GERMANY Law and Practice Contributed by: Gregor von Bonin, Natascha Doll, Andreas Ruthemeyer, Stefan Schröder and Mirko Masek, Freshfields
• platform acquisitions of developers or IPPs, often with vendor reinvestment to secure pipeline conti- nuity; • minority stakes in regulated or strategic assets with robust consent rights and information packages (including by way of structured equity with modi- fied return profiles); • (sometimes multi-party) joint ventures for large pro- jects, common in offshore wind, storage portfolios and district heat, balancing industrial know-how and financial firepower; and • farm-downs at notice-to-proceed or early opera- tions to recycle sponsor capital. Who the Investors Are The investor landscape includes European utilities, major global energy players pivoting to electricity and renewables, and infrastructure funds with long- dated capital. Pension and insurance investors sought minority positions in networks, heat, and mature gen- eration. Private equity focused on build-to-core strat- egies in distributed energy, EV charging, and flexibility platforms. Public actors, such as municipal utilities and development banks, co-invested selectively in grids, heat and hydrogen corridors, anchoring blend- ed-finance stacks. 1.4 Energy and Infrastructure Projects Main Types and Sizes In relation to energy generation assets, offshore wind remained the flagship, with individual projects commonly close to or around the 1 GW range and multi-billion-euro capex tied to HVDC grid connec- tions. Onshore wind and utility-scale solar advanced through larger portfolio packages, often 300–800 MW per transaction across multiple sites. Storage scaled rapidly: utility BESS clusters aggregated 200–600 MW per platform, with single nodes reaching 100–200 MW/200–400 MWh as market access clarified. Hydrogen and CO₂ Infrastructure Hydrogen backbone planning targeted industrial clusters, salt-cavern storage and port connectors, mixing repurposed gas lines and newbuild corridors. Early-stage projects envisaged electrolyser hubs from 100–400 MW near coastal import points and industrial offtakers. CO₂ transport moved toward licensable cor- ridors and offshore storage access, with pilot-scale
capture projects bundling shipping, pipeline, and storage contracts. These midstream assets are now treated as regulated businesses, making them natural candidates for hybrid equity and joint venture owner- ship. Conventional and Renewables Mix The investment balance tilted decisively toward renewables and enabling infrastructure. New gas- fired flexibility was scoped to support adequacy, with tenders framed around availability and optional con- version rather than fixed hydrogen-ready mandates. LNG import capacity stabilised as transitional infra- structure, with conversion pathways to low-carbon molecules under evaluation. The bulk of private capital nonetheless pursued renewables, grids, storage, heat and digital-energy intersections, where policy signals and long-term demand were strongest. 2. Establishing and Exiting Early- Stage Companies in the Energy and Infrastructure Industry 2.1 Establishing and Financing a New Company The most popular legal forms are the limited liability company (GmbH), which requires a minimum share capital of EUR25,000, half of which must be paid in at incorporation, and the so-called entrepreneur com- pany (UG), a simplified GmbH that can be started with as little as EUR1. Hybrid structures such as the limited partnership (GmbH & Co. KG), where a GmbH acts as the general partner, are also used, particularly for balancing management control and liability. The incor- poration process typically takes two to four weeks and involves notarising articles, opening bank accounts, and registering with commercial and tax authorities. Beyond incorporation, early-stage ventures must carefully address sector-specific challenges such as permitting and complying with regulations. Financing is generally staged, with venture capital supporting initial development and infrastructure or private equity funds stepping in as projects mature and regulatory risks diminish. Public funding from KfW or EU pro- grammes often helps to de-risk investments.
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