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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 and insights

Equipment, cables and piping as found inside of a modern industrial power plant

News: 20 February 2024

Allen & Overy advises Uniper on sale of Hungarian gas fired power plant Gönyű to Veolia

Allen & Overy is advising the international energy company Uniper SE, Düsseldorf ("Uniper") on its sale of 100% of shares in its subsidiary Uniper Hungary Energetikai Kft. ("Uniper Hungary").

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Towers with cables

Publications: 09 January 2023

The UK Electricity Generator Levy

Electricity Generation Levy Update.

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Aerial view power plant architecture building, Combined cycle power plant electricity generating station industry background.

Publications: 03 November 2022

Long-overdue reform of U.S. interconnection rules set to boost renewable power

The existing U.S. interconnection regime is decades old and ill-equipped to bring large amounts of new renewable power on to the grid. Thankfully that looks set to change.

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Sun shining through electricity tower

Publications: 13 July 2022

The FERC (Inter)connection: PJM files for and FERC issues proposed reforms of the interconnection process

June was an interconnection milestone. On June 14, PJM Interconnection, L.L.C. (“PJM”) filed a “comprehensive reform” of the interconnection process set forth in its Open Access Transmission Tariff…

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