Watson Farley & Williams (“WFW”) advised Hamburg-based Eternal Power GmbH (“Eternal Power”) on the planning and development of its Dummerstorf green hydrogen project with a first phase investment volume of €200m. An electrolysis plant with an initial capacity of 80 MW will be built by 2028 on the site located near Rostock in Northern Germany, for which Eternal Power has recently secured the land usage rights.
A planned expansion will give the project a total installed capacity of 400 MW with an additional second phase investment volume of €600m to produce 8,000 tonnes of green hydrogen pa. On the customer side, the company has already secured several commitments, including a €2.3bn preliminary contract.
Founded in 2021, Eternal Power develops hydrogen projects around the world. In addition to decades of expertise in the renewable energy sector, the experienced founding team has successfully implemented several hydrogen pilot projects.
The cross-border, multi-disciplinary WFW team that advised Eternal Power was led by Hamburg Corporate and M&A Partner Wolfram Böge, supported by Managing Associate Christian Schindler and Associates Moritz Ferdinand von Baumbach and Andreas Urdl. Hamburg Partner Maximilian Boemke advised on regulatory issues, with Frankfurt Partner Frederik Lorenzen contributing financing expertise. London Partner Heike Trischmann advised regarding international supply contracts.
Wolfram commented: “We are pleased to have advised Eternal Power on this flagship project for the future development of green hydrogen. The large number of project participants and other stakeholders, combined with the extensive regulatory requirements for the development of new technology made this a challenging matter spanning several key service lines. This mandate once again underscores WFW’s expertise in advising on complex cross-border transactions in the energy and infrastructure sector”.
