Next Generation Partners

Project finance and PFI in Netherlands

Allen & Overy LLP

The joint projects and real estate team at Allen & Overy LLP acts for both lenders and borrowers in a broad range of project financing deals. The practice excels in all types of renewable energy matters, including onshore and offshore wind farm development, solar parks, hydrogen, geothermal, water and biogas installations. Conventional energy issues, data centre developments and financing as well as infrastructure and transport are also key areas for the firm. Leon Hoppenbrouwers, Zeeger de Jongh, Jochem Spaans, Werner Runge jointly lead the practice. PPP expert de Jongh is well versed in advising construction and data centre companies and is also skilled in renewables projects. Advisor and litigator Spaans focuses on environmental law and has recently assisted with energy and industrial projects, while Runge works on a range of financing and project financing transactions. Grace McLeish, Koen de Wit and Cees van Ginneken assist on all matters related to banking and finance.

Practice head(s):

Leon Hoppenbrouwers; Zeeger de Jongh;  Jochem Spaans; Werner Runge

Other key lawyers:

Marinus Winters; Grace Mcleish; Koen de Wit; Cees van Ginneken; Marjet van Bezooijen


‘The A&O project finance practice is one of the most knowledgeable teams in Netherlands concerning PF/PPP operations. With the wide expertise and experience it is one of our preferred suppliers of legal advice.’

‘The team lead Zeeger de Jongh is involved in almost all transactions in the Netherlands and as such had all needed connections and market insights that make him not only a trusted adviser, but also a practice leader to rely on to get new, innovative and mostly practical solutions to any legal or documentation issue that may come up.’

‘Collaboration is at the core of its success, especially in the complex world of project finance. Their team members seamlessly work together. This collaborative spirit is best embodied by Koen de Wit and Cees van Ginneken, who consistently foster a sense of unity.’

Key clients





Partners Group

Work highlights

  • Advising EdgeConneX and EQT on the refinancing of their entire European data centre portfolio.
  • Advising the syndicate of banks on the amendment of the senior financing and subordinated financing of Windfarm Gemini.
  • Advised EdgeConnex on the project financing of its AMS06 data centre development.

Clifford Chance

Clifford Chance is a leading firm for project financing and PFI matters. The energy and infrastructure group advises on large projects, covering the financing, construction, regulation, offtake agreements and tenders. The team has assisted on numerous projects from multiple sectors including banking, data centres, construction and energy. Digital infrastructure financing is also a significant focus of the firm. Primarily advising energy firms, banks, lenders and sponsors, Hein Tonnaer is an expert when it comes to renewable energy, while Liesbeth Buiter advises on renewables for utility companies, lenders, sponsors and project companies. Angela McEwan specialises in banking and secured finance; Nanette Rutgers is particularly knowledgeable on Dutch law issues related to secured lending; and Mike Niekoop is a go-to practitioner for renewables, aviation and infrastructure finance. Philip Walsh was promoted to counsel in May 2023 and is experienced in advising on both Dutch and international project and portfolio financings as well as complex PPA structures.

Practice head(s):

Hein Tonnaer; Liesbeth Buiter; Nanette Rutgers; Mike Niekoop

Other key lawyers:

Philip Walsh


‘The Clifford Chance team is very well aligned and works efficiently together across finance, due diligence, and tax. Quality across the firm is excellent.’

‘Mike Niekoop: arguably the best project finance lawyer in the Netherlands. He has the ability to keep strong oversight during complex processes and exceptional skills in explaining legal issues in an understandable manner to banks. He is really leading processes with confidence.’

‘Excellent team with sound expertise, process-oriented and pragmatic. Outstanding availability for clients and very good cooperation.’

‘Liesbeth Buiter stands out for her pragmatic, solution-oriented and negotiating skills as well as her industry-specific knowledge. Mike Niekoop stands out for his high level of industry knowledge and pragmatic approach.’

‘Knowledgeable, up to date on latest developments, and a human touch to it, which is key.’

Key clients

Partners Group

EnBW Energie Baden-Württemberg AG




Gemini Wind Park


CEE Group




Blue Elephant





Work highlights

  • Advised the underwriters and senior lenders on the sustainability-linked €2.4bn portfolio refinancing of European data centres owned and operated by EdgeConneX.
  • Advised Rabobank on the €200m framework project finance facility for AMPYR Solar Europe to build a portfolio of fully owned projects combined with projects with community participations.
  • Advised LBBW on PowerField Netherlands BV’s capital raise of circa €500m in structured equity and portfolio financing.

Norton Rose Fulbright

Norton Rose Fulbright specialises in infrastructure and accommodation projects, with a focus on the power and renewable energy industries. The team regularly assists on both international and domestic PPP projects and continues to be a driving force of PPP transactions in the Netherlands. As a go-to for projects regarding biomass power plants, solar energy parks, wind farms and tank storage terminals, the team stands out for its skills in advising on the life cycle of a project, from construction contracts to management agreements and financing. Notably, it has recently advised lenders on hybrid financing of a bioplastics plant and has continued to expand into other inventive plants involving biofuels and hydrogen. Wouter Hertzberger chairs the team alongside Daphne Broerse. Hertzberger leads on structured finance transactions and project finance related to energy and infrastructure, while Broerse combines her background in administrative and civil law to advise private companies and government authorities on large-scale energy, infrastructure and commercial developments. She has also been actively involved in offshore wind projects. Joris Ravelli is experienced in advising on data centre projects.

Practice head(s):

Wouter Hertzberger; Daphne Broerse

Other key lawyers:

Joris Ravelli; Marjolein Pichel


‘Very hands-on team that is easily approachable to discuss matters.’

‘The team is always very helpful and available.’

Key clients

ABN Amro Bank

Ballast Nedam Consessions


BNP Paribas

Bancroft Capital

DEME Group

Dura Vermeer

Deutsche Bank


Dijkhuis Vastgoed Management B.V.



Fresh Trading Limited

Foresight Group LLP

Heijmans Nederland

ING Bank

John Laing

Macquarie Capital

Meridiam Infrastructure


Strukton Integrale Projecten



Zouk Capital LLP

Coöperatieve Rabobank U.A.

Nederlandse Waterschapsbank N.V.


Groendus Z26 B.V.

Work highlights

  • Advising FlevoBESS on the development of a battery energy storage system of 30MW.
  • Assisted as legal advisors to the lenders with relation to the financing of the nearshore windf arm IJsselmeerwinT, consisting of 10 turbines of 5.5MW each.
  • Advising the lenders, ABN Amro Bank and ING Bank, on the financing to be provided to UBQ Materials.


The project finance group at Stibbe advises a myriad of international companies on banking, infrastructure, energy, transport and mining project financing matters. The team includes experts in banking, construction, procurement and regulatory issues, enabling it to regularly assist with major PPP projects as well as innovative energy projects. Real estate specialist David Orobio de Castro is well versed in PPP, PFI and DBFMO issues, while Martin In de Braekt leads on energy and industrial matters. Ingmar de Groot is the go-to for construction and infrastructure expertise; Rein van Helden routinely acts for financial institutions and corporate clients; and Marieke Driessen is a key contact for financing deals.

Practice head(s):

David Orobio de Castro; Martin In de Braekt; Ingmar de Groot; Rein van Helden; Marieke Driessen


‘Stibbe stands out in quality and knowledge of the specific market. In my experience Stibbe takes an active role in the negotiations with the client and setting out a legal strategy based on realistic starting points and goals.’

‘David Orobio de Castro: Besides his friendly personality he is an exceptional lawyer in construction law and related project financing. His ability to explain in simple terms complex matters combined with excellent negotiation skills is exceptional.

Key clients

Great Grey Investments Datacenter (GGID)

Macquarie Capital

Group of lenders including the European Investment Bank (EIB), KBC, Korea Development Bank, Belfius, KfW, BNG and SMBC

Natixis, MEAG and Samsung Life Insurance

ING Capital



Van Oord

Ballast Nedam




Work highlights

  • Advised Macquarie Capital, as sponsor of the project, on the tender, contracting and reaching of financial close of the PPP Project A9 Badhoevedorp-Holendrecht.
  • Advised the lenders, consisting of a mix of bank lenders and the EIB, on providing finance to BAAK Blankenburg-Verbinding.

Bird & Bird

The dedicated project finance team at Bird & Bird is highly skilled in advising local financial institutions, investors and borrowers on financing deals involving wind, solar, data centres and bio-based recycling. Its sector-focused approach allows the firm to utilise its expertise in digital infrastructure, energy and utilities to advise clients on complex projects and transactions. Practice head Roger Van Buuren leads on issues related to bio-based materials, optic fibre, data centres and renewable energy. Construction specialist Andrea Chao advises on infrastructure-related matters, while Paul Waszink assists on wind and solar transactions.

Practice head(s):

Roger van Buuren

Other key lawyers:

Andrea Chao; Paul Waszink


‘Key strengths are the pragmatic solution-driven approach and transparent communication style. As such they are easy to work with and we got things done in an efficient manner.’

‘Roger van Buuren is approachable, open for questions/discussions, and very responsive during the entire documentation process. ’

‘Great teamwork, smooth cooperation, swift responses and always room for a smile and a joke!’

‘Roger van Buuren is very approachable, precise, knowledgeable and fun to work with!’

‘The industry knowledge, both commercial and legal, is of a very high level. Their knowledge is best of class and they are very effective in communicating the relevant elements to the client. They furthermore are very personal and committed.’

‘The relationship with Bird & Bird is always professional and they truly take the position of their clients while advising. Execution is further very quick and to the point.’

‘We had the pleasure of collaborating with Roger van Buuren, a partner whose expertise and professionalism were exceptional. His invaluable assistance and proactive approach in addressing our inquiries ensured that we received accurate guidance and advice throughout the process.’

Key clients


Coöperatieve Rabobank U.A.


Limburgs Energie Fonds (LEF) B.V.

Giga Storage B.V.

Statkraft Renewables Benelux B.V.

Zencap Asset Management

Pacifico Energy GmbH

Oesterreichische Entwicklungsbank AG

Kreos Capital

Christofferson Robb & Company


Pfalzsolar GmbH

Work highlights

  • Advised ABN AMRO Bank on the financing for CapMan Infra for the acquisition of a data centre company in the Netherlands.
  • Advised GIGA Storage on the financing for the acquisition of a grid connection from the bankruptcy estate of DAMCO.
  • Advised Invest-NL on various project finance transactions, including the financing and restructuring of the world’s first solar car, Lightyear.


Specialising in financing, Dentons advises major Dutch banks as well as international financial institutions on project and energy financing. Although the practice is known for advising lenders, it has been steadily growing its reputation for assisting borrowers. Both sides seek out the firm for its project financing skills in export, trade and commodity finance deals. Practice head Marcel Janssen focuses on project and energy finance, leading on key cross-border asset and structured finance transactions. Jan Jakob Peelen is noted for his expertise in energy issues, while Gerard Koster assists on all finance-related matters.

Practice head(s):

Marcel Janssen

Other key lawyers:

Jan Jakob Peelen; Gerard Koster


‘Very pragmatic and helpful. Quick to respond.’

‘Knowledge of the Dutch market (players in the market). Commercially orientated.’

‘Committed, knowledgeable. Aware of relevant and actual market developments.’

Key clients


GIGA Storage

Macquarie Capital

ING Bank

BNG Bank

Stichting Groenfonds

TBM Europe B.V.

Triodos Group

Kommunalkredit Austria AG


Work highlights

  • Assisting GIGA Storage and the lenders with the project financing for the construction of three battery projects in the Netherlands.
  • Advised Société Générale and ABN AMRO Bank on securing the financing for the largest geothermal project in the Netherlands (Warmte van Leeuwarden).
  • Assisted Macquarie Capital with the setting-up of a framework agreement and development loan agreement between Macquarie Capital and Dispatch.


HabrakenRutten utilises its strong background in infrastructure and construction to advise on the project finance of large-scale infrastructure projects. Based in Rotterdam, the firm is able to advise on major PPP projects including national motorways, rail and wet infrastructure. Peter Habraken and Henk Raven co-lead the team: Habraken is well versed in successful refinancing during project phases, while Raven is known for creating contracting strategies in line with financial requirements of complex projects. Sander Simonetti has expanded the firm's capabilities with his expertise in sustainable energy projects. Anna Kaptijn is also noted.

Practice head(s):

Peter Habraken; Henk Raven

Other key lawyers:

Sander Simonetti; Anna Kapteijn

Work highlights

  • Advising the lenders on the €750m project financing of a PPP project.
  • Advising on the project financing in relation to the roll-out of several biogas plants.
  • Advising a subcontractor on the financing of a motorway corridor.


NautaDutilh has recently been active in key Dutch PPP projects. Its practice covers a range of renewable energy, infrastructure and real estate project financing, and it is often sought out by US and UK law firms to assist on Dutch-related banking and finance matters. As such, the firm is constantly engaged in a number of high-profile transactions. Jaco Belder chairs the team from Rotterdam; he advises on major PPP projects and is experienced in advising both lenders and borrowers in real estate financing transactions. Finance specialist Erik Geerling co-chairs the team alongside Belder.

Practice head(s):

Jaco Belder; Erik Geerling


‘Great collaborators. very knowledgeable in all aspects of project finance.’

Key clients


Asian Development Bank

BAM Group N.V.


Belgian Investment Company for Developing countries


Credit Agricole

Deka Bank


European Bank for Development and Construction


High Tech Campus Eindhoven

Infraco Africa



Macquarie Capital





Stadion Feijenoord N.V.


Work highlights

  • Advising a large syndicate of lenders in connection with the A9 motorway project.
  • Advising Zeeuwse Energie Houdstermaatschappij in connection with the financing aspects of, inter alia, its interest in Sloe Centrale, a power plant in Vlissingen.
  • Advising a large syndicate of lenders in connection with the Afsluitdijk project.

Pels Rijcken & Droogleever Fortuijn NV

Pels Rijcken & Droogleever Fortuijn NV specialises in advising the state of the Netherlands on all its major PPP projects, including infrastructure, energy and accommodation issues. The team is routinely mandated by public authorities such as the cities of Amsterdam and Rotterdam, the provinces of Noord-Holland and Linburg, as well as the Dutch Central Bank for PPP and PFI deals. It also advises the state on guidelines for the new two-phase contract and is actively involved in projects regarding this new contract. Practice head Mark Birnage is an expert in procurement and contracting of PPP projects and concessions, DBFMO contracts and innovative contract forms. He is also a member of the Dutch council of the International Project Finance Association (IPFA). DBFMO projects are also handled by Jeanile Weyne, who is a construction law specialist.

Practice head(s):

Mark Birnage

Other key lawyers:

Jeanile Weyne


‘Distinguished by its deep expertise and specialisation in PFI practice.

‘Fast, specialised, and concrete advice.’

Key clients

Ministry of Infrastructure and Water

Management, Rijkswaterstaat

Ministry of the Interior, Central Government

Real Estate Agency

Ministry of Defence

Ministry of Healthcare, Welfare and Sport

Rijksdienst voor het Wegverkeer (RDW)


Siemens Nederland

Aruba Airport Authority

Government of Aruba

City of Amsterdam

City of Rotterdam

City of The Hague

Province of Noord-Holland

Province of Limburg

Work highlights

  • Advising the joint project organisation of the Ministry of Infrastructure and Water Management, the city of Amsterdam and ProRail on the re-tendering of €1bn and the Zuidasdok project.
  • Advising national vehicle agency Rijksdienst voor het wegverkeer (RDW) on the €300m main service provider project for the Dutch HGV charge road tolling system.
  • Advising the Ministry of Infrastructure and Water Management on claims by the contractor in relation to the €550m Afsluitdijk sea defence PPP project.


Boutique firm Stek combines its knowledge of financial and project documentation with its regulatory expertise to advise clients on energy-related project financing. Advising lenders and funds, the team focuses on energy legislation issues including electricity, heat and gas as well as renewable energy projects involving biomass, solar, wind and geothermal matters. Sharon Kaufmann and Herman Wamelink focus on all finance aspects of projects; Jan Erik Janssen provides regulatory expertise; and Claudia Beele, Coen Thomas and Reijnoud Homveld are all specialised in contract issues and M&A.

Practice head(s):

Sharon Kaufmann; Claudia Beele; Herman Wamelink; Reijnoud Homveld; Coen Thomas; Jan Erik Janssen

Other key lawyers:

Katinka van den Brink


‘Very responsive and practical.’

‘Sharon Kauffman and Katinka van den Brink give fast, clear and practical answers. They are not afraid to give advice beyond the scope of their direct involvement and really act as a sparring partner for the in-house legal department.’

‘Very hands on and pragmatic in negotiating new financing agreements inter alia and for negotiating in distressed projects as well.’

‘Very polite and friendly, but also to the point.’

Key clients


Amsterdams Klimaat & Energiefonds (AKEF)

ASN Bank

BNG Bank

Commerzbank AG

ING Bank


Limburgs Energiefonds (LEF)



Triodos Bank N.V.

Work highlights

  • Advised BNG Bank, ING Bank, Rabobank, Triodos Bank and a.s.r. on the project financing of the geothermal project HVC Aardwarmte Maasdijk.
  • Advised Invest-NL on its participation as financier in the €545,800,000 project financing provided to SIF Holding by, among others, Rabobank, ABN AMRO Bank and ING Bank.
  • Advised Econic on its recent capital raise.


AKD boasts an impressive construction and real estate practice, allowing its project finance and PFI team to advise on all aspects of real estate and construction-related projects. The firm has bases across the Benelux region and as such is well equipped to assist with cross-border issues. The team is also adept at advising on the energy sector and is experienced in solar projects and offshore energy issues. Marc Wintgens is a key contact for project finance and project development matters; Taco de Lange excels in real estate-related project financing; and Marjolein Dieperink focuses on energy projects.

Practice head(s):

Sven Billet

Other key lawyers:

Marc Wintgens; Taco de Lange; Marjolein Dieperink; Niels Hagelstein


‘Knowledgeable, complete and well connected.’

‘Sincere, proactive and always available.’

‘AKD has a fantastic and diversified team of experts and is therefore uniquely positioned to provide first class advice on issues related to construction projects. Their unrivaled experience makes AKD a frontrunner in this field.’

‘Marc Wintgens is a seasoned lawyer with an undisputed reputation as a sharp negotiator. Marc was the practice head of the real estate and the construction team of AKD for many years and currently serves as a member of the board of management of AKD. He is the lawyer to go to! Not only is he an excellent lawyer, but he also knows the market through and through. No doubt: he is the best. Another lawyer worth mentioning is Niels Hagelstein.’

Key clients

Port of Rotterdam


DW Partners

Edge Technologies


Green Real Estate

Development Company Greenport Venlo (DCGV)

M&G Real Estate



Janssen De Jong / Hercuton

Kaan Architects


Skala Management Ltd

Work highlights

  • Assisting Univé with the development of its own solar energy portfolio Duurzame Zekerheid Univé.
  • Advising VolkerWessels on one of the largest development and construction project in The Netherlands, Strijp-S PPP.
  • Advising Panattoni on various PPP projects.

DLA Piper

Specialising in all areas related to lending, DLA Piper‘s banking and finance practice is well versed in project financing, and its international office network makes it a popular choice for cross-border transactions. The team is particularly focused on renewable energy and infrastructure project finance. Gerard Kneppers leads the energy practice and is sought out for his skills in renewable energy transactions. Stefanie Postema assists Kneppers on all issues, advising on the structuring, documentation and implementation of transactions and project documentation.

Practice head(s):

Gerard Kneppers

Other key lawyers:

Stefanie Postema


‘Well aware of market developments. Committed to meet timelines. Well aware of important financing considerations.’

‘Responsive, accessible, committed.’

Key clients


Cooperatieve Rabobank U.A.

FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden)

ING Bank

Landesbank Baden-Württemberg (LBBW)

Powerfield Netherlands B.V.

Triodos Bank


Work highlights

  • Advised PowerField Netherlands on the raising of €135m in structured equity financing for the funding of construction and development costs in relation to solar, EV charging and storage projects.
  • Assisted Corre Energy, as its sponsor counsel, with a leading project in its development portfolio of Compressed Air Energy Storage (CAES) projects.
  • Assisted Cooperatieve Rabobank with various project financings of the portfolio of Solarfields.


Houthoff represents sponsors and lenders in Dutch and cross-border projects, particularly those involving the financing and refinancing of large infrastructure investments. The team is led by Jessica Terpstra, who is based in London but regularly splits her time between London and Amsterdam. Terpstra focuses on international financial transactions and is particularly adept at real estate financing. In Rotterdam, Michel Klijn is well versed in numerous contract types including DBFMO and EPC, and advises on construction, infrastructure and energy-related matters.

Practice head(s):

Jessica Terpstra

Other key lawyers:

Michel Klijn; Sjors Panis


‘Amazing team with extremely qualified and excellent people. Always up to date and available.’

‘Michel Klijn has an exceptional understanding of the complex construction industry.’

Key clients

OpenIJ B.V.

Kaltun Madencilik A

FCC Construcción


Work highlights

  • Advised the senior lenders on the Dutch aspects of the £2.2bn financing of the 1.4GW NeuConnect Inter Connector Project.
  • Advising OpenIJ on finance and project-related legal questions relating to a sea lock in Europe, with a matter value of over €700m.
  • Advising FCC Construcción on the A9 Badhoevedorp – Holendrecht PFI project.

Van Doorne

Based within the real estate practice at Van Doorne, the project finance team assists with project development, construction, commercial and residential property transactions. The team regularly acts for lenders in various real estate financing transactions. Despite its focus on real estate, the team is also known for its work in the healthcare sector, where it largely assists local hospitals with public sector financings. Angelique Thiele and Roel Botter co-lead the practice from Amsterdam. Thiele specialises in property and project financing, while Botter has a track record in advising on leveraged financing.

Practice head(s):

Angelique Thiele; Roel Botter

Other key lawyers:

Ariën van Heesen; Estelle van Heerden


‘Angelique Thiele provided great access and was always available for any Dutch specific queries. There was strong coordination with an international firm that made all the difference in closing the transaction.’

‘Angelique Thiele was proactive with engagement and coordination.’

‘Deep knowledge of markets and legal aspects, pragmatic approach and up to date with the latest trends and developments in the real estate market.’

‘Angelique Thiele: her approach ensures that transactions are concluded smoothly without concessions being made to our interests as a lender.’

Key clients


DRC Savills IM

Hamburg Commercial Bank

Deutsche Hypo/NordLB


Berlin Hyp AG

Tristan Capital



Amsterdam UMC and RadboudUMC Hospitals

CEVA Logistics


Work highlights

  • Advised BentallGreenoak on a series of logistics and office development financings for Panattoni, Goldman Sachs and KKR Mirastar.
  • Advising Barings/MassMutual on phase 2 of the redevelopment of Rembrandtpark by Roundhill.
  • Acted for DRC Savills in connection with the financing and restructuring of Amstelpark.