Watson Farley & Williams (“WFW”) has advised Norddeutsche Landesbank Girozentrale (“NORD/LB”) on the long-term financing of an import terminal for liquified gases to be constructed in Stade-Buetzfleth, Lower Saxony, Germany. The project in Niedersachsen Ports GmbH & Co. KG’s harbour section, which is being co-financed by both the German Federal Government and the state of Lower Saxony, is expected to be operational by the end of 2023.
The terminal will first operate via a floating storage and regasification unit (“FSRU”) that will supply a land-based regasification facility at a later stage. It is owned by Niedersachsen Ports GmbH & Co. KG, a wholly owned subsidiary of the State of Lower Saxony. The FRSU will initially be operated by the Federal Republic of Germany while Hamburg-based Hanseatic Energy Hub GmbH is expected to operate the land-based regasification unit.
After completion, the terminal will be used to import various liquefied gases including LNG for the benefit of regional industries.
The multidisciplinary WFW Hamburg team advising the lender was led by Projects & Structured Finance Partner Stefan Kilgus working closely with Corporate Partner Björn-Axel Dißars and Regulatory, Public Law & Competition Partner Maximilian Boemke, as well as Munich Corporate Partner Simon Preisenberger. They were supported by Hamburg Projects & Structured Finance Associate Marlene Kowerk and Transaction Lawyer Annika Schulz.
Stefan commented: “I’m delighted we were able to assist NORD/LB on ensuring financing was made quickly available for this important project that helps ensure German’s energy security at a time of great geopolitical concern. That we were instructed to advise on this transaction is testament to WFW’s unrivalled expertise advising on complex energy and infrastructure projects across multiple service lines”.