Next Generation Partners

Firms To Watch: Project finance and PFI

Bond Advocaten is a boutique firm focusing exclusively on finance and security arrangements. Clients include financial institutions, companies, sponsors, private equity investors and investment funds, who seek advice on loan and security agreements, commercial negotiation of finance documents and closing during the term of financing.

Project finance and PFI in Netherlands

Allen & Overy LLP

Allen & Overy LLP’s integrated real estate and projects team is active on both the lender and borrower side of project finance; it directs particular focus towards renewable energy, including wind farm development, solar parks and geothermal projects, as well as data centers and other project finance related infrastructure matters. The practice is led by Leon Hoppenbrouwers, Zeeger de Jongh, Jochem Spaans and Werner Runge, an of-counsel and former partner. De Jongh focuses on PPP matters and has particular experience in renewable energies and hotel development, while Spaans has a focus on environmental and public law, advising and litigating on matters relating to permissions and compliance, zoning and planning requirements. Runge specialises in PPP/PFI projects, and senior associate Grace McLeish concentrates on banking and finance with a focus on project, structured and leveraged finance.

Practice head(s):

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

Other key lawyers:

Grace McLeish


‘Grace McLeish is a truly exceptional lawyer that is on top of all various workstreams.’

Key clients



European Investment Bank



Dura Vermeer





SwifterwinT op Land


Zonnepark Mosselbanken Terneuzen

Work highlights

  • Advised EdgeConneX in respect of the development, project financing and the environment, zoning and permitting issues of several data centers in Europe.
  • Advising the winning bidding consortium on the A15/A12 Ressen – Oudbroeken Road PPP (also known as “ViaA15”) in the Netherlands.
  • Advising DIF on the sale of their shareholdings in six critical infrastructure projects including a sea lock, rolling stock, roads and a hospital in The Netherlands, Germany and Austria.

Clifford Chance

Innovation is a core focus at Clifford Chance, with the firm offering advancements in portfolio financing work, along with sustainability and ESG initiatives to a broad array of clients, both sponsor- and lender-side. The firm is able to leverage expertise with a large team of lawyers specialising in project finance and drawing on international resources for significant multi-jurisdictional projects. The team has a focus on the energy sector, specifically renewable energy projects including wind and solar power, and also advises on several large PPP and infrastructure projects, most notably data centres. Liesbeth Buiter specialises in renewable energy project matters, whereas Hein Tonnaer focuses on project and asset finance, sitting within the global financial markets group; the duo co-lead the team alongside Nanette Rutgers, a senior counsel, active in general bank lending, project finance and secured lending issues, and counsel Mike Niekoop, who specialises in renewable energy, real estate finance, leveraged finance and asset-backed finance transactions.

Practice head(s):

Hein Tonnaer; Liesbeth Buiter; Nanette Rutgers; Mike Niekoop

Key clients

Vattenfall N.V.


Nederlandse Waterschapsbank

ING Bank N.V.

NIBC Bank N.V.


Banco Santander S.A.




Société Générale

National Australia Bank Limited





Borssele III and IV

Diamond Generating Europe Limited


Kroningswind B.V.


Work highlights

  • Advised leading European energy company Vattenfall in relation to the agreement with BASF on the sale of 49.5 percent of the offshore wind farm Hollandse Kust Zuid, and further on the onwards sale of a portion of BASF’s stake to Allianz Capital Partners.
  • Advised the lenders in relation to the financing of six Windplan Groen wind farms.
  • Advised the lenders and Sunrock on the entire structuring, including unique features of rolling in fixed rate loans in combination with floating rate loans involved the refinancing of multiple bilateral financing arrangements into one portfolio financing with a limited group of banks.

Norton Rose Fulbright

With experience in both international and domestic PPP projects, Norton Rose Fulbright advises on the life cycle of matters, including construction contracts, operation and management agreements, and financing. The firm has particular expertise advising on biomass power plants, specifically advising lenders in the hybrid financing of a bioplastics plant, solar energy parks, wind farms and storage terminals. The practice, led by Daphne Broerse and Wouter Hertzberger, advises both lenders and borrowers and is particularly engaged with PFI infrastructure projects, with emphasis on the power and renewable energy sectors. The team was recently bolstered by the arrival of Omar Salah from De Brauw Blackstone Westbroek who strengthens the leveraged finance and acquisitions financing capacity of the practice.

Practice head(s):

Wouter Hertzberger; Daphne Broerse

Other key lawyers:

Marjolein Pichel; Tamara Ubink


‘The team has put in great effort in a highly complex transaction. We have relied on NRF’s experience and knowledge throughout the entire term sheet and documentation process. The team has worked extremely hard, but always remained available, proactive and enthusiastic.’

‘We highly appreciate the negotiation skills of Wouter Hertzberger, who advised us during the (sometimes very challenging) negotiations with our client. We also highly appreciate the hard – high quality – work delivered by Marjolein Pichel, Tamara Ubink and colleagues.’

‘Pro active thinking of solutions. Daphne and Wouter are very pragmatic, give a lot of attention and are to the point.’

‘Daphne Broerse and Wouter Hertzberger Again very pleasant to work with. Daphne looking into every detail. Wouter, high level. Both supported by a good team as well.’

Key clients

Ballast Nedam Consessions


DEME Group

Dura Vermeer



Foresight Group LLP

Heijmans Nederland

John Laing

Macquarie Capital

Meridiam Infrastructure


Strukton Integrale Projecten


Zouk Capital LLP

Work highlights

  • Advised ABN AMRO Bank, ASN Bank, InvestNL, ING Sustainable Investments, Coöperatieve Rabobank U.A. in the drafting, negotiating and financing of the design, construction, operation and maintenance of a commercial FDCA plant in Delfzijl.
  • Advised a syndicate of two Dutch and one Belgian bank, Coöperatieve Rabobank U.A., Nederlandse Waterschapsbank N.V. and KBC Bank NV on the financing of a 80 MW on-shore wind farm in the Netherlands, which will consist of 19 wind turbines and will be developed by Kroningswind B.V. (Windpark Kroningswind).
  • Advised INPEX Corporation on its stock transfer agreement with Diamond Generating Europe B.V., which is indirectly owned by Mitsubishi Corporation. INPEX will acquire a 50% stake in the Luchterduinen offshore wind farm and a 15% stake in the Borssele III/IV offshore wind farm, each operating off the coast of the Netherlands.

Bird & Bird

With a strong sector focus, Bird & Bird is active in a number of project finance matters relating to digital infrastructure, renewable energy, and construction. The firm primarily advises Dutch financial institutions and investors, as well as borrowers, with experience in financing asset classes including wind, battery storage, biobased recycling and data centers. With Andrea Chao recently joining the firm’s construction team from Simmons & Simmons, the practice has strengthened its project finance capacity in this sector. The finance practice is led by Roger Van Buuren, who specialises in project finance particularly related to digital infrastructure and renewable energy, as well as increasing involvement in financing of circular economy related projects.

Practice head(s):

Roger van Buuren

Other key lawyers:

Remco Duijn; Andrea Chao


‘Bird & Bird is strong in understanding the position of the borrower, sponsor and lender and is therefore able to translate the demands and wishes in the documentation in an pragmatic and efficient manner.’

‘Roger van Buuren is very involved in all files which enables him to be in the lead during the whole process while stepping back if appropriate.’

‘The team was always available. We appreciated the pro-active approach of the team members and valued the quality of the output delivered. We also appreciate the realistic fee budgeting of Bird & Bird.’

‘Both Roger van Buuren and Remco Duijn are outstanding professionals, who are able to break down complex subjects into manageable pieces.’

‘Very sector focused team, highly ambitious growth firm with excellent partner involvement and associate support.’

‘Andrea Chao stands out for her cross-functional understanding of cross-functional issues associated with large and complicated projects. She delivers her advice in an enthusiastic and accessible manner. Looking forward to working with her again.’

‘Great teamwork, clear communication, swift responses and turnaround and ample dedication.’

‘Roger van Buuren and Remco Duijn are professional, dedicated, creative and practical. They are very much up to speed with current market specifics and trends and are fun to work with.’

Key clients


Coöperatieve Rabobank U.A.


Limburgs Energie Fonds (LEF) B.V.

Giga Storage B.V.

Statkraft Renewables Benelux B.V.

Pacifico Energy GmbH

Oesterreichische Entwicklungsbank AG

Kreos Capital

Christofferson Robb & Company


Pfalzsolar GmbH

Green Create B.V.

Work highlights

  • Advised ABN AMRO Bank N.V. on a range of project finance transactions, varying from the roll-out of optic fibre networks to the construction of a plastic recycling facility.
  • Advised Invest-NL on multiple project finance transactions relating to sustainable and innovative projects, such as the construction and operation of a certain recycling plants in the Netherlands.
  • Advised Coöperatieve Rabobank U.A. on multiple (club deal) project financings relating to the roll-out optic fibre networks in the Netherlands.


Predominantly advising banks and financial institutions, Dentons has a strong lender side practice, including key project finance clients such as Rabobank, ING and ASN Bank. The practice is led by Marcel Janssen who concentrates on project finance, particularly relating to energy, real estate and exports, with a focus on banking clients in Dutch-law governed lending transactions. The team also acts for corporate borrowers on a range of project finance matters and is home to senior associate Gerard Koster, who focuses on project and asset-based finance, acting for both Dutch and international banks.

Practice head(s):

Marcel Janssen

Other key lawyers:

Gerard Koster


‘Able to work on big and small transactions. Understanding that their work is to support the transaction and not drive it.’

‘Marcel Janssen likes to get deals done. Always looking for win win situations in transactions. Creates solutions instead of problems They have so much work they do not have the necessity for over-billing.’

Key clients


BNG Bank

RoundShield Partners


Stichting Groenfonds

TBM Europe B.V.

Triodos Group

Kommunalkredit Austria AG


Work highlights

  • Advising Rabobank on the acquisition financing of part of the “Prinses Ariane” wind farm, which was acquired by ASR and sold by Vattenfall.
  • Advising ING Bank in is a complicated hybrid project and export finance transaction of the construction and operation a dairy production facility of E-Piim Tootmine in Estonia.
  • Assisted the lenders, Rabobank and Triodos Energy Transition Europe Fund, in the project financing for the construction of a large battery (energy storage project) in the Netherlands: GIGA Buffalo.


Based in Rotterdam, HabrakenRutten specialises in built assets within the infrastructure, projects, energy and technology fields, offering a strong sector focus to clients. The firm is particularly active in the PPP market, as well as being closely involved in the legislative changes being made to the infrastructure procurement practice. The practice is led by co-founding partner, Peter Habraken, specialised in PPP deals as well as procurement and regulatory advice, and Henk Raven, who focuses on finance and securities within the firm’s key sectors. The firm was recently joined by Sander Simonetti, and senior associate Anna Kaptijn, experienced in renewable energy projects.

Practice head(s):

Peter Habraken; Henk Raven

Other key lawyers:

Sander Simonetti; Anna Kaptijn


‘The team consist of good communicators with the ability to translate our day-to-day practice in high quality finance documentation. At the same time they are sharp negotiators striving for the best possible outcome for us as a client.’

‘Henk Raven is a very good listener which enables him to translate our day-to-day practice in high quality finance documentation. He is a sharp negotiator and is always seeking for the best possible outcome for us as a client.’

‘Henk Raven is very pleasant to work with.’

Work highlights

  • Advised InfraCapital on their investment in a CAES (compressed air energy storage).
  • Advised lenders on the project financing of the A15 Motorway PPP.
  • Advised sponsors on the refinancing of the A1-A6 PPP, including distribution of the refinancing gain.


NautaDutilh is active within the real estate, area development, energy and utilities markets, as well as the PPP field. Integrating multidisciplinary practitioners from across various practice areas, the group's focus lies within three key sectors of expertise: project finance, real estate and energy, with particular emphasis on renewables including solar, wind and fiber projects. The practice is led by Jaco Belder and Erik Geerling, both focusing on financing, PPP/PFI infrastructure and area development, with Geerling having garnered specific exposure to ship project finance. David van Ee specialises in PPP and infrastructure.

Practice head(s):

Jaco Belder; Erik Geerling

Other key lawyers:

David van Ee

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



Macquarie Capital





Stadion Feijenoord N.V.


Work highlights

  • Advising Univé in connection with the financing of its green energy program including solar projects consisting of replacing asbestos roofs with new roofs and solar panels.
  • Acted as lead counsel to ResponsAbility Investments, the Swiss impact investment manager, and BIO, the Belgian Investment Company for Developing Countries, in respect of a $10m  equivalent multi-currency loan to candi solar.
  • Acted as lead counsel to a consortium of international lenders and EIB in connection with the amendment and restatement of the existing finance documentation for the Afsluitdijk PPP project.

Pels Rijcken & Droogleever Fortuijn NV

Advising the Dutch state on PPP/PFI deals, Pels Rijcken & Droogleever Fortuijn NV has a strong presence in the public side of the project finance market. The firm is regularly called on to service a multitude of public bodies, including city and regional province authorities. The project finance practice is led by Mark Birnage, a member of the Dutch council of the IPFA, specialising in the procurement and contracting of PPP projects and concessions, with experience in DBFMO and wider construction contracts. Associate Jeanile Weyne also excels on the procurement and contracting of DBFMO projects with a strong knowledge of construction law. The firm also acts for various corporate clients.

Practice head(s):

Mark Birnage

Other key lawyers:

Jeanile Weyne

Key clients

Dutch Ministry of Infrastructure and Water Management, Rijkswaterstaat

Dutch Ministry of the Interior, Central Government Real Estate Agency

Dutch Ministry of Defence


Siemens Nederland

Aruba Airport Authority

Government of Aruba

City of Amsterdam

City of Rotterdam

City of The Hague

Province of Noord-Holland

Province of Overijssel

Province of Gelderland

Province of Zuid-Holland

Work highlights

  • Represented the State Ministry of Infrastructure and Water Management in alternative dispute resolution proceedings for a € 140m claim by the Contractor in the Zeetoegang IJmond PPP project.
  • Advised the State Ministry of Infrastructure and Water Management on the execution of the € 550m Afsluitdijk sea defence project.
  • Advised the joint project organisation of the State, the city of Amsterdam and ProRail on the retendering of € 1bn Zuidasdok project.


Stek’s project finance practice has developed in conjunction with the firm’s strong energy sector focus, both regulatory and transactional. The team is naturally extremely active in renewable energy financing, including solar power, and wind, and developing energy sources such as biomass and geothermal projects. The team primarily acts for lenders, including domestic Dutch and international banks, and is also engaged in the glass fibre industry, acting for both lenders and companies. The practice also counts larger infrastructure projects, such as data centres, as a key strength and is led by Herman Wamelink, Sharon Kaufmann, Reijnoud Homveld, Claudia Beele and Coen Thomas.

Practice head(s):

Herman Wamelink; Sharon Kaufmann; Reijnoud Homveld; Claudia Beele; Coen Thomas


‘The team is knowledgeable on renewable project finance.’

Key clients


Amsterdams Klimaat & Energiefonds

BNG Bank N.V.

Commerzbank AG

ING Bank N.V.


Limburg Energie Fonds (LEF)

Nederlandse Waterschapsbank N.V.

NIBC Bank N.V.


Triodos Bank N.V.

Nationaal Groenfonds

Work highlights

  • Advising a consortium of banks (BNG, Rabobank, Triodos, Asr) on the financing of the geothermal project Maasdijk.
  • Advising Glasdraad on a glass fibre network financing.
  • Advising ABN AMRO bank on a solar park portfolio financing for Joulz.


Fielding a multidisciplinary project finance team, Stibbe advises international companies principally related to banking, infrastructure, public transport, energy, water and mining sectors. Following his time as managing partner, David Orobio de Castro has returned to co-head the practice along with Martin In de Braekt, Ingmar de Groot, Rein van Helden and Marieke Driessen. Castro and de Groot specialise in real estate with a focus on PPP, property finance and concession contracts, while van Helden and Dreissen sit within the banking and finance group, focusing on corporate finance relating to projects. De Braekt heads the energy and industry group, handling matters for sponsors and developers, among other parties, in project finance and litigation matters relating to these two sectors.

Work highlights

  • Advised Macquarie on the legal aspects of various projects over the last years, including the tender, the contracting, environmental aspects and the financing arrangements of the EUR 1bn PPP Project A9 Badhoevedorp-Holendrecht.
  • Assisted the lenders, consisting of a mix of bank lenders and the EIB, in the largest PFI transaction of the recent years, providing finance to BAAK Blankenburg-Verbinding B.V. (a consortium consisting of Ballast Nedam, DEME and Macquarie Capital) on the rescheduling of the EUR 1bn PPP Project A24 Blankenburg connection (DBFM).


Benelux firm, AKD, has a strong construction and real estate sector focus, consolidating its project finance and PFI offering with practitioners specialising in the full spectrum of related matters. The firm is active on developments such as healthcare, inner city structurings, and PPPs across several industries. The practice is led by Sven Billet  and Marc Wintgens who is experienced in construction and project development, with an emphasis on PPPs. Taco de Lange is active in project finance, particularly regarding real estate developments and refinancing of portfolio arrangements.

Practice head(s):

Sven Billet; Marc Wintgens


‘Depth of knowledge, strategy, understanding of the business.’

‘Personal attention and widespread connections to key sector players.’

‘Trustworthy, experienced, connected, trusted and professional.’

‘AKD has a thorough knowledge of the project finance and PFI market, in addition to the obvious expert knowledge of construction law. Their expertise and approach is unrivaled.’

‘Practice head Marc Wintgens can deal with any high-level project finance and PFI case, is easy accessible and an excellent negotiator.’

Key clients

Port of Rotterdam


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

Work highlights

  • Advised VolkerWessels on the Strijp-S PPP, a large development in The Netherlands.
  • Advised Univé on developing its own solar energy portfolio.
  • Advised RAI Amsterdam on the redevelopment and refinance of their RAI-complex.

De Brauw Blackstone Westbroek

The finance and restructuring team at De Brauw Blackstone Westbroek is active within the PPP transaction market, acting on behalf of investors, sponsor companies, and lenders. The practice integrates finance, public law, tax, real estate and corporate practitioners, ensuring a cross-sectional approach, and is active in the global energy transition and renewable sector, including hydrogen storage, biomass, carbon capture and nuclear healthcare. The practice is led by Menno Stoffer, sought after for his expertise in international energy and infrastructure projects, with emphasis on distressed situations.

Practice head(s):

Menno Stoffer

Key clients

Royal Vopak

Royal BAM

Levvel B.V. – construction consortium consisting of Invesis, Van Oord and Rebel

Royal Schiphol


Port of Rotterdam

TenneT Holding

N.V. Nederlandse Gasunie

PALLAS nuclear reactor

Volker Wessels


Porthos (consortium of Port of Rotterdam, Gasunie and EBN)

Ørsted Wind Power A/S

Impax Asset Management (AIFM) Ltd


Work highlights

  • Advising the Foundation Preparation Pallas reactor on the development of the nuclear power plant in Petten, including in respect of its financing arrangements.
  • Advised Ørsted on its EUR 1.375 bn sale of 50% of its ownership share of the 752 MW Borssele 1 & 2 offshore wind farms to Norges Bank Investment Management (NBIM), including in respect of the stapled financing.
  • Assisted Levvel B.V., the construction consortium that won the tender for the reinforcement of the iconic Dutch Afsluitdijk, on the complete overhaul of its project and financing arrangements in relation to a substantial contract change requested by the Dutch State.

DLA Piper

DLA Piper’s team forms part of the firm’s finance, projects and restructuring department and is supported by sector specific practitioners from across real estate, regulatory, tax and corporate practices. Gerard Kneppers leads the energy sector practice with a focus on renewable energy and infrastructure project financing, as well as PPPs and developmental financial institutions-based lending. Clients of the practice include sponsors, project companies, financial institutions, with a focus on lending activity. Associate Stefanie Postema is increasingly involved in renewable finance transactions and is experienced in structured and leveraged finance.

Practice head(s):

Gerard Kneppers

Key clients

ABN Amro

Bank Nederlandse Gemeenten (BNG)


Chint Solar / Atronergy

Coöperatieve Rabobank U.A

FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden)

Hamburg Commercial Bank

ING Bank

Landesbank Baden-Württemberg (LBBW)

Work highlights

  • Advising BASF in relation to the project financing by a group of international lenders of the offshore wind farm Hollandse Kust Zuid.
  • Assisting Coöperatieve Rabobank U.A. in relation to the syndicated project financing by Solarfields of Solar Park Groot Roodehaan, a ground based solar park of ca. 32 KWp, to be constructed in Groningen, the Netherlands.
  • Advising Coöperatieve Rabobank U.A. in relation to the syndicated project financing by Solarfields of Solar Park Wieldrechtse Zeedijk, a ground based solar park to be constructed in Dordrecht, the Netherlands.


Houthoff has specific experience in the financing and refinancing of infrastructure investments, including wind power projects, motorways, bridges and government buildings. The project finance practice is led by Jessica Terpstra, based primarily in London, alongside Loet Venrooy. Michel Klijn specialises in project financing matters, and Sander van den Boogaart, a counsel, focuses on PPPs as well as construction law and projects, including DBFM(O), D&C and project alliance contracts.

Practice head(s):

Loet Venrooy; Jessica Terpstra

Other key lawyers:

Anneke Verbeek; Michel Klijn; Sander van den Boogaart


‘Provided strong and consistent support on a complex PF transaction over many months. The team provides high quality advice on cross border transactions.’

‘Jessica Terpstra- a responsive and hands on senior partner who ensures the team delivers on time.’

‘Anneke Verbeek – excellent support on a demanding transaction.’

Key clients

Begro Holding B.V.

Asbeter Holding B.V.

Work highlights

  • Advised Nexperia on the $1.5bn underwritten refinancing in connection with the acquisition by Wingtech of the majority interest in the Nexperia group.
  • Advising the lenders, BNG Bank and Rabobank, to the PMC project on amendments and waivers relating to PMC metal purifying project in the Netherlands.

Van Doorne

Led by Angelique Thiele and Roel Botter, the project finance team at Van Doorne sits within the wider real estate practice and combines expertise across development, construction, commercial and residential property transactions. Clients include real estate companies and developers, as well as financial institutions and international investors active in the Dutch property finance market. The practice has worked on PPP projects specifically related to the areas of infrastructure and urban renewal, and has been particularly involved in public sector financing related to healthcare.

Practice head(s):

Angelique Thiele; Roel Botter

Other key lawyers:

Annerie Ploumen; Ariën van Heesen

Key clients


DRC Savills IM

Hamburg Commercial Bank

Deutsche Hypo, NORD/LB


Rax Finance

Berlin Hyp AG



Patrizia AG



Amsterdam UMC

Radboud UMC

Leiden UMC

Maastricht UMC




Tristan CAP

Work highlights

  • Advised Barings/MassMutual on an office and mixed-use development financing for the Amsterdam Rembrandtpark Area provided to Roundhill, including different layered ownership structures being in place with respect to this project towards facilitating further developments in the surrounding area.
  • Advising BerlinHyp in relation to a residential development financing for VolkerWessels/Reggeborgh at Naritaweg, concerning the redevelopment of the well-known previous FNV trade union headquarter.
  • Advised Hamburg Commercial Bank on a EUR 110.5m redevelopment financing for Highbrook, including the redevelopment of NH Hotel Utrecht, ING South Netherlands head quarters and a large shopping outlet center in the south of the Netherlands let to Albert Heijn.