Global law firm White & Case LLP has advised Nowega, one of Germany's leading transmission system operators, on the structuring and implementation of a €180 million long term financing to be used primarily to expand its hydrogen core network in Germany.
KfW IPEX-Bank is providing Nowega with €150 million, supplemented by a further €30 million from DekaBank.
Nowega is planning an extensive investment programme in hydrogen and gas infrastructure in the years ahead. In addition to the conversion and expansion of its hydrogen infrastructure, the financing will also be used to expand its biogas infrastructure. The focus is particularly on converting existing gas pipelines to transport hydrogen.
Nowega operates a 1,500km high-pressure gas pipeline network that is part of the intra-European transport routes for natural gas and stretches from the Dutch border through Lower Saxony and North Rhine-Westphalia to the Wendland region. The company is part of the GET H2 hydrogen initiative and is involved in several projects to establish a German hydrogen network. With the support of White & Case, Nowega secured loans of €80 million for this purpose in 2020.
The White & Case team in Hamburg which advised on the transaction was led by partner Florian Degenhardt and included associates Dana Masberg, Robert Bente and Sarah Bischoff.
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