Power Projects

We advise on high value projects, financings, disputes and transactions in the sector internationally, as well as servicing the daily needs of the sector.

Having advised the electricity sector for almost three decades, we have the unique distinction of having invented the industry agreements, codes and rules that are used around the world. We were the first to have a central role in advising on IPPs in Europe (in Portugal), to privatise the electricity industry (in England and Wales), to write grid codes and to advise on innovative wholesale market arrangements across over 40 jurisdictions worldwide. 

On power projects, we advise on risk structuring, starting with a detailed risk matrix (our own proven matrix design) to drafting and negotiating PPAs, EPC contracts, fuel supply agreements, connection agreements, O&M contracts, and all of the financing agreements and security documentation that would be required to finance the project on a limited recourse financing basis.

We wrote the rules and shaped the power markets in numerous jurisdictions. From the Grid Code, Wholesale Market Codes and Connection and Use of System Codes to the new offshore transmission regime, we are at the forefront of advising on the rules governing the electricity industry.

Our recent experience related to power projects includes advising:

• Equinor on the USD 1.1 billion sale of 50% of its interests in the Empire Wind and Beacon Wind assets on the US east coast.
• RWE, one of the world's leading renewable energy companies, on the sale of a 49% stake in the Humber Gateway offshore wind farm to Greencoat, a UK-based investment company focusing on renewables projects, for a total cash consideration of £648 million.
• Zenobe, the leading UK battery developer, on the full project financing of its 100MW Merseyside battery storage project.
• A consortium led by bp, and including Eni, Equinor, Shell and Total, on the Net Zero Teesside Project, UK’s most advanced carbon capture, usage and storage (“CCUS”) project. 
• Cadent Gas, the UK’s largest gas distributor and owner of four of the UK’s eight gas distribution networks, on the RIIO-GD2 price control, one of the highest profile energy regulatory instructions in the UK today.
• Crédit Agricole and a consortium of lenders made up of Santander, NordLB, UniCredit, Rabobank and SMBC on the EUR 310m construction financing of an onshore wind farm portfolio in Sweden and Norway with a total installed capacity of 170 MW.
• Two bidders on the acquisition of Ecotricity’s UK electric vehicle charging business, The Electric Highway Company.
• NeuConnect on the development of its 1400MW electricity interconnector running between England and Germany. The first project-financed electricity interconnector.
• Northern Ireland Water (NIW) as part of a competitive ‘invitation to innovate’ procedure to develop a green hydrogen project at the Belfast wastewater treatment site. In addition to using the oxygen produced for enhancing the wastewater treatment process, the green hydrogen produced will be used to fuel NIW’s vehicle fleet.

To find out more about other related services you can visit the Energy & Climate Change expertise section.