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Energy Networks

A number of factors are driving increasing interest in energy networks (electricity & gas transmission and distribution):

  • forecast growth in the demand for energy globally;
  • the need to support new low-carbon generation capacity;
  • the need to replace dated infrastructure to improve demand management (smartgrids & smartmeters);
  • regulatory pressure in some jurisdictions to separate transmission, generation, supply; and
  • distribution businesses and increasing investor appetite for a stable regulated income stream.

Allen & Overy provides pioneering advice on the entire lifecycle of these assets, from the consenting and planning process, through to the construction, financing, operation, maintenance and ultimately their sale or refinancing. We are at the forefront of the energy networks market, advising debt funders (including banks, bond arrangers, ECAs, DFIs and multilaterals), sellers and acquirers (on M&A transactions), sponsors, corporates (including large vertically integrated utilities), suppliers, manufacturers and governments on market leading projects and transactions globally. These transactions are supported by our specialists in areas such as environmental law, regulatory, tax and planning.

Key experience


OMERS Infrastructure, Ontario Teachers’ Pension Plan Board and SSE on the sale of MapleCo, a leading Smart Meter Asset Provider in the UK, to Equitix.


Ardian on the acquisition of Finnish state-owned utility Nevel. Nevel operates more than 130 energy production sites with 40 district heating networks.

Saudi Electricity Company

Saudi Electricity Company on a USD500m united green financing facility signed with JBIC to support renewable interconnection, reliability and energy efficiency projects in transmission and distribution networks.

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Enel Group

Enel Group, a Rome-based electricity and gas conglomerate on the EUR3.5bn sustainability-linked note offering with proceeds aimed to finance the Group’s financing needs and the partial repurchase of old series of outstanding conventional bonds. Enel Group operates in more than 30 countries, brining energy to people through the adoption of new sustainability-oriented technologies.

Naturgy Energy

The lender on the acquisition of a 22.69% stake in Spain’s publicly traded Naturgy Energy.


The funders to a bidder on the acquisition and on the subsequent bank and bond refinancing of NET4GAS, the gas transmission system operator in the Czech Republic.


Best EMEA Smart Meter Acquisition by IJInvestor Awards 2021


Best EMEA District Heating Acquisition by IJInvestor Awards 2021


“We are delighted with them. They are super responsive, and their advice is comprehensive while still being clear and easy to understand. The real differentiator is the value-added services they bring to the table through their market knowledge and relationships.”

Chambers and Partners Global: Europe-wide 2021 – Projects

News & insights

Panoramic view of a forest

Publications: 11 May 2022

Clean hydrogen projects in the EU

The EU has published ambitious goals for the ramp-up of a fully functional hydrogen economy.

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Wind turbines and solar panels

News: 05 April 2022

A&O advises InfraRed on investment in North American renewables portfolio

A&O announced it acted as counsel to InfraRed Capital Partners (InfraRed) on its acquisition of an equity interest in a 665 MW portfolio of renewable energy assets from ENGIE North America (ENGIE).…

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hydrogen drop

Publications: 31 January 2022

Emerging technologies: Hydrogen, storage and more

In November 2021 partners Jennifer Wnek and Sam Kamyans moderated a panel of experts discussing cutting-edge technologies, including storage, carbon capture, and hydrogen, with a focus on financing in…

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City, sun reflecting from the glass buildings

Publications: 19 June 2020

European Commission targets foreign subsidies causing market distortions

As part of a broader effort to reshape the EU’s trade policy, the European Commission (EC) proposes to expand its toolbox to tackle foreign subsidies undermining the level playing field in the EU’s…

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