Powering a sustainable future with major clean energy projects

The world is in a crucial decade for transitioning the entire global economy in line with clean energy goals to limit global warming to 1.5°C above preindustrial levels, as called for in the Paris Agreement. An estimated US$200 trillion to US$275 trillion in capital investment will be needed by 2050 to achieve a net-zero economy and mitigate climate change impacts.

Companies worldwide are launching major clean energy projects, from offshore wind to green hydrogen. But turning these ambitious plans into reality goes beyond having a vision; it requires trusted legal partners to secure financing, navigate regulatory landscapes, negotiate contracts, and manage transaction details to bring innovative ideas to market.

Consider the Baltic Power offshore wind farm, which will be Poland’s first offshore wind farm and is anticipated to be operational in late 2026. Owned by joint venture partners ORLEN and Northland Power, the project is expected to provide clean energy to over 1.5 million households.

Securing financing for this project involved an international team of our lawyers who navigated through the complex seas of development and financing. Amidst a challenging market and a new regulatory regime, we charted a course to secure €4.4 billion in 20-year term non-recourse project financing. Signed on 19 September 2023, the debt financing is being provided by 25 international and local commercial banks and multiple export credit agencies and multilateral financing institutions.

Meantime, halfway around the world in Taiwan, the Hai Long offshore wind farm required similar infrastructure, project, and financing legal knowledge. Since 2018, our global team has been advising Northland Power Inc. and Yushan Energy Company Ltd. on development of the 1,022 MW wind farm, including drafting and negotiating essential supply; engineering, procurement, and construction; and installation contracts.

September 2023 marked Hai Long's financial close on its monumental €3.4 billion financing, supported by an international coalition of over 15 lenders and export credit agencies from six nations. On track to become one of Asia's biggest offshore wind facilities between 2026 and 2027, Hai Long is set to light up over 1 million Taiwanese homes with clean, sustainable energy.

Green hydrogen, produced through the electrolysis of water using renewable energy resources, is a promising alternative to fossil fuels. Our international team has been advising German-Swedish project developer SVEVIND Energy GmbH on one of the world’s five largest green hydrogen projects, to be built in Kazakhstan. We bring to our partner vital advice on all legal issues related to development, project planning, financing, and implementation.

This groundbreaking, multifaceted project realized an important green light in October 2022 with the signing of an investment agreement between the developer and the Kazakh government. Wind energy and photovoltaic plants with a nominal capacity of about 40 gigawatts will be installed in the southwest Kazakh steppe. These plants will generate renewable energy to supply an industrial park of electrolyzers on the coast of the Caspian Sea, which will have a total capacity of 20 gigawatts and produce up to 2 million tons of green hydrogen annually. This amount corresponds to about one-fifth of the expected EU import demand for green hydrogen in 2030.

Large-scale renewable energy projects can bring with them a host of challenges, from significant capital requirements to economic and regulatory headwinds to ongoing negotiations over long project lifespans. Yet, it's our pride to stand by our clients, fueling the journey towards a clean energy future.