Osborne Clarke Advised NORD/LB On €86.5 Million German BESS Financing

Osborne Clarke Advised NORD/LB on €86.5 Million German BESS Financing

Osborne Clarke advised NORD/LB on its first large-scale battery storage (BESS) financing in Germany, securing €86.5 million in long-term debt financing for the 209MWh Stendal project. Developed by Nofar Energy, the project is expected to become operational in early 2026.

This landmark transaction is the first of its kind in Germany, structured based on a 7-year fixed-price flexibility purchase (tolling) agreement with a leading global energy corporation.

Florian Hock, Senior Director at NORD/LB, said: "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 projects that address solar and wind intermittency."

Dr. Daniel Breuer, Head of Osborne Clarke’s Energy & Energy Transition Group in Germany, said: "This landmark deal highlights the strength of our battery storage practice, bringing together expertise in regulated assets, flexibility marketing (tolling), and project finance. Batteries play a pivotal role in the energy transition, and we are grateful for the trust NORD/LB has placed in us as their lender legal advisor."

The Osborne Clarke team advising NORD/LB was led by Olexiy Oleshchuk (Project Finance) and Dr. Daniel Breuer (Energy/Tolling), with key contributions from: Project Finance: Andreas Baumann, Reinhard Bunjes, Hriday Chawla, Arsen Dutka; Energy/Project Contracts: Dr. Marleen Rheker, Dr. Maria Batyreva, Dr. David Langenbach; Permit/Real Estate: Dr. Thies Goldner, Dr. Maximilian Orthmann, Friedrich Polzin, Tim Schultze

Click to know more about Osborne Clarke.