Project finance and PFI in Netherlands

Allen & Overy LLP

Allen & Overy LLP fields a project finance team, which is involved in several of the Netherlands' largest projects, and is highly active across fully private and PPP work. Renewable energy is a key sector focus for the group, which also remains strong in more traditional energy sector issues along with infrastructure and property development projects; the practice has also seen a significant increase in instructions relating to the development of data centres. Werner Runge and Zeeger de Jongh jointly lead the group, while senior associate Grace McLeish is praised as one to watch.

Practice head(s):

Werner Runge; Zeeger de Jongh


The team excels in having the right combination of commercial awareness and diligence to adequately cope with complex matters.

A&O in The Netherlands is definitely more than a standard law firm. They are first of all top-notch but also heavily support market development and discussions, they will help clients who are moving into new sectors or regions etc.

In my view the full team was client oriented and very thorough. We were very happy with the DD and drafting work that was done by A&O. All in all we look back on a pleasant collaboration.

Zeeger de Jongh is a strong lawyer with a good sense for the market and the market trends. He both has the capacity to take a helicopter view and to dive into the nitty-gritty details when required.

Zeeger de Jongh is one of the most experienced PF / PPP partners in NL with wider sector knowledge and excellent market relations.

I had most contact with Grace McLeish and appreciated her advice a lot. She is very organised (on top of things) and detailed and also a very pleasant person to work with.

Key clients

BNP Paribas

Deutsche Pfandbriefbank

DuraVermeer Groep


European Investment Bank

ING Bank

John Laing Investments

Landesbank Baden-Württemberg (LBBW)


Mitsubishi Corporation International (Europe) PLC


Rebel Group


Van Oord

Work highlights

  • Advising the European Investment Bank (EIB) on the approximately €1bn financing of the A24 Blankenburg Tunnel project.
  • Acting as lender’s counsel on the financing of the development and operation by Sunvest of eight solar farms in the Netherlands, each to be financed individually.

Clifford Chance

The practice at Clifford Chance is very active in renewable energy developments and acts for lender and borrower clients on major solar, offshore and onshore wind projects. The group is also in demand for international mandates as lead and local counsel, and provides in-house English law advice though the expertise of Angela McEwanHein Tonnaer and counsel Liesbeth Buiter co-head the team, while senior counsel Jaap Koster is also recommended.

Practice head(s):

Liesbeth Buiter; Hein Tonnaer


Clifford Chance have a strong track record in Dutch renewable transactions, very hands on approach to deal with transaction specific peculiarities and committed to getting the job done. Their overall finance and project documentation and due diligence capabilities are very good with both a good level of detail and a good capability to take a view on matters.

Nanette Rutgers is very knowledgeable and committed to getting the deal done. Very creative in finding solutions to deal with challenges that arise whilst balancing that with a pragmatic approach.

Key clients




Rebel Group


Blue Elephant

ING Bank N.V.



Dura Vermeer

Mitsubishi Corporation


Work highlights

  • Acted for a group of lenders, consisting of ABN AMRO Bank, ING Bank, Banco Santander and Natixis, on the financing of the development, construction and operation of a new data centre for EdgeConneX located near Schiphol, The Netherlands.
  • Advising Windpark Fryslân on the financing of the costs for the construction of a nearshore wind farm.
  • Advising the Emerging Africa Infrastructure Fund and African Development Bank on the project financing of the New Owendo International Port in Owendo, Gabon.

Norton Rose Fulbright

Norton Rose Fulbright's strong project finance team remains a key force in the Dutch market, and is often instructed on some of the largest PPP projects in the country; the group also has significant experience in international project financing matters. The practice works for prominent lenders and financial institutions, and also acts for consortia and developers on the borrower side. The team is jointly led by finance practice head Wouter Hertzberger and infrastructure team leader Daphne Broerse; both have particular experience in the energy and infrastructure sectors. Senior associate Ania Gorna is emerging as a key figure in the team, and is regularly involved in high-profile matters.


Wouter Hertzberger is very knowledgeable, and focused on getting the deal done.

Daphne Broerse has a depth of knowledge and attention to detail while not ignoring the bigger picture.

Daphne Broerse is client oriented and focussed on closing the deal.

Key clients

Ballast Nedam Concessies


DEME Group

Dura Vermeer



Foresight Group LLP

Heijmans Nederland

John Laing

Macquarie Capital

Meridiam Infrastructure


Strukton Integrale Projecten


Zouk Capital LLP

Work highlights

  • Advised lenders on the refinancing of the 144MW nearshore wind farm project in the IJsselmeer.
  • Advised the winning consortium on the tendering of the DBFM agreement for the design, construction, finance and maintenance of a new motorway connection between the A15 and A20 motorways.
  • Advised lender clients on the provision of financing to HES Hartel Tank Terminal for the realisation of a new tank terminal at the Port of Rotterdam.


The project finance team at Rotterdam-based boutique HabrakenRutten is particularly prominent in PPP work and advises several of the largest consortia on the financing and refinancing of the Netherlands' largest infrastructure projects. The group primarily acts on the borrower side of financing matters, and sits as part of the firm's full-service construction practice. Founding partner Peter Habraken is a key figure in the team along with Henk Raven and financing specialist Gérard Moussault; Moussault joined the department from Bird & Bird LLP in 2019.


Strong for contact with clients. Practical and gets the job done. Partners are strongly involved.

HabrakenRutten are capable of translating our operational needs into requirements for the financial documentation, very strong in representing our interests in the negotiations about the financial conditions, and very strong in dealing with tight deadlines, while remaining the necessary precision.

Henk Raven is very accurate and razor sharp in his analysis of financial documentation, and very strong in representing our interests in negotiating financial conditions.

Henk Raven has in-depth knowledge combined with an entrepreneurial mindset (creative and flexible). He has the talent to translate complex problems into concrete scenarios for decision makers, even when there is a high level of time pressure involved.

Key clients

Dutch Infrastructure Fund


Work highlights

  • Advising SAA Consortium on the refinancing of PPP A1-A6 during the construction phase.
  • Advising Lans Westland Holding on a project finance transaction relating to the development and realisation of new greenhouses including the refinancing of work capital and term loans.


The department at NautaDutilh is active on the borrower and lender sides of the market, and works on a wide range of mandates including substantial PPP infrastructure projects, large-scale private developments in the commercial and residential spaces, communications infrastructure work and energy projects. Jaco Belder specialises in PPP financing, and co-leads the team with David van Ee and Erik Geerling. The group is also active in international transactions; Belder and finance practice head Arjan Pors have significant experience in cross-border work.

Key clients


Stadion Feijenoord N.V.

High Tech Campus Eindhoven



Deka Bank

Sodexo Altys B.V.

Work highlights

  • Appointed as legal counsel to one of the consortia bidding for the widening and improvement of the A9 highway, where the Dutch State is contracting on a DBFM basis.
  • Acted as lead counsel to the syndicate of lenders on a €1bn PPP  project relating to the Afsluitdijk causeway.
  • Acted as borrower’s counsel to CBRE Dutch Office Fund on the refinancing of part of the World Trade Center Amsterdam.

Pels Rijcken & Droogleever Fortuijn NV

With regular instructions from the State of the Netherlands and various local municipalities, Pels Rijcken & Droogleever Fortuijn NV is primarily active in the PPP space and advises contracting authorities on tender processes including DBFM and DBFMO contracts. Practice head Mark Birnage is highly focused on PPP matters, and has particular experience in the infrastructure space; recent mandates include large-scale road, canal and airport projects, as well as renewable energy work, secure facilities projects including prisons, and mandates relating to prominent government buildings.

Practice head(s):

Mark Birnage

Key clients

State of the Netherlands, Rijkswaterstaat

State of the Netherlands, Central Government Real Estate Agency

Province of Noord-Holland

Province of Limburg

Government of Aruba

Siemens Nederland

Aruba Airport Authority

Work highlights

  • Advised the State of the Netherlands on issues regarding the execution of the Rotterdam detention centre accommodation PPP.
  • Advised the Aruba Airport Authority on the tendering and execution of contracts for its terminal expansion project.
  • Advised the State of the Netherlands and the Flemish Government on the execution of the contract for the Nieuwe Sluis Terneuzen sea lock project.


The project finance team at Stibbe has a strong presence in Dutch PPP work, and is headed up by David Orobio de Castro, who is a PPP specialist with significant experience in utility and infrastructure developments. The group is instructed by contracting authorities, lenders and consortia on DBFM agreements, refinancing matters and tender processes, and regularly achieves financial closure on major projects. The team operates as part of a full-service projects practice, and frequently works in conjunction with energy and industry practice head Martin In de Braekt and construction specialist Ingmar De Groot.

Practice head(s):

David Orobio de Castro

Key clients


Ballast Nedam



Dura Vermeer

European Investment Bank




John Laing



Royal BAM Group





Transport Authority Amsterdam (TAA)

Volker Wessels

W2C (Waste-to-Chemistry) consortium (Air Liquide, Nouryon, Enerkem, Port of Rotterdam, Shell)

Work highlights

  • Advised the lenders on providing finance to BAAK Blankenburg-Verbinding (a consortium consisting of Ballast Nedam, DEME and Macquarie Capital) for reaching financial close on the A24 Blankenburg connection project.
  • Advising the Veenix consortium on the Highway A9 (Badhoevedorp-Holendrecht) project, which achieved financial close in 2019.
  • Advised the contracting authority on the refinancing of the Harnaschpolder waste water treatment plant PPP project.

Van Doorne

Van Doorne houses a construction practice with strong PFI experience, and acts for leading consortia and lenders providing credit facilities to consortia; it also advises on the tenderer side. The group is noted for its track record in the hospital and healthcare financing sector, where practice co-head Roel Botter stands out, and also handles other private financing work for public sector bodies including housing corporations and educational institutions. Fellow practice head Angelique Thiele is recommended for German clients operating in the Dutch market, particularly pfandbriefbanks and insurers.

Practice head(s):

Angelique Thiele; Roel Botter


Angelique Thiele is very experienced and well known within the industry.’

The team is efficient, very experienced and able to adapt to different circumstances or counter parties. They are always looking for a practical solution for all parties involved.

Key clients


Berlin Hyp

McArthurGlen/Simon Property Group

Deutsche Hypothekenbank


VU Medical Centre




Meijer Realty Partners

Volker Wessels



Work highlights

  • Advising Noordwest Ziekenhuisgroep on the €230m financing by the European Investment Bank and BNG Bank for the construction of a new hospital building in Alkmaar.
  • Advised PGIM (the Prudential Insurance Company of America) and Rothesay Life as lenders on the €350m redevelopment financing and investment refinancing of the World Trade Center office buildings in Amsterdam.
  • Advising Stichting Isala Klinieken on the €150m financing for the development of a new hospital building.


Projects specialist Marc Wintgens and notary Sven Billet jointly lead the team at AKD, which provides advice on financing issues as part of its integrated construction practice. The group is active across a wide range of sectors including the commercial and residential real estate, healthcare and logistics industries; the practice has also seen an increase in sustainability-related mandates. Taco De Lange is recommended for his project finance work.

Practice head(s):

Sven Billet; Marc Wintgens


AKD is highly regarded in the practices Construction, Real Estate and PFI. They are very good and have in-depth knowledge of the PFI market.

First, AKD is a full service law firm, which is important in PFI and Project finance issues. Marc Wintgens is a seasoned lawyer, and he and his team are excellent negotiators and legally very smart. They know their stuff.

Marc Wintgens is an excellent lawyer, with plenty experience and outstanding negotiation skills. He is very smart, creative and has thought leadership.

Teije van Dijk is a strong PFI litigator who can act very well in large files and projects. He is an excellent lawyer and very practical. 

Marc Wintgens is one of the sharpest analytical legal minds. He always surprises me with his ability to hit the nail on the head, i.e. he is always able to address the vital issue in a case (especially with regards to contractual issues). The same is applicable tor his associate Jeanette Luijten. She has excellent knowledge and experience in international cases.

Key clients


DW Partners

Edge Technologies (former OVG)




Green Real estate

Development Company Greenport Venlo (DCGV)

M&G Real Estate





Janssen De Jong / Hercuton

Kaan Architects


Skala Management Ltd

A large number of Dutch housing companies

Work highlights

  • AKD acted for OVG Real Estate on a build-to-suit transaction for a Class-A office building, which will serve as Rabobank’s headquarters in Eindhoven.
  • Advising VolkerWessels on the financing of the Strijp-S redevelopment.
  • Advising on the financing of Greenport Venlo.

De Brauw Blackstone Westbroek

De Brauw Blackstone Westbroek's project finance department has significant expertise in the energy sector, with recent high-profile instructions in the nuclear, renewable, and LNG spaces. Practice head Menno Stoffer is experienced in handling a wide range of financing work and often collaborates with other teams on project finance mandates including the construction practice, which is headed up by Bommel van der Bend.

Practice head(s):

Menno Stoffer

Key clients

Royal Vopak

Royal BAM

Royal Schiphol


Port of Rotterdam

TenneT Holding

N.V. Nederlandse Gasunie

PALLAS nuclear reactor

Volker Wessels


Work highlights

  • Advising Pallas on the financing for the construction of a new nuclear research reactor.
  • Advised national grid operator TenneT Holding on its issuance of hybrid bonds used to finance green projects.
  • Handling all project financing work for Royal BAM Group.


Dentons is active across a broad range of project finance work, including advising lenders, project sponsors and contractors on major infrastructure, energy, utilities and transport projects. Practice head Marcel Janssen is experienced in a variety of finance work, and the team regularly collaborates with energy sector specialist Jan Jakob Peelen. The team recently added English-qualified Jacqueline Bell, who had previously been an independent consultant, while Jeroen den Hamer departed for an in-house position.

Practice head(s):

Marcel Janssen

Key clients


BNG Bank

RoundShield Partners



Centenary Rural Development Bank

Stichting Groenfonds

TBM Europe B.V.

Work highlights

  • Advising BNG on the provision of senior long-term project financing to Raedthuys WP De Veenwieken for the commissioning and operation of the onshore wind park, De Veenwieken.


Houthoff is particularly active in the infrastructure space and advises on financing and refinancing arrangements for large projects. Practice head Jessica Terpstra is highly regarded in the project financing space, with a focus on cross-border mandates and experience in financings in the energy and infrastructure sectors. Other key figures in the team include construction specialist Michel Klijn and banking and finance expert Loet Venrooy; Venrooy is particularly active on the lender side of project finance transactions.

Practice head(s):

Jessica Terpstra


As far as I can see the team was always able to deliver good quality advice in a timely way.

Very professional and efficiently run team that I enjoyed working with. Quality advice from experienced specialists with junior lawyers effectively supporting the seniors.

Jessica Terpstra is a highly regarded finance lawyer in the Dutch PPP space, and she lived up to that reputation in the work she did for us. She has been instrumental in closing a complicated amendment to our project financing.

Key clients

BNP Paribas

Crédit Agricole


Work highlights

  • Assisted Van Oord with the corporate and financing aspects of the Borssele V project. Van Oord has provided financing for the project to the Two Towers Consortium.
  • Advising 15 banks including BNP Paribas, Crédit Agricole and HSBC on continuous amendments, updates and other changes regarding the provision of $4.4bn in project financing to Oyu Tolgoi.
  • Assisting Van Oord on the corporate and financing aspects of Windpark Fryslan, and offshore wind project currently in development.

Simmons & Simmons

Simmons & Simmons fields a project finance team, which works closely with the firm's London office, where energy and infrastructure project specialist Andrew Petry leads advice on several large Dutch infrastructure projects. Within the local team, Marieke Driessen is the key project finance specialist, while counsel Frédérique Jacobse is also highly recommended. Driessen co-heads the practice with construction specialist Luc Cohen.

Practice head(s):

Luc Cohen; Marieke Driessen


Very knowledgeable team with different degrees of seniority to adapt to client needs and budget.

Simmons and Simmons have an ability to mobilize under a tight time frame a multinational team of experts, progress various work streams in parallel and ultimately enable us as their client to achieve exchange on the transaction within the required time frame.

Very proactive, able to articulate complex concepts in easy-to-understand summaries.

Very knowledgeable and rigorous, hard-working and dedicated.

Key clients

PfalzSolar Gmbh

EAM Solar Group

90 North Real Estate Partners LLP







Meijer Realty Partners

Movement Real Estate / Van Deursen Group




ING Bank N.V

Work highlights

  • Advising 90 North (a global independent real estate developer/adviser) on its potential acquisition of the to-be-developed European headquarters of Asics Europe and Danone (Nutricia) in Hoofddorp.
  • Counsel to ING Bank as lead manager on Royal Schiphol Group’s debut €500m green bond issuance.


Stek is predominantly active on the lender side of project financing work and advises large Dutch banks and public funds on the financing of a wide range of projects. Key areas of work include telecoms infrastructure projects including fibre roll-outs, privately funded green energy projects and those with an element of public funding, and refinancing matters. The team is jointly led by Herman WamelinkSharon Kaufmann and Reijnoud Homveld.

Key clients

BNG Bank N.V.

Coöperatieve Rabobank U.A.


Volksbank N.V. trading as ASN Bank

Limburgs Energie Fonds

Amsterdams Klimaat & Energiefonds

Nationaal Groenfonds


Work highlights

  • Prepared standard documentation for Amsterdams Kilmaat & Energiefonds and Limburg Energiefonds for the provision of financing for green projects, and advised the clients on project financings.
  • Advising ASN on the project financing for a biomass plant to be set up by the Amsterdams Afval & Energiebedrijf.
  • Advising ABN AMRO Bank on the financing of a glass fibre roll-out in the Groningen province.