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.
Project finance in Germany
Clifford Chance
Les références
‘First-class know-how and assertiveness in negotiations.’
‘Great international setup. Always open to developing new solutions.’
Principaux 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
Principaux dossiers
- 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.
Les références
‘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.’
Principaux dossiers
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).
Principaux dossiers
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.
Les références
‘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.’
Principaux 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.
Principaux dossiers
- 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.
Les références
‘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.’
Principaux 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
Principaux dossiers
- 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.
Les références
‘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.’
Principaux 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