Allen & Overy LLP has advised a syndicate of banks comprising Berliner Sparkasse, branch of Landesbank Berlin AG, Commerzbank Aktiengesellschaft, ING Bank, a branch of ING-DiBa AG, Landesbank Hessen-Thüringen Girozentrale, SEB AG and Investitionsbank Schleswig-Holstein, in connection with arranging financing for a new energy supply system (the K.I.E.L. (standing for the German for Kiel's Intelligent Energy Solution) coastal power plant) for Stadtwerke Kiel AG. Commerzbank Aktiengesellschaft is also acting as facility agent.

The energy supply system situated on the Kiel Fjord, comprising a gas-fired power plant, electrode boiler and a heat storage unit, is scheduled to go online in autumn 2018, generating electricity and heat using 20 gas-powered engines.  The energy supply system, costing EUR 290 million, will replace the coal-fired power plant on Kiel's East bank which has been in operation since 1970.

The current financing package is to be used both for investment in the new energy supply system, as well as for refinancing existing credit lines and for general company financing purposes.

The Allen & Overy team was led by partner Dr. Norbert Wiederholt and comprised senior associate Dr. Jan-Hendrik Bode and associate Lorenz Riehl (all banking & finance, Frankfurt), as well as partners Dr. Heike Weber (tax), Dr. Olaf Otting (public law, all Frankfurt), Dr. Alexander Veith (corporate/M&A, Munich), counsel Dr. Udo Olgemöller, senior associates Stefanie Günther, Dr. Andreas Ziegler (all public law, Frankfurt), Simon Schmid (corporate/M&A, Munich) and associates Metin Batkin (public law) and Thomas Dieker (tax, both Frankfurt).

SEB AG acted as documentation agent, with Juliane Barella, Philipp Jentzmik, Dr. Christoph Tomas and Meta van der Zanden.

Stadtwerke Kiel was represented in-house by Stefan Meyer (head of finance), Axel Dusch (head of accounting) and Matthias Barth (head of legal). CMS Hasche Sigle was legal adviser to Stadtwerke Kiel.
The Bank of Tokyo-Mitsubishi UFJ, Ltd., with Gregor Schaal, Markus Schröder and Michael Sichert, provided financial advice.

The European Investment Bank (EIB), which was also one of the banks in the financing syndicate, was advised by Linklaters.