The energy finance team of Osborne Clarke has advised NORD/LB, one of the global leaders in sustainable project finance, on their first large-scale battery storage (BESS) financing in Germany.
The 209MWh Stendal project will be developed by Nofar Energy and is expected to become operational in early 2026. This landmark deal secured EUR 86.5 million of long-term debt financing, which was structured based on a 7-year fixed-price flexibility purchase (tolling) agreement with a leading global energy corporation, a first of its kind transaction in Germany.
“This deal marks a significant milestone for NORD/LB in Germany as we continue to deliver on our mission to finance important projects that accelerate the renewable energy transition across Europe. This BESS deal is our first in Germany, and we’ll utilise our comprehensive financing expertise to help develop future ones across the country that are essential to solving the solar and wind intermittency challenge,” said Florian Hock, senior director at NORD/LB.
Daniel Breuer, head of Osborne Clarke’s Energy & Energy Transition group in Germany, states: “This landmark deal demonstrates the capabilities and bench-strengths of our battery storage practice, combining experience and in-depth market understanding around BESS as regulated asset, flexibility marketing (tolling) and project finance. Batteries are pivotal for the energy transition and we are grateful for the trust of NORD/LB selecting us as lender legal advisor.”
The Osborne Clarke team that advised NORD/LB was led by Olexiy Oleshchuk (Project Finance) and Dr Daniel Breuer (Energy/Tolling) and consisted of Andreas Baumann, Reinhard Bunjes, Hriday Chawla, Arsen Dutka (all Project Finance), Dr Marleen Rheker, Dr Maria Batyreva, Dr David Langenbach (all Energy/Project Contracts) and Dr Thies Goldner, Dr Maximilian Orthmann, Friedrich Polzin and Tim Schultze (all Permit/Real Estate).
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