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Project finance in Germany

Clifford Chance

Clifford Chance regularly takes the lead in large-scale national and international projects and has set up a German Africa Desk Group for projects in Africa. Its focus lies on the energy sector, including renewable energies, as well as on infrastructure and PPP projects. This wide-ranging expertise in complemented by its in-depth asset finance capabilities with particular expertise in the shipping, rail and aviation sectors. Christof Häfner is a key contact for the two last-mentioned segments but he also routinely takes the lead in project finance mandates. Together with practice head Florian Mahler (project finance and asset finance) and Beda Wortmann (project finance and PPPs), he is one of the core members of the team, which acts for lenders, pension funds, investors, government agencies, development companies and corporates.

Practice head(s):

Florian Mahler


' Extremely good cross-border cooperation between different Clifford teams in cross-border deals. High quality content of the lawyers and always solution-oriented. Close cooperation and constant availability. The best law firm I have worked with in my 20 years of international project finance, regardless of the country. '

' Very personal contact. High motivation. Clear understanding of individual solutions for projects. Problem-solving oriented. '

'' Very pragmatic and goal-oriented approach to tasks. '

' Florian Mahler: Solution-oriented approaches in drafting and in negotiations; assertive and at the same time friendly; promotes the balance of interests between the parties and makes a decisive contribution to sustainable compromises. '

Key clients

KfW Kreditanstalt für Wiederaufbau

DEG Deutsche Investitions- und Entwicklungsgesellschaft

Deutsche Bank

IFC International Finance Corporation

Global Infrstructure Partners

MacquaireCanada Pension Plan Investment Board


European Investment Bank


Siemens Project Ventures GmbH

STEAG Beteiligungsgesellschaft

Work highlights

  • Banking consortium led by Goldman Sachs and UniCredit: Advising on the financing of the takeover of the offshore wind farm BARD Offshore 1 by funds managed by Macquarie Infrastructure and Real Assets (MIRA).
  • Canadian Pension Plan Investment Board (CPP Investments): Advice on the refinancing of your minority stake in the offshore wind farm projects Hohe See and Albatros.
  • Bank consortium led by the African Development Bank: Advice on the financing of the innovative solar thermal system Redstone Concentrated Solar Tower.

Hogan Lovells International LLP

Since mid-2019, Carla Luh has been heading the project finance team at Hogan Lovells International LLP, which - like Luh - specialises in the energy and infrastructure sectors; during the research period, the practice has been particularly active in the onshore and offshore wind space. Typically, the team handles such instructions for banks but it also advises sponsors, investors and corporates on large-scale national and international project finance alongside acquisition finance, which is handled in close cooperation with its colleagues from the energy and M&A practices. Its strength handling matters at the intersection with M&A was further underlined with Alexander Stefan Rieger's promotion to partner in January 2020.

Practice head(s):

Carla Luh


' The team led by Carla Luh is distinguished in many ways. In addition to her detailed knowledge of the transaction, Carla also brings her enthusiasm to the table. If for any reason the negotiations reach a way out, Carla leads the banking syndicate with very creative solutions. '

' Carla Luh has unique leadership skills. In addition to her deep knowledge of the transaction, she also makes a very constructive contribution. '

' Carla Luh leads an outstanding team that includes Amy Bruland and Marco Weibrecht, who are both exceptional. '

' Carla Luh differs from partners in other law firms in a positive sense. Great knowledge of the transactions and incredible drive. '

Key clients

WTE Wassertechnik und International Financial Advisors Holding K.P.S.C (IFA)

Hamburg Commercial Bank

Silenos Energy Geothermie Garching a.d. Alz GmbH & Co. KG

DZ Bank

Work highlights

  • Advising Silenos Energy Geothermie Garching ad Alz GmbH & Co. KG on the project financing of the Bruck geothermal power plant in the municipality of Garching an der Alz, Bavaria. The total project volume is around € 80 million.
  • Advising Hamburg Commercial Bank on the project financing of the Swedish onshore wind farm Målarberget with 27 Vestas wind turbines and a nominal output of 113 MW.
  • Advising a consortium of WTE Wassertechnik GmbH and International Financial Advisors Holding KPSC (IFA) as a successful bidder for the Umm Al-Hayman wastewater project in Kuwait with a construction volume of around $ 1.8 billion (excluding financing and operating costs).

White & Case LLP

Banks, institutional investors and sponsors regularly instruct the team at White & Case LLP to assist with energy and infrastructure project finance, including combined financings involving project bonds and export credit insurance alongside KfW, EIB and other promotional loans, both within and outside Germany's borders. This offering goes in line with the expertise and scope of practice head Florian Degenhardt. Based on this sector expertise, and in close cooperation with various other practices and offices within the firm's global network, the team advises on gas-fired power plants, combined cycle (CHP) plants, solar and wind parks, motorways, railways, PPP projects, LNG and container terminals, airports and digital infrastructure.

Practice head(s):

Florian Degenhardt

Other key lawyers:

Thomas Flatten


'' Fast reaction times, always available (including the partners), flat structures and, as a result, support / advice always from very experienced lawyers, pragmatic and solution-oriented working methods, positive working atmosphere, as a client you can tell that the team works very well together and that the coordination is right. '

'' Fast reaction times, directly accessible and available, pragmatic and solution-oriented way of working, flexible, always polite and keeping the client's interests in mind, positive working atmosphere. '

' The team led by Florian Degenhardt is highly valued by us and our first choice for structured finance in the energy and infrastructure sector. In the case of complex project financing with project bonds and institutional investors, White & Cases team has exceeded our expectations by far. '

' Florian Degenhardt convinces with his vast experience and excellent knowledge. We particularly value advice on all questions and a deep understanding of the market together with a commercial and solution-oriented approach. '

Key clients

Deutsche Bank

Deutsche Bank Luxemburg S.A.




IKB Deutsche Industriebank


UniCredit Bank

Crédit Agricole Corporate and Investment Bank



ING Bank


Euler Hermes

EKF Denmark


Europäische Investitionsbank (EIB)

Siemens Bank



Société Générale

Work highlights

  • Advising an international consortium of finance companies, including German banks such as KfW IPEX, Deutsche Bank, Commerzbank, Siemens Bank and export credit insurers, on the financing of € 2.7 billion for the construction of the 640 MW Yunlin offshore wind farm in Taiwan.
  • Advising Deutsche Bank Luxembourg SA on the ECA guaranteed $ 3 billion financing for Nigeria LNG Limited for the development, construction and operation of the NLNG Train 7 project consisting of an LNG (liquefied gas) plant on Bonny Island
  • Advising UniCredit Bank and Raiffeisen Bank International as subordinate lenders on the financing of the construction and operation of the Belgrade waste recycling project in Vinča in Serbia as a public-private partnership (PPP).

Norton Rose Fulbright

The team at Norton Rose Fulbright is led by Munich-based Dirk Trautmann, whose advisory focus reflects the team's key strengths. In addition to project finance, he specialises in asset finance and handles domestic and international transactions for public sector bodies, lenders, sponsors and project companies. Within this space, the focus lies on PPPs, infrastructure and energy projects.

Practice head(s):

Dirk Trautmann

Other key lawyers:

Timo Noftz;  Markus Radbruch

Watson Farley & Williams LLP

Watson Farley & Williams LLP's team is jointly headed by project and structured finance specialist Thomas Hollenhorst and asset and structured finance expert Clemens Hillmer. With a focus on projects in the onshore and offshore wind sectors, the team regularly advises banks and investors on such financings in Germany, other European countries and increasingly in Latin America and routinely does so in cooperation with various offices across the firm's network. Other work includes solar and conventional energy projects. In asset finance, the focus lies on ship finance.

Other key lawyers:

Stefan Kilgus

Work highlights

  • Advising Joh.Berenberg, Gossler & Co. KG on a facility to a loan fund managed by Oaktree and Meerbaum for the purpose of refinancing sale-and-lease-back ship transactions concluded between subsidiaries of the loan fund and ship owners.
  • Ongoing advice to the international bank consortium consisting of KfW, Helaba, ING, Rabobank, KfW IPEX-Bank and SEB on the implementation of the financing of the second phase of the Borkum West II wind farm.
  • Advising as manager of the SUSI Renewable Energy Fund II on the project financing of the 94.6 MW wind farm Lyngsåsa in Sweden.


Marc Riede is the key contact for project and asset finance at CMS and specialises in infrastructure and energy sector work with particular emphasis on conventional and renewable energy. In asset finance, his focus lies on rolling stock and ship finance. Clients include national and international banks, leasing companies and investors.

Other key lawyers:

Marc Riede; Jens Moraht;  Markus Pfaff

Gleiss Lutz

Gleiss Lutz advises banks, asset management companies and leasing companies on the project and lease financing of high-value assets such as train fleets. Burkhard Jäkel is a key contact for lease financing; together with infrastructure financing expert Eva Reudelhuber, he is part of the team led by banking, finance and capital market law specialist Kai Arne Birke.

Practice head(s):

Kai Arne Birke