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A&O Shearman advises ENERCON on EUR1 billion syndicated guarantee facility

A&O Shearman advises ENERCON on EUR1 billion syndicated guarantee facility
Published Date
Aug 21 2026
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Image of Walter Uebelhoer
Dr. Walter UebelhoerPartner, Munich
Image of Sebastian Hanke
Sebastian HankeSenior Associate, Munich

A&O Shearman has advised the ENERCON Group on a refinancing and new financing transaction in which the company agreed a new syndicated guarantee facility with a volume of EUR1bn with its financing partners. In addition, the new syndicated credit facility agreement includes further development options to support the company's business activities.

“We are grateful that ENERCON and Aloys Wobben Stiftung have relied on A&O Shearman as their trusted legal adviser from the beginning of the restructuring in 2019 to this successful re-financing 2026 with several interim steps and partial re-financings as well as the foundation and financing of Alterric GmbH as the leading wind park developer and operator in Germany and the disposal of Quadra Energy to TotalEnergies in 2023.”

The new facility agreement refinances, among other things, an existing syndicated guarantee facility, significantly increases the total facility amount and provides additional financial flexibility for future investments. The two coordinators COMMERZBANK AG and Deutsche Bank AG acted as mandated lead arrangers, alongside ING Bank, a branch of ING-DiBa AG, KfW IPEX-Bank GmbH and Oldenburgische Landesbank AG. 

With the new agreement, the banking consortium supporting ENERCON will expand from ten to eleven institutions. In addition, KfW joined the financing through its support program “Hedging Instrument for Transformation Industries”.

With the new syndicated credit facility agreement, ENERCON secures the financial foundation for further strategic business development over the coming years. In this context, the company also successfully, and ahead of schedule, repaid the final tranche of a loan granted by the German government's Economic Stabilisation Fund which had originally been set to mature at the end of 2026. 

In 2022, the company received this EUR500m loan to implement necessary stabilisation measures in response to the impacts of the COVID-19 pandemic.

ENERCON is a Germany-based developer and manufacturer of onshore wind turbines. In addition, the group provides services and technology solutions for the planning, implementation and operation of renewable energy projects.

The international A&O Shearman team was led by partner Dr. Walter Uebelhoer and senior associate Sebastian Hanke (both Debt Finance, Munich) and in Germany further comprised partners Dr. Olaf Meisen (Real Estate Finance), Dr. Heike Weber (Tax, both Frankfurt), Dr. Jens Matthes (IP, Dusseldorf), and Dr. Alexander Veith (Corporate/M&A, Munich), senior associate Felix Fitschen (Real Estate Finance, Frankfurt) as well as associates Athanasios Giannakakos, Daniel Wolf (both Debt Finance), Clara Wrede (Restructuring), Antonia Waltz, Michael Flach (both Corporate/M&A, all Munich), Sven Luecke (Real Estate Finance), Paula Jenner (Tax, both Frankfurt) and Johanna Otten (IP, Dusseldorf). Dutch-law advice was provided from Amsterdam by partner Niels de Ru (Debt Finance), senior associate Koen de Wit (ENRI), associates Julia Waldman (Restructuring), Roos Schutte (Tax) and Jurian den Hartog (Real Estate) as well as transaction coordinator Cobie Kuipers and senior knowledge lawyer Lilian Welling-Steffens (both Debt Finance). Support on Turkish-law issues was provided by partner Umut Gürgey as well as associates Nur Ertekin and Ozan Geyik (all Debt Finance) from the firm's the Istanbul office.

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