Clifford Chance advises lenders on financing for landmark German battery storage project exceeding 700 MWh

Clifford Chance advised the financing parties in connection with a facilities agreement supporting the construction and operation of a large-scale battery storage project in Förderstedt, Saxony-Anhalt, Germany. The financing was provided to Eco Power Three GmbH, a subsidiary of Eco Stor GmbH, by Banco Santander, S.A., Frankfurt Branch and Norddeutsche Landesbank - Girozentrale as original lenders and comprises term loan and letter of credit facilities. The transaction finances the Eco Power Three project, a landmark energy storage installation planned to deliver a 300 megawatt (MW) output and a capacity exceeding 700 megawatt hours (MWh). The facility is expected to be capable of supplying up to 500,000 households with electricity for approximately two hours. Structured into three independently operable blocks, the project allows phased commissioning, with the first units anticipated to be connected to the grid in the second half of 2026. Large-scale battery storage systems such as this are regarded as essential for balancing grid fluctuations and storing surplus renewable energy, thereby supporting the stability and sustainability of the energy supply and representing a significant development in Germany’s energy transition. Clifford Chance represented the financing parties (Banco Santander, S.A., Frankfurt Branch and Norddeutsche Landesbank - Girozentrale) with a team composed by: partners Florian Mahler and Bahar Rahimyar (both Project Development & Finance, Düsseldorf); senior associate Brianna Harcus and senior transaction lawyer Rima Lenders, and associate Maximilian Schroff (all Project Development & Finance, Düsseldorf). Project due diligence was led by of counsel Björn Heinlein, supported by senior associate Marie Georgi and associate Benedikt Behlert (all Corporate/Energy, Düsseldorf). Hedging advice was provided by partner David Neu and senior associate Christopher Banks (both Debt Finance, Munich). Tax advice was given by partner Dominik Engl and counsel Claus‑Peter Knöller (both Tax, Frankfurt). Corporate due diligence was conducted by partner Tobias Nogami Kamerling and associate Yannik Trauschold (both Corporate/Energy, Düsseldorf).

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Clifford Chance advises lenders on financing for landmark German battery storage project exceeding 700 MWh

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Clifford Chance advises lenders on financing for landmark German battery storage project exceeding 700 MWh

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