RE:FI STHLM advises on the Project Finance Deal of the Year by IFLR – the €4.2 billion financing provided to Stegra
RE:FI STHLM is proud to have played a key role in the landmark €4.2 billion financing of Stegra (formerly H2 Green Steel) – a transaction recently recognised as Project Finance Deal of the Year at the IFLR Europe 2025 Awards.
The IFLR Awards celebrate the legal industry’s most innovative cross-border transactions, recognising legal solutions that push the boundaries in financial law, ESG, legal tech, and regulatory frameworks. Judged on sophistication and impact rather than size or publicity, the awards honour the most transformative deals of the year.
The relevant RE:FI STHLM team members have advised the lenders on the Swedish law financing matters since the start of the project, working in close collaboration with the lenders’ lead counsel A&O Shearman. Since the firm’s launch in early 2024, RE:FI STHLM continues to act as lead Swedish law advisor to the lenders on all financing aspects of the project.
The transaction is widely regarded as one of the most complex green transition financings to date, addressing challenges such as:
- Structuring of long-term offtake arrangements;
- Construction risk allocation; and
- Introduction of a “green premium” pricing model for fossil-free steel.
The financing also encompassed critical infrastructure components – rail, roads, ports, and electricity – setting a new benchmark for industrial-scale sustainable finance.
The RE:FI STHLM team extends its sincere thanks to A&O Shearman for their outstanding cooperation throughout the process of advising the lenders. We would also like to thank Agnes Advokater for their work on Swedish environmental law matters and our former colleagues at Cederquist for their due diligence and M&A support through to first utilisation. Last but not least, a shout-out to all other firms involved – Milbank, Mannheimer Swartling, Clifford Chance, and Linklaters – whose contributions and excellent collaboration were instrumental in achieving a successful close.
As a newly established specialist firm focused on finance law, this recognition represents a significant milestone for RE:FI STHLM. We are honoured to support one of the world’s most ambitious green steel initiatives and look forward to continuing our work on this financing and other transformative projects driving the green transition.
