Next Generation Partners

Firms To Watch: Project finance

Bird & Bird LLP recently expanded its project finance expertise pertaining to renewable energies, including wind, solar and photovoltaic.
SZA Schilling, Zutt & Anschütz Rechtsanwaltsgesellschaft‘s team, led by Dietrich Stiller, impresses with expertise in export financing and recently increasingly assisted with matters pertaining to Turkey. In November 2023, the team was strengthened with the addition of financing expert Ilja Baudisch from A&O Shearman.

Project finance in Germany

Clifford Chance

Clifford Chance's project finance expertise is regularly called upon in cross-border projects pertaining to the renewable energy sector. Most recently, this included onshore and offshore wind farms, hydrogen projects, biomass and solar plants, including those based on PPAs, as well as financing in connection with battery storage, battery production and charging infrastructure projects for electric vehicles. Here, practice head Florian Mahler and Christof Häfner regularly take the lead, including relevant cross-location cooperation. Mahler also acts as co-head of the international projects team, while Häfner recently assisted with project financing across the infrastructure sector, such as aviation and ports. The team is also experienced in gas infrastructure projects, which, alongside renewable energy projects, form part of Anna Thwaites' key strengths. Among the client roster are lenders, governments, investors, sponsors, project developers and companies. Beda Wortmann (PPPs and real estate financing) retired in May 2024.

Practice head(s):

Florian Mahler


Testimonials

‘First-class know-how and assertiveness in negotiations.’

‘Great international setup. Always open to developing new solutions.’

Key clients

Canada Pension Plan Investment Board (CPPIB)


LEAG


Government of the Republic of Namibia (GRN)


Encavis AG


KfW Ipex


JP Morgan Chase Bank


BNP Paribas S.A.


ING European Financial Services PLC


Damietta Alliance Container Terminals S.A.E


Fraport TAV Antalya Yatırım Yapım ve Isletme A.Ş.


Hanseatic Energy Hub GmbH


Rock Rail and Infracapital


Work highlights


  • Advising lenders and export credit agencies on the €4.4 billion loan raised by European car battery manufacturer Automotive Cells Company (ACC).

  • Advising the Export Credit Agencies (ECAs) and lenders on the financing of the construction and operation of the Hai Long offshore wind farm project in Taiwan with a total capacity of 1,022 MW.

  • Advising the Government of the Republic of Namibia on the agreement to develop the largest $10 billion green hydrogen project in sub-Saharan Africa.

White & Case LLP

Florian Degenhardt heads the team at White & Case LLP, which is regularly instructed by banks, institutional investors and sponsors in the context of financing energy and infrastructure projects. In addition to gas and LNG projects, the latter area also includes various projects in the renewable energy sector. The practice routinely handles cross-border matters.

Practice head(s):

Florian Degenhardt


Testimonials

‘The team has deep industry knowledge that enables them to identify and propose viable solutions to the inevitable problems that arise in virtually every transaction. In addition, this expertise allows the team to focus on implementing solutions rather than spending time looking for them.’

‘The team’s approach is pragmatic and response time is fast. The team has extensive experience as both borrower and lender advisors and also has extensive working experience with all major lenders in the industry, which is a plus when important issues need to be discussed.’

‘Florian Degenhardt: Florian Degenhardt contributed his experience, particularly during the important negotiations with the main contractual partner, and was able to explain complex issues in order to achieve the desired result.’

‘Roland Arlt was the calm and reliable hand who had an overview of the various documents, especially during the documentation phase, and was able to not only explain complex topics patiently and constructively, but also to suggest solutions, even late at night.’

Work highlights


CMS

CMS impresses with its support for banks and companies in the financing and refinancing of infrastructure and energy projects, including most recent instructions pertaining to photovoltaic systems, hydroelectric power plants and wind farms. The team fields asset financing expert Kerstin Block, who recently advised on financing across the rail sector. Further mainstays include the support in sustainability-related loans, which is a growth area. Block jointly heads the banking & finance team with André Frischemeier and is supported by Marc Riede (project, real estate, acquisition and asset financing).

Other key lawyers:

Marc Riede


Work highlights


Hogan Lovells International LLP

Hogan Lovells International LLP’s team is led by Carla Luh and advises borrowers, German and international banks and investors as well as energy and infrastructure companies as sponsors and operators of energy and infrastructure facilities on project financing in the telecoms and renewable energy sectors. Most recently, this included fiber optic expansion, onshore and offshore wind farms as well as solar and photovoltaic systems. Here, clients also benefit from the cooperation across other locations. Luh is supported by counsel Stipe Bojanic (project and infrastructure financing), who joined the team from A&O Shearman in early 2024.

Practice head(s):

Carla Luh


Other key lawyers:

Tobias Ulbrich


Testimonials

‘First-class transparent fee reporting. High commitment to the transaction and solution-oriented transaction support.’

‘Carla Luh and Tobias Ulbrich: Always solution-oriented, even when acting on the other side. Very good accessibility and punctual delivery of services. Also very good coordination of reference law firms, if necessary for cross-border transactions.’

Key clients

Berenberg


Berenberg Green Energy Debt Funds


Kommunalkredit Austria AG


Deutsche Bank AG


Luxcara


Mediobanca S.p.A. und Natixis S.A.


NatWest Bank


ABN AMRO Bank


Bankinter


Coöperatieve Rabobank


UBS Asset Management


Northern Fiber Holding


Stiegeler-Gruppe


Baltic Power


Rabobank


Statkraft


DIF Capital Partners (DIF)


metrofibre


Essener Versorgungs- und Verkehrsgesellschaft mbH (EVV)


ib vogt GmbH


UniInstitutional Private Debt SCS SICAV-SIF


Rune Group S.A.


Work highlights


  • Advising the project company Baltic Power on project financing of the Baltic Power offshore wind project in Poland.

  • Advising a banking consortium on the €1.035 billion financing package for Frankfurt-based data center operator maincubes.

  • Advising Mediobanca SpA and Natixis SA on the financing package for Energy Infrastructure Partners’ (EIP) investment in the Italian energy company ENI Plenitude.

Norton Rose Fulbright

National and international banks as well as energy companies regularly instruct Norton Rose Fulbright. The team recently acted in frequent cooperation with the corporate and M&A team in connection with national and international geothermal, hydrogen, onshore wind, solar and photovoltaic projects. Other core topics include the financing of charging infrastructure for electric vehicles as well as various projects from the infrastructure sector. Munich-based practice head Dirk Trautmann is experienced in structured project financing.

Practice head(s):

Dirk Trautmann


Other key lawyers:

Timo Noftz; Veit Sahlfeld


Testimonials

‘Team tailored to the project with clear division of tasks; nevertheless, everyone in the team was informed about everything at the necessary level.’

‘Wonderful pragmatism in individual themes and in the overall structure.’

‘Despite extreme time pressure and the myriad of individual topics, the work streams were kept together tightly; a pleasant working atmosphere across all levels.’

Key clients

Allianz Capital Partners


Bank Polska Kasa Opieki


Die Autobahn GmbH des Bundes


Europäische Investitionsbank (EIB)


Japan Bank for International Cooperation (JBIC)


ING Bank N.V.


Mizuho Bank, Ltd


Landesbank Baden-Württemberg (LBBW)


KfW IPEX-Bank


Siemens Financial Services


NordLB


RGreen Invest


Tauber Solar, Poro Power


UniCredit Bank


Work highlights


  • Advising a consortium consisting of the European Investment Bank (EIB), Japan Bank for International Cooperation (JBIC), ING Bank NV (ING) and Mizuho Bank, Ltd. (Mizuho) on the financing of the Eavor-LoopTM geothermal project in Bavaria with a loan of up to €130 million.

  • Advising a banking consortium consisting of Landesbank Baden-Württemberg (LBBW), KfW IPEX-Bank and Siemens Financial Services via Siemens Bank on the financing of 850 charging points for HOCHTIEF and EWE Go as part of the expansion of the so-called Germany network. The financing volume amounts to around €130 million.

  • Advising UniCredit Bank AG and the issuer vehicle of a bond financing on the restructuring and replacement of the financing of a large onshore wind portfolio with projects in Germany and France in the course of the sale of the portfolio to Vattenfall.

Watson Farley & Williams LLP

Watson Farley & Williams LLP boasts expertise in matters under German and English law, the latter is a key strength of Florian Kutzbach in Frankfurt, and is well versed in international project financing. The team is regularly instructed by lenders, borrowers, investors, asset managers and project developers in connection with solar, geothermal energy, onshore and offshore wind. Thomas Hollenhorst acts as sole practice head since the move of Clemens Hillmer (asset financing in the shipping, aviation and rail sectors) to Clyde & Co LLP in January 2025; Hollenhorst focuses on project financing in the renewable energy sector.

Practice head(s):

Thomas Hollenhorst


Other key lawyers:

Florian Kutzbach; Frederik Lorenzen


Testimonials

‘Good expertise, strong commitment.’

‘The WFW team was very knowledgeable and worked very diligently. Specialists from various fields were easily involved and were quickly brought up to speed on the transaction.’

‘The team members were always available and responded quickly to inquiries/questions.’

‘It feels like the employees are available 24/7 and are always informed on the same level within their team. For special peripheral issues, experts from the WFW network are easily brought in. The customer and the parties involved are “picked up” and “taken along” in a professional, objective and human way. Billing was very transparent over time, with any additional costs incurred being plausibly derived and explained to the client.’

‘They were very helpful and cooperative, and even under great time pressure they continued to perform very well. In addition, they are very empathetic.’

‘Their in-depth knowledge of renewable energy projects, particularly solar, makes them a very good team in project finance, with a nuanced understanding of regulatory and market dynamics.’

‘The firm’s culture encourages collaboration across practice areas and ensures that clients benefit from a comprehensive range of legal services. This approach is particularly valuable in complex transactions where numerous legal aspects need to be considered.’

‘With offices in key markets, WFW combines global expertise with local knowledge. This dual approach is critical for navigating cross-border projects and understanding the regional regulatory environment.’

Key clients

Bayern/LB


Builtech Holding


Calik Enerji


Çanakkale Otoyol ve Köprüsü Insaat Yatirim ve Isletme A.S.


Christofferson, Robb & Company


Commerzbank AG


Crédit Agricole Corporate and Investment Bank


Deutsche Bank


Eavor GmbH


Ellomay


Encavis


Flexam Invest Asset Management


Generate UK Holding


Goldman Sachs


Griffin Global Asset Management DAC


Hamburg Commercial Bank


Hamitabat Elektrik Uretim VE Ticaret Anonim Sirketi


I Squared Capital


Infranity


ING Bank


Joh. Berenberg Gossler & Co. KG


KfW IPEX-Bank


Masdar


Nexrail


NeXtWind Capital Ltd


NORD/LB


responsAbility Investments AG


Rivage Investment


UniCredit


Vauban Infrastructure


Warburg Bank


Wilmington Trust (London) Limited