Hogan Lovells advises European Investment Bank on €1.185 billion debt financing package for Phase One of Vulcan Energy’s landmark Lionheart Project

The transaction forms a key component of Vulcan Energy’s broader €2.2 billion financing package for the Lionheart Project, designed to support the large-scale production of climate-neutral lithium and renewable energy in Germany. As recently announced, the EIB has committed up to €250 million in financing to this pioneering project, which represents one of Europe’s most significant initiatives in sustainable battery materials and geothermal energy. This commitment is a part of the €1.185 billion senior debt financing package by a consortium of 13 commercial banks, export credit agencies and financial institutions.

Hogan Lovells acted as legal counsel to the EIB in its role as lender. The team advised EIB on its financing documentation and on all other aspects of the financing forming part of the wider financing structure.

The project is expected to play a central role in securing a resilient, local, and environmentally responsible supply of lithium hydroxide for Europe’s battery industry, while simultaneously generating renewable heat and power based on deep-geothermal technology.

Carla Luh, Head of the German Finance praxis at Hogan Lovells, said: “The Lionheart Project is a milestone for Europe’s renewable energy and battery supply chain strategy. We are proud to support the EIB in enabling sustainable industrial innovation at this scale and to contribute to a project that has the potential to transform Europe’s domestic lithium production.”

Hogan Lovells team for European Investment Bank

Dr. Carla Luh (Partner, Frankfurt), Merve Schmitte (Lead Senior Associate, Frankfurt), Andrew Gallagher (Partner, London), Dr. Christian Knütel (Partner, Hamburg), Gordon Liedel (Associate, Frankfurt) (all Infrastructure Finance)