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Renewables and Clean Technology

With the reduction of carbon emissions and the assurance of energy security so high on the agenda for governments and energy companies, renewable energy (on and off shore wind, solar, hydro and marine power) is as an essential part of the solution for slowing the pace of climate change and improving energy security.

Ambitious carbon reduction targets being set globally and regionally means that many governments are incentivising the development of renewables through support programmes, such as feed-in tariffs, which are having a positive impact on the pace of development of renewables. All of these factors make this an exciting industry to work in, and one that requires its advisers to have sector–specific knowledge backed up by a global resource capability.

In light of this, supporting the energy industry, in particular renewables, is a key priority for Allen & Overy, and our Energy Group focus allows us to help foster and share industry knowledge and expertise both across our numerous offices and across all our legal disciplines. Our in-depth understanding of renewable energy and the wider energy sector ensures we are able to use existing know-how and add value at the point of instruction with little or no learning curve. Innovative solutions developed for projects in one jurisdiction can be applied to similar projects elsewhere, and that plays to our global network.

We provide our clients with 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 refinancing or sale. We are at the forefront of the renewable energy 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.

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Key experience

Beatrice

Equitix on the acquisition of a 17.5% equity stake in the Beatrice offshore wind farm from Copenhagen Infrastructure Partners.

Greater Changua 1

Ørsted on the development, financing and sale of a 50% stake in the 605.2MW offshore wind project in Taiwan. This is the first large-scale and farshore offshore wind farms in Taiwan.

Westlands

CIM Group on a 250 MW solar photovoltaic project called Aquamarine being developed in San Joaquin Valley, California. The plant is part of the first phase of the Westlands Solar Park. It is expected to deliver 50 MW of capacity to Valley Clean Energy Alliance. This is one of the largest permitted solar parks in the world, with the capacity to grow more than 2,700 MW of renewable power and supply clean energy to more than 1,200,000 homes.

Alcazar

China Three Gorges South Asia Investment Limited on its acquisition of a 100% stake in Alcazar Energy Partners via a consortium with two other Chinese investors. Alcazar is one of the largest independent renewable energy developers and producers in the Middle East and North Africa, headquartered in Dubai, with a regional presence in Jordan and Egypt. The Alcazar portfolio includes seven wind and solar projects across Jordan and Egypt with a total generation capacity of 411 MW.

Cirata

The mandated lead arrangers for the 145MW floating solar power project Cirata IPP project, the first floating solar power plant in Indonesia.

Reno

The lenders on the financing of the acquisition of CEZ’s Romanian renewable energy assets and ancillary facilities which comprise an 86,665 km regulated electricity distribution network, an electricity and gas supply business with 1.4 million residential and industrial connections in south western Romania and a renewable energy platform, with 622 MW of primarily onshore wind farms.

Ventient

A global financial institution on the refinancing of the Beta and Dynamo wind farm portfolios of Ventient Energy. Ventient Energy is one of the largest independent generators of onshore wind energy in Europe with 1.9GW of installed capacity across 103 wind farms in Belgium, France, Germany, Portugal, Spain and the United Kingdom, with plans to continue growing our portfolio of high-quality assets.

Kinguélé Aval

IFC, AfDB and DBSA on the financing for the development of a 35MW hydropower plant near Kinguélé, in Gabon. The new power plant will fulfil up to 13% of capital city Libreville’s energy needs and will be constructed in the rainforest and on the River Mbei.

Thornton Bank

The consortium on the financing of the Thornton Bank Offshore Wind Farm located 30 km off coast in the Belgian North Sea, with total capacity of 325MW.

Recognition

Best APAC Renewables & Energy Transition Acquisition (Wind Power)

Greater Changua 1, Taiwan – IJ Investor Awards 2021

“The team is exceptionally strong – they are really experienced, see a lot of deal flow and are client-focused.”

Chambers and Partners UK 2022 – Energy and Natural Resources: Renewables and Alternative Energy

Best EMEA Renewables & Energy Transition Acquisition (Wind Power)

Beatrice Offshore Wind Farm, UK – IJ Investor Awards 2021

News and insights

Solar panel with city buildings in background

Publications: 25 September 2023

Part 5: Conclusion and potential solutions

What policy and support measures can help close the Net Zero financing gap? And what can different stakeholders do themselves to accelerate progress?

Publications: 25 September 2023

Part 4: Private finance is positioned to meet the opportunity and fill the needs gap

Net Zero is the biggest investment opportunity in history. But how much private money is currently being channeled towards Net Zero? And how fast is it likely to grow?