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

Plenitude, part of Eni, has energised the new 39 MW Borgia onshore wind farm in the province of Catanzaro, Calabria, Italy. This new wind farm adds to Plenitude’s growing portfolio of renewable energy plants in Italy, where the company now boasts approximately 1 GW of installed capacity. The Borgia wind farm features nine wind turbines that are expected to produce 84 GWh of electricity annually, which is equivalent to the annual consumption of over 30,000 households. “The completion of the Borgia wind farm represents a further step in our growth path in the renewables sector and reaffirms our commitment to providing green energy to our customers in Italy,” said Paolo Bellucci, Head of Renewable Business Plenitude Italy. “We believe that wind energy can make a significant contribution both to the energy transition and to achieve Plenitude’s carbon neutrality goals by 2040, to provide fully decarbonised energy to our customers.” Plenitude aims to exceed 8 GW of installed renewable capacity by 2027 and over 15 GW by 2030. #cleanenergy

Ameresco Sunel Energy SA, a joint venture between Ameresco, Inc. and SUNEL Group, has started construction work on the 560 MWp Enipeas solar project in Greece, which is owned by Lightsource bp. “The 560MWp Enipeas project contributes substantially to creating a more sustainable future for Greece,” said Natalia Paraskevopoulou, Lightsource bp Head of Country for Greece. “It will provide affordable, secure, and cleaner energy while supporting the country’s decarbonisation goals and energy independence. We are excited to partner with Ameresco Sunel Energy SA on Enipeas, one of the largest clean energy projects of its kind in Europe. Additionally, the project will boost the local economy by generating demand for housing, groceries, and other local services.” The Enipeas project, co-funded by the European Union through the “NextGenerationEU” fund, is situated in the regions of Larissa and Fthiotida and is expected to reach completion within 18 to 24 months. The project comprises two clusters: Skopia, a 400MWp southern cluster, and Kalithea, a 160MWp northern cluster. Nearly 970,000 photovoltaic modules will be installed across these clusters. Once operational, the Enipeas solar project is anticipated to generate 0.90TWh of electricity annually, powering approximately 225,000 households and reducing CO2 emissions by 379,000 tonnes per year. George Sakellaris, CEO at Ameresco, stated: “Our efforts align with Lightsource bp’s commitment to delivering clean, secure energy while utilising local talent as much as possible. We’re excited to work with the Lightsource bp team in supporting Greece’s decarbonisation and energy independence goals as well as the local economy.” “We are thrilled to be part of the Enipeas Solar PV Project,” added Konstantinos Zygouras, CEO of Sunel Group. “This collaboration with Ameresco and Lightsource bp highlights our commitment to accelerating the transition to renewable energy in Greece. Our team is dedicated to delivering high-quality EPC services that will make a lasting impact on the local community and environment.” #cleanenergy

AMPYR Energy USA has acquired two large-scale solar projects in North Carolina and South Carolina with a combined capacity of 210 MWp. AMPYR Energy USA’s latest acquisition bolsters its renewables pipeline in the country, which currently totals 4 GW. The two new projects are in the advanced stages of development. AMPYR Energy USA said it expects to secure long-term offtake agreements from utility and/or commercial or industrial customers in 2024, while the company’s in-house development and technical team will take the projects forward to completion. “This acquisition marks an important step on our path to expand our solar and battery storage business in the United States,” said Steve Semlitz, AMPYR Energy USA’s Chairman. “Since launching our efforts just two years ago, we have seen strong growth and are excited to continue to help lead the energy transition and accelerate a net-zero future through our balanced, renewable energy portfolio and future acquisitions.” “Through this acquisition, we continue to build on our greenfield development efforts in the Southeast to create a scalable, regional portfolio of renewable energy assets,” noted Sumeet Bidani, AMPYR Energy USA’s Chief Development Officer. “Our project pipeline growth efforts across the U.S. are focused on creating a balanced project portfolio across ISO and non-ISO markets, that leverages the strong demand for renewable power.” #cleanenergy

FARIA Renewables S.A. has launched construction work on the 35 MW Mykonos solar project in central Greece. FARIA Renewables aims to bring the Greek solar project online by Q4 2025. At a total cost of €27 million, the Mykonos solar project will be developed on 100% privately owned land and is expected to generate 52.5 GWh of clean energy per annum. “The integration of this project, previously owned by the Vasileiadis Group of Companies (V Group), is fully aligned with Faria Renewables’ strategy to include additional ready-to-build projects in its portfolio, while it is another important step towards Greece’s energy transition,” FARIA Renewables said in a statement. “FARIA Renewables currently has a 3,500 MW portfolio under development across Greece, which includes renewable energy projects at various stages of maturity.” The Mykonos solar project forms part of FARIA Renewables’ mature pipeline of projects, which comprises more than 126 MW in the construction and electrification phase. #cleanenergy

Masdar (Abu Dhabi Future Energy Company) has entered an agreement with Endesa S.A. to acquire a 49.99% stake in 2.5 GW of renewable energy assets in Spain, with the deal valued at €1.7 billion. The portfolio includes 48 operational solar plants with a combined capacity of 2 GW. Masdar and Endesa plan to enhance these projects with an additional 500 MW of battery energy storage systems. In addition to the acquisition, Masdar and Endesa have signed a Memorandum of Understanding (MoU) to explore further renewable energy projects in Spain. "By forging a strategic partnership in Spain with Endesa for 2.5GW of solar and battery storage assets, we are taking a significant step forward in our ambitious growth plans in one of Europe's largest renewables markets," said Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar. "This deal with Endesa will play a significant role in supporting Spain and the wider EU in meeting their net-zero ambitions. We are delighted to also sign an MoU with Endesa to become their preferred partner for future solar projects." Flavio Cattaneo, CEO of Enel Group, commented: "We are pleased that Enel, through its subsidiary Endesa, has started this partnership with a major player such as Masdar and, looking ahead, we hope that we will be able to carry out similar transactions in other geographies." Masdar's advisers for this transaction include BNPP as the transaction adviser, Linklaters as legal adviser, UL as technical adviser, PwC as tax adviser, and Pexapark as PPA adviser. The acquisition financing was supported by BNPP, Santander, Intesa Sanpaolo, Abu Dhabi Commercial Bank, First Abu Dhabi Bank (FAB), and Sumitomo Mitsui Banking Corporation – SMBC Group, with the lenders advised by Ashurst. #cleanenergy

London-listed VH GLOBAL SUSTAINABLE ENERGY OPPORTUNITIES PLC (GSEO), managed by Victory Hill Capital Partners LLP, has acquired a portfolio comprising seven solar and two wind projects across Europe. GSEO’s latest deal will be executed in two phases, adding 248.4 MW of installed renewables capacity to its portfolio. In the first phase, GSEO will acquire 59.8 MW of projects for a total consideration of €53 million, comprising: a 3.7 MW operational solar PV plant in Spain, 6 MW operational onshore wind asset in Sweden, 20 MW solar PV plant under construction in Portugal, 10.3 MW solar PV plant under construction in Spain, and a 19.8 MW RTB onshore wind asset in Spain. In the second phase, GSEO will acquire four RTB solar PV assets in Spain with a generation capacity of 188.6 MW for €45 million, funded by a European strategic fund and project finance debt. Upon completion of the second phase, GSEO will hold a 43.5% effective ownership of the portfolio, with the remaining stakes split between the equity co-investor and joint venture partners, Spanish Power S.L. The combined portfolio will benefit from competitive project finance debt with approximately 50% loan-to-value (LTV). GSEO’s new two-part portfolio will generate approximately 489,900 MWh of clean electricity per annum. Richard Lum, co-CIO of Victory Hill Capital Partners, commented: “We are pleased to announce this new investment, which will bring the total number of assets in the GSEO portfolio to 36, spread across seven countries and six technologies. “This transaction commits capital previously earmarked for the second project in our UK flexible power and carbon capture and reuse (CCR) programme, to a programme which will generate yields for shareholders in a more time-efficient manner, without compromising on returns.” GSEO anticipates mid-teen returns on the levered portfolio once fully constructed. #cleanenergy

UK company Rovco has been awarded the site characterisation operations for the Green Volt floating offshore wind farm in Scotland by joint venture partners Flotation Energy and Vårgrønn. The Green Volt floating wind farm will be located 80 km east of Peterhead, comprising up to 35 floating turbines with a capacity of approximately 560 MW. Rovco will conduct geophysical surveys in the OWF array area, offshore and nearshore export cable corridors, as well as shallow Piezocone Penetration Test (PCPT) and vibrocoring. The geophysical operations will be carried out using Rovco’s DP2 survey vessel, Glomar Supporter, commencing from Aberdeen in July 2024. Rovco’s surveys are crucial for informing the anchor design for the floating turbines. The Green Volt floating wind farm is slated to be fully operational in 2029. Once online, Green Volt is expected to generate up to 1.5 TWh of clean energy to the UK per annum while displacing about 1 million tons of CO2 emissions. Craig Davis, Director of Site Characterisation at Rovco, stated: “We’re delighted to be working with Flotation Energy and Vårgrønn, having been selected for Green Volt’s site characterisation operations. “Not only does this demonstrate the usefulness of our cutting-edge technology, but it also underscores the versatility of Rovco’s offshore wind capabilities, with the Green Volt project being our first focusing on shallow geotechnical data. We are proud to be involved in the delivery of this pioneering Scottish floating wind project and play a role in expanding the UK’s growing offshore wind industry.” #cleanenergy

Enfinity Global Inc. is set to provide clean power to Italian energy company A2A Group after the two companies signed 10-year PPAs for 134 MW of solar energy in Italy. The clean electricity will be produced from six of Enfinity’s solar power plants located in the Lazio and Emilia Romagna regions. The solar projects are capable of generating enough power for 86,000 Italian homes per annum and will avoid over 104,000 tons of CO2 emissions. “Thanks to this new partnership with Enfinity Global, we continue to contribute to the sustainable development of the territories by expanding the green energy supply available to our customers,” said Lorenzo S., Head of Generation and Trading at A2A. “This is further evidence of the Group’s concrete commitment to promoting the country’s decarbonisation process in line with our strategy.” Carlos Domenech, CEO of Enfinity Global, added: “We are honored to expand our relationship with A2A. This agreement is a meaningful milestone for the market and marks a path to provide stable, clean, and affordable energy to Italy while contributing to its 2030 energy transition plan, and serving its emerging needs.” #cleanenergy

Recurrent Energy, part of Canadian Solar Inc., has closed a €50 million loan from the European Investment Bank (EIB) to support the development and construction of a solar energy portfolio in Italy. The EIB loan has a 5-year term facility and further strengthens Recurrent Energy’s green position in Italy. “We are excited to extend our banking relationship with such an entity as the EIB,” said Ismael Guerrero Arias, CEO of Recurrent Energy. “This transaction is a pivotal step toward our goal of becoming one of the largest Independent Power Producers (IPPs) globally. It aligns with our commitment to fostering a more sustainable economy in Europe and beyond. We look forward to building a long-term relationship with the EIB to support our mutual objectives.” #cleanenergy