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

Southeast Asia-focused Levanta Renewables, backed by Actis, is is set to acquire a six-project portfolio of solar PV projects for its its Commercial and Industrial (C&I) Business. The portfolio is located across three sites in Malaysia, two in Indonesia, and one in Thailand, with a combined capacity of 9.5 MWp, which are underpinned with long-term PPAs signed with leading Global 500 multinational corporations. “This acquisition is strategically important to Levanta as it represents an expansion of our three key markets, solidifying our position as a leading renewable energy provider for C&I and Utility customers,” said Sudhir Nunes, Chief Executive Officer of Levanta Renewables. Levanta will acquire the portfolio from an undisclosed renewable energy projects developer in the region. The deal is expected to close before the end of 2024, subject to the necessary approvals. “These projects will significantly strengthen our C&I Business, enhancing our presence in the region,” commented Michael Belov, Co-Head, Commercial & Industrial Business, Levanta Renewables. “This acquisition increases our capacity and enables us to accelerate providing on-site and off-site regional energy solutions for the commercial and industrial sectors. Rahul Agrawal, Head of Energy for Southeast Asia at Actis, added: “We are excited to see Levanta’s growing assets in Southeast Asia across both utility scale projects and C&I projects. “At Actis, we understand the fundamental role renewable energy plays as corporates look to meet their net zero targets and also in the process procure more affordable and cleaner energy. We are excited to continue to support this green energy transformation through Levanta.” #cleanenergy

Lightsource bp Australia has secured approval from the New South Wales Government to build the 450 MW Goulburn River Solar Farm in the Upper Hunter Region. At a total cost of A$880 million ($592 million), the Goulburn River Solar Farm will feature a battery energy storage system designed to store solar energy for dispatch during non-daylight hours and peak demand times, and will be capable of generating enough clean electricity to power approximately 191,000 homes per annum. The project is strategically positioned between the Central-West Orana Renewable Energy Zone (REZ) and the Hunter-Central Coast REZ, with direct access to the existing electricity transmission network. In response to community feedback, Lightsource bp Australia has made several amendments to the project. These include additional road upgrades, the construction of onsite accommodation for workers, and revisions to the project area to further mitigate potential biodiversity impacts. The Goulburn River Solar Farm is the ninth solar farm and the twenty-fifth renewable energy project approved under the Minns Labor Government. “Under our Government, we have a planning system that is supporting the renewable energy transition, approving projects that will support our communities, energy security, and emissions reductions,” said Minister for Planning and Public Spaces, Paul Scully. “With 350 jobs generated during construction and operation, this project will benefit the local economy, local communities, and provide indirect benefits to local services throughout the life of the project.” Minister for Hunter, Yasmin Catley MP, added: “The A$880 million project injects a major capital investment within the Upper Hunter region, bringing a major boost to local jobs. Today’s announcement further shores up our region as a renewable energy powerhouse, that will power communities for decades to come.” #cleanenergy

RES has submitted a Section 36 planning application to Scottish Minister for a new 59.4 MW wind farm. RES aims to build a nine-turbine wind approximately 2km east of Tayinloan on Killean Estate. “We have worked hard over the last year to develop a project which we believe fits sensitively within the landscape and which minimises or mitigates any potential impacts,” said Daniel McLean, Development Project Manager for RES.   “The design has been shaped by extensive site survey work as well as consultation with the local community – and we are grateful to everyone who took the time to attend our public exhibitions and share their views with us.” RES said the Killean Wind Farm is estimated to deliver £35 million in business rates during its 50-year operational period as well as around £5.9 million of inward investment to the local area during construction. The Killean Wind Farm would also provide a tailored community benefit package for the local area worth approximately £14.8 million over the operational life cycle of the project. RES added that the package could include the company’s unique Local Electricity Discount Scheme (LEDS) which offers an annual discount to the electricity bills of those properties closest to the wind farm. If consented, Killean Wind Farm would generate enough carbon-free electricity for around 51,000 homes once operational, offsetting approximately 47,000 tonnes of carbon emissions based on the grid-mix of fossil fuel, nuclear and renewable generation, while achieve a full carbon payback within two years. #cleanenergy

Copenhagen Infrastructure Partners (CIP), through its fund Copenhagen Infrastructure IV (CI IV), and joint venture partner SSE Thermal (SSE) have completed the construction and commenced operation of the 60MWe Slough Multifuel Energy-from-Waste plant in the UK. The Slough Multifuel project is located in the Slough Trading Estate in the Greater London area and is capable of processing 480,000 tonnes of residual waste per annum. “We are delighted to have reached this significant milestone together with our partners in SSE Thermal,” said Florian Küster, Partner at CIP. “Since 2020 we have worked efficiently side-by-side and we are proud to have delivered a plant that makes a significant contribution to the green transition in the UK and creates value for society, the local community, and our investors.” Finlay McCutcheon, Managing Director of SSE Thermal, added: “Slough Multifuel will fulfil an important role in the UK’s electricity system and help divert thousands of tonnes of waste from landfill. The successful delivery of the project is testament to the partnership between SSE and CIP, which spans multiple projects and continues to create genuine value.” CIP said the plant was completed ahead of schedule and under budget, despite challenging market conditions. In addition, the plant’s capacity was increased from 50 to 60 MW during the construction process. Slough Multifuel has secured several mid- and long-term Fuel Supply Agreements for the project. CIP acquired a 50% stake in Slough Multifuel from SSE Thermal in April 2020. #cleanenergy

Atlas Renewable Energy has entered into an agreement to supply solar power to ArcelorMittal as part of plans to support the steel producer’s operations in Brazil. Under the partnership, Atlas will invest in the construction of a 315 MWp solar photovoltaic plant within the Luiz Carlos Solar Photovoltaic Complex, located in Paracatu, Minas Gerais. The new solar facility will supply renewable energy to power ArcelorMittal’s steel plants in South and Southeastern Brazil. Upon the solar plant’s completion and operational status, ArcelorMittal will acquire Atlas’ entire shareholding in the project, taking full ownership. “This contract solidifies Atlas’ role as a key partner in the manufacturing sector, particularly within the steel industry, by supporting its transition to cleaner energy and advancing sustainability goals,” said Fábio Bortoluzo, Country Manager for Atlas Renewable Energy in Brazil. “Our PPA model showcases our flexibility in meeting customer needs, driving innovation in the market, and delivering tangible benefits. We are excited to collaborate with ArcelorMittal, reaffirming our commitment to expanding renewable energy and enhancing sustainable energy supply to manufacturing plants across the country.” The project will generate 578 GWh of clean electricity per annum, enough to power over 300,000 Brazilian homes and is expected to prevent 20,000 tons of CO2 emissions each year. Jefferson De Paula, President of ArcelorMittal Brasil and CEO of ArcelorMittal Long Carbon and Mining LATAM, added: “The investments in renewable energy align with ArcelorMittal’s efforts to increase energy self-sufficiency and reinforce the strategic importance of Minas Gerais for the company’s business, contributing to job creation and economic development in the state." The full Luiz Carlos Solar Photovoltaic Complex will have an installed capacity of 787 MWp, with 315 MWp specifically allocated to supply ArcelorMittal, while the remaining capacity will be governed by a power purchase agreement (PPA) with another major Brazilian construction company. #cleanenergy

US company Arevon Energy, Inc. has signed a long-term Environmental Attributes Purchase Agreement with Meta Platforms, Inc. for the 60 MW Heirloom Solar Project in Pike County, Indiana. The Heirloom Solar Project, which recently began construction, is expected to be fully operational by Q3 2025. “Arevon is proud to once again partner with Meta and contribute to their sustainability goal of matching its operations with 100% renewable energy and reaching net zero emissions across its value chain,” said Kevin Smith, Chief Executive Officer at Arevon. “Pike County has been a welcoming host to the Heirloom Solar Project, and we are excited to be a part of the community for years to come.” Urvi Parekh, Head of Renewable Energy at Meta, stated: “We are pleased to work with Arevon again as we continue the important work of advancing the transition to clean energy. We look forward to the Heirloom Solar Project coming online and continuing our partnership.” The new agreement follows a previous collaboration between Arevon and Meta in March 2024 involving two long-term Environmental Attributes Purchase Agreements for the Kelso Solar Project in Scott County, Missouri. The 349 MWac Kelso solar project will support Meta’s regional operations with 100% renewable energy. #cleanenergy

US company Swift Current Energy has closed a tax equity investment from Google for the 800 MWdc (593 MWac) Double Black Diamond Solar project in southern Illinois. The Double Black Diamond Solar project is currently under construction about 30 miles west of Springfield, Illinois, is expected to begin commercial operations by early 2025. “Projects of Double Black Diamond Solar’s magnitude require innovative partnerships,” said Eric D. Lammers, CEO and Co-Founder of Swift Current. “We are delighted to join forces with Google on a ground-breaking structure that will support Double Black Diamond Solar and serve as a guide for other major projects to come.” Amanda Peterson Corio, Global Head of Data Center Energy at Google, noted: “As we work to responsibly grow our infrastructure, we need to partner with companies like Swift Current who understand the nuances of the energy markets where we operate and can help unlock new clean energy at a rate that matches the pace and scale of demand growth on electric grids today.” Swift Current previously secured construction financing for the Double Black Diamond Solar project from MUFG, Societe Generale, Truist, and ING. Swift Current, which developed the project, will also serve as the long-term owner and operator. McCarthy Building Companies, Inc. was selected as the engineering, procurement, and construction (EPC) partner for the project, which will utilise First Solar modules, predominantly manufactured in the U.S., along with solar trackers from U.S.-based Nextracker Inc.. Once operational, will be capable of generating enough electricity to power 100,000 homes per annum. Constellation NewEnergy, Inc. will purchase a portion of the energy and renewable energy credits (RECs) generated by the project to supply seven customers, including the City of Chicago, which will use the renewable energy to power facilities such as Chicago O’Hare International Airport and Midway International Airport. Vinson & Elkins LLP and Husch Blackwell LLP provided legal representation for Swift Current in the transaction, while Milbank LLP and Bryan Cave Leighton Paisner LLP represented Google. #cleanenergy

French company Qair Group has acquired a majority stake in Green Switch Capital (GSC), a UK-based renewable energy developer of solar PV, battery energy storage, and onshore wind technologies. The strategic acquisition aims to expand Qair’s presence in the UK and position the company as a major player in the country’s renewable energy sector. Green Switch Capital boasts a robust project pipeline exceeding 15 GW, with half of these projects already having secured grid offers, land leases, and grid connections. The first of these projects are expected to be commissioned by 2026. “We are pleased to welcome such a skilled team to Qair,” said Louis Blanchard, CEO of Qair. “This acquisition perfectly aligns with our strategic goal of expanding our presence in the UK market and further strengthens our commitment to delivering competitive renewable energy solutions. Qair is now well positioned to become a major player in key European markets.” Qair’s existing portfolio in the UK includes offshore wind, energy-from-waste, and onshore renewable projects. Since entering the UK market in 2022, Qair has secured 2 GW of offshore wind capacity in Scotland’s ScotWind leasing round, alongside two Energy-from-Waste projects and a substantial onshore wind and PV pipeline. Markus Wierenga, CEO of Green Switch Capital, noted: “We are delighted to have joined the Qair group. The expertise and experience that Qair will bring to the GSC team will accelerate the development in turning the business into a significant IPP player in the UK energy market.” #cleanergy

AlphaReal has completed the construction of a 13.5 MW onshore wind project near Rigmuir, Scotland. The Scottish wind project involved the repurposing of a former landfill site for domestic waste into a clean energy production facility. AlphaReal acquired the fully consented greenfield project from CleanEarth, which also managed the construction and energisation of the three-turbine site. Raza Ali, FCA, MA(Oxon), Investment Director, Renewable Infrastructure at AlphaReal, commented: “This has been a fascinating acquisition, and we are pleased that it is now operational and generating clean energy. Repurposing industrial land for clean energy production helps support land restoration while also supporting the UK’s goal of becoming net zero by 2050.” In addition to the commissioning of the wind farm, AlphaReal secured a physical sleeved Corporate PPA for the site, set to commence on 1 September 2024. The agreement is with an undisclosed European packaging company. “This site is a strong addition to our £1 billion-plus portfolio of renewable energy assets,” added Maria Vaggione, ESG Associate Director at AlphaReal. #cleanenergy