Clean Energy Pipeline

A&O Shearman is among an esteemed group when it comes to the most influential law firms in clean energy project financing. Norton Rose Fulbright ranked as the joint second most influential law firm in the clean energy project financing sector in 2023, scoring 48.17. Norton Rose Fulbright’s commitment to the renewables sector is demonstrated in the firm’s dedicated global energy practice, which advised on $23.7 billion worth of transactions with a deal count of 58. Milbank LLP was ranked as the Most Active law firm in the clean energy project financing sector in 2023, advising on 62 deals with a total value of $18.7 billion. Milbank’s active approach to supporting clients in achieving their clean energy objectives effectively means that the law firm was ranked as the joint second most influential law firm in renewables in 2023, also coming out with a score of 48.17. Clifford Chance is another established leader in the global renewables sector and its diverse legal advisory team were well placed to tackle the unique dynamics and challenges that each jurisdiction face in deploying new renewables capacity. Clifford Chance’s third placed ranking with an IF score of 26.01 is based on the 46 deals that the law firm advised on with a total value of $18.2 billion. Overall in 2023, Clifford Chance was the third most active law firm alongside A&O Shearman and the fourth highest ranked law firm by total deal value in clean energy project financing. Linklaters completed the top five list of most influential law firms in clean energy project financing in 2023 with an IF score of 16.38. Linklaters work on 25 clean energy project financing deals had a total deal value of $17.5 billion, reflecting the law firm’s exposure to high-ticket transactions.    Clean Energy Pipeline’s top 10 most influential law firms in project financing is rounded out by Latham & Watkins, Watson Farley & Williams, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, CMS, and White & Case LLP. This article was featured in the Clean Energy Legal League Tables 2024 report, which can be read in full at Clean Energy Pipeline. #cleanenergy

Doosan Enerbility has signed a memorandum of understanding with South Korea’s Jeju province to explore the development of new clean energy projects on the island, including wind power and green hydrogen. The ‘MoU on Cooperation for Achieving Carbon Neutrality by 2035 Via Energy Transition’ was signed today at the Jeju City Hall in the attendance of Jeju Governor Young-hun Oh, Doosan Enerbility’s Vice Chairman & COO Yeonin Jung and Doosan Enerbility’s Chief Marketing Officer JungKwan Kim. Doosan Enerbility and Jeju agreed to cooperate on the development of new clean energy projects and to provide more local job opportunities by conducting energy-related training programmes. Doosan Enerbility and Jeju will target collaborations in the following five area: cultivating specialists, creating jobs, performing long-term environmental monitoring of offshore wind farms, promoting the hydrogen ecosystem, and pursuing the upcycling of decommissioned turbine blades. “Doosan Enerbility, with its wide-ranging portfolio of carbon-free solutions, will be an optimal partner for Jeju Island in realising its vision of achieving carbon neutrality,” said Yeonin Jung, Vice Chairman of Doosan Enerbility. “This MoU will be a starting point for us in constantly pursuing cooperation in the years ahead on clean energy, such as wind power and hydrogen energy.” #cleanenergy

Atlantic Green has announced that the 30MW / 60MWh Buxton battery energy storage system project has commenced commercial operations in the UK. This latest milestone marks a significant achievement in Atlantic Green’s strategic growth as a leading BESS provider in the UK market. Atlantic Green delivered the Buxton BESS project within a span of 14 months and represents the company’s first operational asset as part of a ‘robust pipeline’. “The [Buxton] project is the result of a collaboration between Atlantic Green and its shareholders, Nofar Energy and Interland and was made possible by a number of important partnerships, including with Goldman Sachs as lender and optimiser, Tesla as BESS supplier and H&MV Engineering as balance of plant contractor,” Atlantic Green said in a company statement. #cleanenergy

Essar Energy Transition (EET) has unveiled plans to develop Europe’s first hydrogen-ready combined heat and power (CHP) plant at its Stanlow refinery. The EET Hydrogen Power project, slated for completion in 2027, marks a significant milestone in the company’s strategy to become a global leader in low carbon hydrogen production. “Launching EET Hydrogen Power shows the progress that Essar Energy Transition is making in delivering against its commitment to put the UK at the forefront of low carbon energy,” stated Tony Fountain, Managing Partner of Essar Energy Transition. “EET Hydrogen Power helps bring this commitment to life and demonstrates our intention to globally showcase the pathway to decarbonising vital high emitting industries.” As an independent vertical under EET, EET Hydrogen Power will be pivotal in reducing emissions and supporting the HyNet industrial cluster’s decarbonisation plans. EET Hydrogen Power will be developed in two phases, ultimately achieving a capacity of 125 MW of power and producing 6,000 tonnes of steam per day. The hydrogen utilised in the plant will replace hydrocarbons, resulting in an annual reduction of 740,000 tonnes of carbon dioxide. The new plant will replace Stanlow’s existing boiler units, which currently generate approximately 50 MW of power, playing a crucial role in the Stanlow refinery’s plans to cut total emissions by 95% by 2030. Rob Wallace, CEO of EET Hydrogen Power, added: “We have bold ambitions for Stanlow to become a low carbon transition hub at the centre of the HyNet Industrial Cluster. EET Hydrogen Power will be Europe’s first 100% hydrogen-ready gas-turbine plant which will be supplied with EET Hydrogen’s low carbon hydrogen. This project will create significant benefit by contributing to regional emissions’ reductions targets.” The project aligns with EET’s broader $3 billion energy transition initiatives in North West England and underscores its commitment to fostering high-skilled employment in the region. #cleanenergy

Ignitis Renewables (Ignitis Group) has completed the construction of a new 22 MW solar power plant in the Tauragė district of Lithuania. Located adjacent to an existing 25 MW onshore wind farm, the development marks the Ignitis Renewables’ first hybrid wind and solar project. Giedrius Meškelė, Head of Renewable Energy, Lithuania, at Ignitis Renewables, remarked: “Our wind farm has been successfully operating in Tauragė district for over 10 years, and now we have installed a solar power plant nearby. This makes it a hybrid project, where several types of renewable power plants are connected to a single connection in the transmission network.” The hybrid wind and solar farms leverage existing electricity network capacities and internal infrastructure, leading to cost efficiencies in construction and maintenance. At a total cost of €14 million, the new 22 MW solar power plant spans a 32-hectare area and will supply power to approximately 13,000 households per annum, while the hybrid project will serve around 40,000 households in Lithuania. Lina Zibiene, Head of Environment and Permitting at Ignitis Renewables, added: “Besides the mandatory initiatives and impact mitigation measures, we are carrying out additional measures, thus fostering good practices.” #cleanenergy

Nala Renewables, a 50/50 joint venture between Trafigura and funds managed by IFM Investors, has signed an agreement with Monsson to acquire a 61 MWp solar PV (PV) in Western Romania. Construction of the new solar project will begin in Q3 2024 and is slated to be operational and connected to the Romanian power grid in 2025. “We’re delighted to have closed our first acquisition with Monsson who have significant experience in developing and operating renewable energy projects in Romania,” said William Herlinger, Director at Nala Renewables. “It’s an attractive country to develop, acquire, build and operate renewable projects, in part due to a supportive regulatory environment driven by ambitious renewable energy targets. We expect to continue to be active in the CEE region in the coming years.” “We are pleased to partner with Nala Renewables on this project and support their activities in the CEE region,” added Sebastian-Petre ENACHE, Head of M&A at Monsson. “Monsson is committed to its role in ensuring a just transition to clean energy and a stable energy system. All of our projects have large battery energy storage systems considered in their design because our vision is that renewable energy can be delivered also as base load.” The 61 MWp solar project is underpinned by a 12-year PPA, though did not disclose further details of the offtake agreement. Nala Renewables also plans to add a battery energy storage system component to the solar project in the future. Once online, the solar project will be capable of generating around 80,000 MWh of clean electricity per annum, enough to power around 13,000 households and displacing 39,000 tonnes of CO2 emissions. Nala Renewables aims to build a global portfolio of renewable energy projects totalling 4 GW by 2025. #cleanenergy

Intelligent Energy (IE) has announced a multi-million pound investment in the development of a new fuel cell testing facility at Chelveston Renewable Energy Park in Northamptonshire. Intelligent Energy is installing a state-of-the-art Enapter AEM electrolyser and testing facility at Chelveston, which will be operational by 2025. The electrolyser will use energy generated by the park to produce more than 100,000kg of green hydrogen annually, powering the fuel cells, a key technology that is central to the UK’s renewable energy strategy. Intelligent Energy is investing £7.1 million in the new facility at Chelveston, establishing their first megawatt power testing facility. “This is a significant investment in the UK’s clean energy future and once operational, our facility at Chelveston will be one of the foremost fuel cell testing facilities in Europe, as well as a demonstration of how much-needed green hydrogen can be generated from renewables,” said David Woolhouse, CEO at Intelligent Energy. “This is not only a significant step towards the decarbonisation of emissions-heavy industries such as aviation, but also a step towards the energy storage solutions that could further encourage the uptake of renewables. “Our facility will test fuel cells up to an output of 1.3MW, meaning fuel-cell arrays will be more readily available to the aviation sector, significantly increasing flight ranges without the increase in weight that would come from traditional batteries with this power output. Chelveston Renewable Park is at the forefront of renewable energy in the UK and we look forward to further driving innovation in these crucial technologies.” #cleanenergy

RWE and Masdar (Abu Dhabi Future Energy Company) have secured a Development Consent Order (DCO) from the UK Planning Inspectorate for the DBS (Dogger Bank South) Offshore Wind Farms. The DBS East and DBS West offshore wind farms will feature up to 200 wind turbines with a combined capacity of 3 GW. As a result of the DCO, the DBS projects will move into the pre-examination phase and will become subject to a public examination later in 2024. Sven Utermöhlen, CEO RWE Offshore Wind, said: “We are thrilled to reach this pivotal point with the DBS Offshore Wind Farms. Our partnership with Masdar underscores our shared commitment to driving forward the UK’s renewable energy agenda, supporting jobs, and delivering substantial economic benefits to the region. “The acceptance of our DCO application by the UK Planning Inspectorate is a testament to the hard work and dedication of our teams, and we look forward to progressing through the next phases.” “We are delighted that, together with our partners RWE, we have taken this significant step toward advancing our offshore wind capacity in the UK, one of our key strategic markets,” added Husain Al Meer CMgr, CEng MIEM,MIAM, Director, Global Offshore Wind at Masdar. “At Masdar, we are committed to developing clean and affordable energy that supports countries in their energy transitions, catalyses economic growth and creates new jobs. “The DBS Offshore Wind Farms demonstrate Masdar’s dedication to building the equitable energy system of tomorrow, and we are excited that we are one step closer to making it a reality.” RWE and Masdar are expected to deliver an economic contribution (Gross Value Added) to the UK of almost £1 billion, including £400 million in the Humber region, during the development and construction phase of the DBS projects. RWE has a 51% stake in the DBS projects while Masdar acquired a 49% stake last December to join the offshore wind development. RWE and Masdar aim to secure a Contracts for Difference (CfD) for DBS before financing and constructing the projects. #cleanenergy

Global developer Limes Renewable Energy has over 250 MWp of fully consented solar projects in Italy. Limes Renewable Energy reached the milestone with the approval of a 37 MWp solar project in Sicily and a 6.1 MWp solar project in Piedmont. As a result of the latest approvals, Limes Renewable Energy has 17 fully consent projects in its portfolio and 12 project with positive environmental permits in Italy, located across Sicily, Lazio, Emilia-Romagna, and Piedmont. “Globally, Limes continues to expand its footprint across seven markets: Italy, Sweden, USA, Chile, Colombia, Vietnam and Indonesia,” the company said in a statement today. “With projects across solar PV, onshore wind, and BESS technologies, our total global pipeline is approaching 6GW. “We are energised by our continued growth and remain committed to driving renewable energy solutions worldwide.” #cleanenergy

The European Bank for Reconstruction and Development (EBRD) has issued a new €1 billion seven-year green bond. The green bond was issued under the EBRD’s Environmental Sustainability Programme, where proceeds are earmarked to support a specific portfolio of green projects, including in Energy Efficiency, Renewable Energy, Water Management, Waste Management, Pollution Prevention and Control/Sustainable Transport. The EUR 1 billion 7-year green bond priced at MS+12bps, with a reoffer price of 99.856% and pays an annual coupon of 2.875%, which gives a re-offer yield of 2.898%, equivalent to a spread of +47.5bps above the current DBR 0% 02/15/2031. The green bond order book was oversubscribed with final order totaling €2.7 billion, with the size set to €1 billion with demand from over 70 investors. “The transaction attracted impressive demand from high quality green bond investors,” the EBRD said in a statement. The new issue was joint-lead managed by BNP Paribas, Crédit Agricole CIB, and NatWest Markets Plc. EBRD’s latest green bond marks its return to the market after three years, with the bank ‘encouraged by a positive market backdrop recovering from recent volatility on the back of snap French elections’. #cleanenergy