Deutsche Bank, ING Bank, and Landesbank Baden-Württemberg Lead on Syndication of NeXtWind Group's EUR 1.8 Billion Financing

Copenhagen/Frankfurt, 3 November 2025 — Carsted Rosenberg Advokatfirma is pleased to announce its role as Danish local counsel, supporting lead counsel Latham & Watkins, in connection with the successful closing of NeXtWind Group’s EUR 1.8 billion syndicated green loan facilities.

This significant financing, which was oversubscribed from an initial volume of EUR 1.4 billion, represents a major step in advancing the German wind energy sector. The transaction establishes a scalable platform structure to fund the large-scale acquisition, modernisation, and repowering of existing wind farms, with the ultimate aim of expanding NeXtWind's total generation capacity to over 3 GW by 2028.

Collaboration on Cross-Border Complexity

The mandate was led by Latham & Watkins, Frankfurt, acting as overall lead counsel for the international banking syndicate, including Deutsche Bank, ING Bank, and Landesbank Baden-Württemberg (LBBW). Carsted Rosenberg provided specialist Danish local counsel support to the Latham & Watkins team in Frankfurt.

The Carsted Rosenberg team on this transaction was jointly led by partners Michael Rosenberg and Dr. Andreas Tamasauskas, who are responsible for the law firm's Banking & Finance Practice.

Our work focused specifically on the Danish legal aspects of the transaction, which involved the inclusion of Danish entities within NeXtWind’s corporate and security structure. Carsted Rosenberg was responsible for delivering the necessary Danish legal advice, ensuring the seamless integration of the Danish assets and local obligors into the broader German-governed security package and intercreditor arrangements drafted by the lead counsel team in Frankfurt.

The platform structure is notable for successfully attracting a strong international consortium of North American, Asian, and European financial institutions at this scale. The financing is composed of five core debt facilities and the possibility of raising a further Accordion Facility for future portfolio expansion.

Michael Carsted Rosenberg, Partner, commented on the closing:

"We greatly enjoyed collaborating closely with the outstanding lead counsel team at Latham & Watkins. This landmark financing underscores the increasing sophistication and scale of cross-border renewable finance in Europe, and reflects the leadership of Deutsche Bank and the wider syndicate in advancing the energy transition. We ensured the due integration of the Danish legal aspects into a complex multi-jurisdictional security and intercreditor structure, providing the legal certainty required for a EUR 1.8 billion transaction. It highlights our strength as specialist Danish counsels in delivering complex cross-border legal solutions for major energy and infrastructure projects in cooperation with lead counsels."

Transaction Summary

• Borrower: NeXtWind Windpark Beteiligung - XII GmbH & Co. KG

• Borrower's Lead Counsel: Gleiss Lutz

• Lender's Lead Counsel (Overall): Latham & Watkins, Frankfurt as Lead Counsel to the Mandated Lead Arrangers

• Carsted Rosenberg’s Role: Danish Local Counsel to the Mandated Lead Arrangers

• Mandated Lead Arrangers: Deutsche Bank, ING Bank, LBBW

• Facility Volume: EUR 1.8 billion (oversubscribed from initial EUR 1.4 billion)

• Future Growth: Accordion option for significant further expansion.

Further Information

For further information on Danish banking & finance matters, please contact your usual Carsted Rosenberg adviser or reach out to Michael Carsted Rosenberg or Dr. Andreas Tamasauskas or Dr. Parwis Tikrani at Carsted Rosenberg.

About Carsted Rosenberg

Carsted Rosenberg Advokatfirma is a Danish law firm focused on delivering high-quality legal advice in banking, finance, and cross-border transactions. The firm regularly advises lenders, sponsors, and corporates on complex financings, including acquisition finance, project finance, and export-backed structures. With deep experience in both Nordic, German, and international markets, Carsted Rosenberg combines transactional expertise with commercial insight to support clients in navigating legal risk and achieving transaction certainty.