Allen & Overy advises Fortescue Future Industries on its joint venture with Tree Energy Solutions to develop the Wilhelmshaven terminal

FFI has invested EUR 100 million to acquire a 30 per cent stake in the German joint venture company that is developing the terminal.

The Wilhelmshaven Terminal is to be the centrepiece of a planned integrated green energy hub in Northern Germany that will be used to import synthetic methane (as a gH2 carrier) in the long term, and initially import LNG to meet Europe’s energy crisis. The terminal will support TES’ green energy park development that includes methane re-conversion to gH2, closed-loop CO2 capture (to re-export to green energy source), electrolyser project and other developments.

In parallel with its investment in the terminal joint venture, FFI has invested EUR 30m in TES itself, joining existing shareholders such as EON, HSBC and Unicredit.

FTI is a global green energy company committed to producing green hydrogen, containing zero carbon, from 100 per cent renewable sources. FFI is developing technology solutions for hard-to-decarbonize industries, while building a global portfolio of renewable energy, green hydrogen and green ammonia projects. FFI is also active in decarbonizing hard-to-abate sectors and is responsible for the proposed decarbonization of one of the biggest resources companies in the world by 2030 – its parent company Fortescue Metals Group.

TES is a global green hydrogen company supplying long term non-intermittent carbon-neutral energy on-demand at industrial scale. TES aims to accelerate the energy transition by unlocking the potential of existing global energy infrastructure to reach customers with green hydrogen, green gas and green power while accelerating the phase-out of fossil fuels from the energy system worldwide and adopting a circular carbon economy.

The Allen & Overy team was led by partner Dr Nicolaus Ascherfeld, and counsel Marie-Luise von Buchwaldt (both Hamburg). It comprised furthermore, partners Meredith Campion (Perth), Max Landshut (all Corporate/M&A), Dr Christian Hilmes (Real Estate, both Hamburg), Dr Heike Weber (Tax) and Dr Udo Olgemoeller (Public Law, both Frankfurt), counsels Dr Sebastian Remberg (Corporate/M&A), Dr Daniel Bolm (Real Estate), Dr Ioannes Thanos (Antitrust, all Hamburg) and Tim Spranger (Tax), senior associate Stefanie Günther (Public Law, both Frankfurt), associates Juliana Palavra Gorgueira (Corporate/M&A), Dr Naemi Czempiel (Antitrust, all Hamburg), Hauke Jung (Real Estate), Dr Stephan Bühner, Dennis Jurdt (both Public Law) and Dr Manuel Köchel (Tax, all Frankfurt), transaction officers Dario Barbato (Corporate/M&A) and Angelina Lagoda as well as senior transaction coordinator Oliver Ahnseel (both Real Estate, all Hamburg).