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03 Dec 2025

Norton Rose Fulbright advises lenders on €1.185 billion financing for Vulcan Energy’s Phase One Lionheart project

"Norton Rose Fulbright advised a syndicate of 13 lenders — including the European Investment Bank, five ECAs (Bpifrance AE; Export and Investment Fund of Denmark; Export Finance Australia; Export Development Canada; SACE) and seven commercial banks (ABN AMRO, BNP Paribas, ING, Kommunalkredit, Natixis CIB, OCBC, UniCredit) — on a €1.185bn, 13‑year financing to Vulcan Energy’s operating subsidiaries to fund Phase One of the Lionheart lithium and renewable energy project in Germany."

Norton Rose Fulbright advised a syndicate of 13 financial institutions — comprising the European Investment Bank, five export credit agencies (Bpifrance AE; the Export and Investment Fund of Denmark; Export Finance Australia; Export Development Canada; and SACE) and seven commercial banks (ABN AMRO, BNP Paribas, ING, Kommunalkredit, Natixis CIB, OCBC and UniCredit) — in respect of a €1.185 billion debt financing for operating subsidiaries of Vulcan Energy Resources Limited. The financing package, which carries a 13‑year tenor, will support the construction and development of Phase One of Vulcan Energy’s Lionheart integrated lithium and renewable energy project in the Upper Rhine Valley, Germany. The funding is intended to cover the development and construction elements of the Phase One project and forms part of a wider programme with an overall investment volume of more than €2 billion. The project aims to position Vulcan Energy as a key enabler of Europe’s battery and electric vehicle value chain and sustainable solutions by delivering low‑cost lithium and renewable energy across Europe. Norton Rose Fulbright represented the syndicate of 13 lenders with a team composed by: Daniel Metcalfe (Partner, London) and Dirk Trautmann (Partner, Munich), who co‑led the firm’s team; Counsels Ann Vesley and Claus Pegatzky; Senior Associates Claudia Dorbez, Sebastian Eisenhut and Matthias Zimmermann; Associates Georgia Foulkes Hartley, Sebastian Jeschke, Alex Noble and Benedict Schiller; Paris partners Alexandre Roth and Christophe Asselineau; Brussels partner Michael Jürgen Werner; Düsseldorf partners Valerian von Richthofen and Simon Weppner; Perth partner Nick Sinclair; and Milan partner Arturro Sfuerruzza.
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