a focus on European mandates. Recently, the team advised on solar and wind farms (onshore and offshore) and various other energy projects as well as motorways, digital infrastructure, LNG and port terminals and rolling stock. The advice covers financing via project bonds, (green) promissory note loans and other investment-compliant financing solutions as well as ECA-covered financing and EIB and KfW financing. In September 2022, the practice welcomed local partner Roland Arlt from Schalast Law | Tax; he is experienced in project financing, loans, bonds, securitisations and finance restructuring.

Practice head(s):

Florian Degenhardt


Other key lawyers:

Matthias Grigoleit; Roland Arlt


Testimonials

‘Well and broadly positioned, especially at senior level.’

‘Everyone who works there is highly competent, credible and proactive. Over the years I have not noticed any difference in the standards or performance of each office and staff.’

‘Florian Degenhardt is always solution-oriented.’

Key clients

Atradius


Commerzbank AG


BayernLB


Crédit Agricole Corporate and Investment Bank


Deutsche Bank


Deutsche Bank Luxembourg S.A.


EKF Denmark


Euler Hermes


ING Bank


KfW IPEX Bank


Kommunalkredit Austria AG


Luxcara


MEAG MUNICH ERGO Asset Management GmbH


Norddeutsche Landesbank (NordLB)


Octopus Renewables


Siemens


STRABAG


SMBC


Sunlife


Société Générale


UniCredit Bank


Work highlights


  • Advising Deutsche Bank Luxembourg S.A. and institutional investors on the €500 million secured financing of the Önusberget wind farm in Sweden.

  • Advising MEAG and institutional investors on the €1.7 billion refinancing of the Thameslink rolling stock project in the UK.

  • Advising Kommunalkredit Austria AG and other European institutional investors on the secured refinancing of the Spanish PV solar system Talasol in the amount of €175 million.

CMS

CMS‘ project finance team acts integrated into the banking and finance division led by Kerstin Block (acquisition, project and asset finance) and André Frischemeier (corporate, real estate and project finance), of which Marc Riede is also a part. Block and Riede regularly join forces on financing and refinancing mandates in the renewable energy sector – including wind and hydropower – as well as the financing of infrastructure projects. Among the client base are banks, insurers and project companies.

Other key lawyers:

Marc Riede


Testimonials

‘The team is characterized by deep specialist knowledge, the ability to find practical solutions and a high level of negotiation skills while at the same time taking the client’s interests into account.’

‘Ms Dr. Block and Dr. Riede are characterized by proactive work and a pleasant negotiating style with the usual high level of expertise. This ensures that everything is processed within the specified time frame and with a very good (negotiation) result for the client.’

Watson Farley & Williams LLP

Watson Farley & Williams LLP recently assisted numerous energy sector clients with onshore and offshore wind projects, but also advises banks, energy suppliers, sponsors and investors on solar projects. Thomas Hollenhorst leads the energy segment, while Clemens Hillmer heads the asset finance division and is a key contact for ship financing as well as shipping-related transactions, which constitute another mainstay; Hillmer and Hollenhorst both act from Hamburg. In November 2022, the team strengthened its project work and project finance capabilities in the energy and infrastructure space with the addition of Riko Vanezis (previously at Clifford Chance).

Testimonials

‘Very quick response times, professional handling, high level of expertise, very good deal team performance.’

‘Unlike other experienced firms offering project finance advisory services, Watson Farley Williams is a bit easier regarding bureaucracy, which makes them more agile compared to others.’

‘Their commitment and patience are a great advantage.’

‘Our project was a multinational project finance project that had to comply with English, Turkish, Singaporean and Malaysian legal norms and they handled it very quickly and with admirable professionalism.’

‘Florian Kutzbach has incredible expertise in Turkish infrastructure projects. Combined with the enthusiasm and diligence of his team, we have achieved an excellent result.’

‘Florian Kutzbach managed the team flawlessly, monitored the work of his team, personally participated in all discussions, had excellent time management and monitored all phases of the service provided.’

‘The support throughout the project was excellent.’

‘Riko Vanezis is calm and patient even under pressure.’

Key clients

Bayern LB


Berenberg Bank


Deutsche Bank


DIF


Fernao


Hamburg Commercial Bank (HCOB)


ING DiBa


portfoliomanagement


NIBC


Norddeutsche Landesbank Girozentrale (Nord/LB)


Talasol Solar, S.L


T. Garanti Bankasi und Bayerische Landesbank


Work highlights


  • Advising Hamburg Commercial Bank on a new $180m banking facility provided to an intermediate holding company of MPC Container Ships ASA.

  • Advising portfoliomanagement, the clearing house of the Free and Hanseatic City of Hamburg and the State of Schleswig-Holstein, on the due diligence for the sale of ships that are part of their remaining ship loan portfolio to a consortium of bidders consisting of Bank of America and Davidson Kempner Capital Management LP .

  • Advising Norddeutsche Landesbank Girozentrale and EKF Denmarks Export Credit Agency on the €53.5 million ECA-covered long-term financing of a wind farm portfolio in Poland. The portfolio consists of five wind farms with a total capacity of 44,675 MW.