Linklaters advises on €1.4B financing platform for German gas operator Thyssengas

What's the deal? Thyssengas, one of Germany's largest gas transmission operators, has established a new €1.4B common terms debt platform. The financing brings together bank lenders and private placement investors under a unified set of terms, giving the company flexible access to multiple sources of capital.

Linklaters advised the funders on the deal. Thyssengas is owned by Macquarie Super Core Infrastructure Fund, managed by Macquarie Asset Management.

Why now? The platform is designed to support the evolution of Thyssengas' gas transmission network towards hydrogen-readiness — a critical priority as Germany pushes to decarbonise its energy infrastructure. The scalable framework positions the company to raise additional capital as hydrogen conversion demands grow.

Linklaters partner Sebastian Witte called it "one of the first unsecured common terms platforms of this scale in the German energy market."

What could go wrong? Hydrogen infrastructure remains an emerging sector with uncertain timelines and economics. The transition from gas to hydrogen transmission involves significant technical and regulatory risk, and the commercial viability of hydrogen networks is still unproven at scale.

The signal: The deal reflects a broader trend of large-scale infrastructure financing being structured around energy transition goals. Common terms platforms — which allow multiple lender groups to operate under shared documentation — are gaining traction as energy companies seek flexible, long-term capital to fund complex transitions. That Thyssengas secured €1.4B on an unsecured basis signals strong investor confidence in regulated gas infrastructure as a bridge to hydrogen.

Read more: legaldesire.com