Global law firm Freshfields has comprehensively advised KfW on a revolving credit line of up to €24bn for H2 Amortisationskonto GmbH. This special purpose vehicle is running the amortisation account in order to finance investments by network operators into the build-up of the core hydrogen network, to be repaid from future income resulting from it.

The revolving credit facility is intended to provide the required liquidity during the build-up of the core hydrogen network, which shall by 2032 reach a length of 9,040 kilometers in total, as part of the national hydrogen strategy of the German Federal Government. The facility has a regular term until 2057 in order to allow sufficient time for future income from the operation of the core hydrogen network to fully repay all amounts utilised for investments while at the same time not increasing the upwards-pressure on network usage fees.

The Freshfields team was led by Partner Frank Laudenklos and also included Principal Associates Dennis Chinnow and Laura Korndörfer, Associate Leif-Magnus Wishöth (all Finance), Partner Martin Schiessl and Principal Associate Christian Schmidt (both Tax, all Frankfurt).