Best Project Finance Lawyers in Herstal

1. About Project Finance Law in Herstal, Belgium

Project finance in Herstal typically uses a dedicated special purpose vehicle (SPV) to own and operate a project, with lenders recourse primarily to the project cash flows rather than the sponsors’ balance sheets. This structure helps manage risk for large infrastructure, energy, or PPP projects in the Wallonia region. In Belgium, SPVs are formed under the Belgian Companies and Associations regime and must align with Belgian corporate and financial regulations.

Key elements in Herstal include the negotiation of construction contracts, off-take or power purchase agreements, and intercreditor arrangements among lenders. Local projects also must navigate Wallonia's planning, environmental, and permitting regimes, alongside national rules on procurement when public authorities are involved. A Belgian advocaat (lawyer) or solicitor who understands SPV governance, security packages, and cross-border lending can help streamline closing and ongoing compliance.

Because Herstal lies in Wallonia, the regional authorities influence permits and environmental scrutinies while federal law governs corporate mechanics, financing documents and cross-border lending. That dual framework means you often need both a regional expert and a federal legal counsel to ensure full compliance. Planning ahead for non-recourse debt, security packages, and regulatory approvals is essential to avoid delays at final closing.

2. Why You May Need a Lawyer

These scenarios illustrate concrete needs for Project Finance legal counsel in Herstal and the surrounding Liège area.

• Financing a wind or solar farm near Herstal using an SPV requires drafting the SPV documents, security packages, and intercreditor agreements with lenders and EPC contractors.
• You are bidding on a PPP project delivered by a Wallonia authority and must navigate the public procurement process, concessions, and contract award rules.
• You need to negotiate an offtake or power purchase agreement with a Belgian utility and align the contract with bankers’ security interests and hedging arrangements.
• A cross-border lender group (including lenders from Luxembourg or the Netherlands) is financing your project, which requires cross-border tax, currency, and regulatory coordination.
• You plan to refinance an existing project and must restructure debt, obtain consents from all lenders, and update intercreditor agreements and governance documents.
• Regulatory updates to Belgian corporate or procurement law require you to amend SPV governance or security arrangements to stay compliant during operation.

3. Local Laws Overview

Project Finance in Herstal is shaped by both national laws and Wallonia's regional regulations. The following laws and regulations are central to most Belgian project financings in this region.

• Code des sociétés et des associations (CSA) - The new Belgian Corporate and Association Code governing formation, governance, capital structure, and transfers of shares for legal entities including SPVs. It integrates former corporate law regimes and came into effect around May 2019, with ongoing updates to reflect market practice.

Source: The CSA establishes streamlined governance for special purpose vehicles used in project finance.

Source: ejustice.just.fgov.be

• Loi du 17 juin 2016 relative aux marchés publics et aux concessions - The national Public Procurement and Concessions Law that governs the award of public contracts and concessions. It applies to infrastructure and service contracts in which public authorities participate. Belgium updated national implementation to align with EU directives and to harmonize procedures across regions.

Source: Public procurement rules promote transparency, competition, and value for money in infrastructure projects.

Source: economy.fgov.be and ejustice.just.fgov.be

• Code wallon de l Aménagement du territoire, de l Urbanisme et du Patrimoine (CWATUP) - Wallonia's planning, urbanism, and heritage code. It governs building permits, land use, and environmental impact considerations for projects located in Wallonia, including Herstal. The CWATUP framework affects project siting, permitting timelines, and related approvals.

Source: Regional planning and permitting rules are essential for project development in Wallonia, including Herstal.

Source: wallonie.be and ejustice.just.fgov.be

Recent developments in these areas include alignment of Belgian procurement law with EU directives and ongoing updates to the CSA to reflect market practice for SPVs used in project finance. When working in Herstal, you will often reference both federal rules and Wallonia-specific environmental and planning requirements.

4. Frequently Asked Questions

What is project finance in Belgium, in simple terms?

Project finance uses a dedicated SPV to isolate project risk and repay debt from project cash flows rather than sponsor assets. Lenders assess the viability of the project and its contracts rather than the sponsors' overall balance sheet.

How does an SPV work in Herstal for a large project?

The SPV owns the project assets, enters into EPC and O&M contracts, and borrows from lenders. Cash flows from the project repay the debt, with lenders relying on off-take agreements and security interests.

What is the role of a Belgian advocaat in these deals?

An advocaat drafts and negotiates SPV documents, security packages, and intercreditor agreements, and coordinates regulatory filings and permits.

Do I need a local lawyer in Liège or Herstal for regulatory permits?

Yes. Regional planning and environmental permits in Wallonia require local knowledge of CWATUP processes, permit timelines, and environmental impact rules.

How long does due diligence typically take for a project finance deal in Belgium?

Due diligence commonly lasts 4 to 8 weeks, depending on project complexity, contract scope, and the number of lenders involved.

How much can a project finance lawyer cost in Herstal?

Legal fees vary by project size and scope. A preliminary engagement often ranges from a fixed fee for document review to a multi-stage retainer for negotiations and closing.

What is the difference between a loan agreement and an intercreditor agreement?

A loan agreement sets the terms of debt funding. An intercreditor agreement governs rights among multiple lenders and priority of claims if problems arise.

Can I refinance an ongoing project with new lenders in Belgium?

Yes. Refinancing usually requires consent from existing lenders, updated security packages, and possible amendments to governance documents.

What happens if a project misses a permit deadline in Wallonia?

Missed deadlines can trigger delays in construction or even permit revocation. A Belgian avocat assists with extensions or permit appeals where available.

Should we consider a two-tier governance structure for the SPV?

A two-tier board may be beneficial for governance and risk oversight in complex projects but requires careful drafting to align with CSA rules.

Is public procurement law applicable if the project has no direct government contract?

Public procurement rules still apply if any part of the project involves a public authority, concession, or procurement framework that affects project contracting.

Do I need to understand Wallonia's CWATUP for permits?

Yes. CWATUP governs urban planning, building permits, environmental permits, and related procedures for projects in Wallonia, including Herstal.

5. Additional Resources

• Belgian Federal Public Service Economy (economy.fgov.be) - Official guidance on public procurement, market rules, and competition policy relevant to project finance and concessions in Belgium.
• Wallonia Public Authority (wallonie.be) - Regional portal with information on planning, permitting, and CWATUP related processes for projects in Wallonia, including Herstal.
• Federal Public Service Justice (ejustice.just.fgov.be) - Central portal for legislative texts, the Code des sociétés et des associations, and procurement law texts.

6. Next Steps

1. Define the project type and financing path, including whether it will involve a public partner or private offtaker. Set a target closing date and a high level budget estimate within two weeks.
2. Identify a local project finance advocaat or solicitor with Wallonia experience and ask for two or three referrals. Schedule initial consultations within 2-4 weeks.
3. Prepare an intake package with project overview, draft contracts, expected timelines, and a list of required permits and licenses from CWATUP and other authorities.
4. Engage the counsel to draft or review the SPV governance documents, security packages, loan agreements, and intercreditor agreements within 3-6 weeks prior to term sheet drafting.
5. Draft a term sheet with lenders and sponsors in collaboration with your lawyer, including key covenants, security, and waterfall mechanisms, followed by negotiations.
6. Initiate due diligence covering legal, regulatory, environmental, and contractual risks. Allocate 4-8 weeks for comprehensive review depending on project complexity.
7. Move toward closing by coordinating the signing of loan agreements, security filings, permits, and regulatory approvals. Plan for post-closing governance and reporting obligations.