The first and so far the only German sovereign wealth fund, which was set up to finance nuclear waste disposal and has assets under management totalling EUR 24 billion (the “Entsorgungsfonds”), has instructed Clifford Chance to provide comprehensive legal advice.


The Firm had already been commissioned to advise on the legal structuring of the waste disposal fund in the initial phase, having successfully been selected from among a number of high-profile competitors.

The fund was established as a public law foundation after the German government adopted a federal act in 2017 to phase out the use of nuclear energy for power generation. Nuclear plant operators agreed to provide the fund with start-up capital to cover future waste disposal costs. The fund has many highly experienced and capable members on its management board, board of trustees and investment committee, and aims to focus on particularly sustainable investments to grow the capital injected by the energy sector.

The legal advice provided to the fund covers a whole range of complex issues:

  • regulations on investments
  • investment and accounting aspects, as well as the drafting
    of appropriate investment policies
  • corporate governance structure
  • setting up a compliance management system
  • EU-wide tendering procedure in accordance with antitrust law

Clifford Chance’s core advisory team for the fund is led by Peter Dieners and also comprises Gregor Evenkamp, Josef Brinkhaus, Marco Simonis, Anselm Raddatz, Steffen Amelung and Ulrich Lembeck.

General counsel Ingo Fährmann heads up the in-house legal team for the fund.

The original press release can be found here on Clifford Chance’s website.