Clifford Chance advises banking consortium on loan agreement for enercity AG

Global law firm Clifford Chance advised a banking consortium led by Bayerische Landesbank as documentation agent on the conclusion of a syndicated loan agreement for enercity Aktiengesellschaft.

The loan agreement was arranged by Bayerische Landesbank, BNP Paribas S.A. Niederlassung Deutschland, COMMERZBANK Aktiengesellschaft, DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, ING Deutschland, Norddeutsche Landesbank -Girozentrale-, Skandinaviska Enskilda Banken AB (publ) Frankfurt Branch as mandated arrangers, bookrunners and lenders, and DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main as agent.

The revolving credit facility of €500 million with a term of up to five years supports further investments in renewable energies and efficiency technologies and accompanies enercity on its path to decarbonization. enercity plans to make significant investments in wind power, photovoltaics, electromobility, the expansion of smart grids and the heating transition in the coming years. The planned investment volume is around €1 billion per year until 2030.

Hanover-based enercity AG is a provider of sustainable and intelligent energy solutions. With sales of more than €8 billion and more than 3,000 employees, the Group is one of the largest municipal energy service providers in Germany (as of the 2022 financial year). The company supplies around one million people with electricity, heat, natural gas and drinking water. In addition, enercity offers energy-related services relating to electromobility, energy efficiency, decentralized customer solutions, telecommunications and smart infrastructure. enercity’s motivation is to improve the quality of life of its customers.

The Clifford Chance team consisted of partner Christof Häfner (pictured), counsel Georg Lübbehüsen and associate Franziska Buchholz (all Global Financial Markets, Frankfurt).