Q1 2022 renewable legal adviser rankings
Vikas MakwanaEU
RenewablesMarket Updateinspiratia analyses the legal adviser movement in the renewable sphere for Q1 2022, with top players keeping busy with hydro and solar deals.
The top legal adviser by an accumulated deal volume of US$7.1 billion (£5.6bn €6.6bn), is DLA Piper.
The most notable deal responsible for DLA Piper's top position by deal volume is the greenfield financing of ACWA Power's Red Sea Mega utilities portfolio project based in Saudi Arabia. The project has a total transaction volume of US$2 billion (£1.4bn €1.7bn) which will be used to deliver renewable energy, potable water, wastewater treatment, solid waste management, and district cooling for 16 hotels, an international airport, and infrastructure all under a single agreement.
DLA Piper advised the group of lenders that includes Standard Chartered, SABB, Al-Rajhi Bank, Banque Saudi Fransi, and Al Bilad Bank.
Top 10 financial adviser by transaction volume, Q1 2022
Source: inspiratia | datalive
Another notable deal that DLA Piper was involved in is the acquisition of a portfolio of six operational solar PV plants in Italy. The plants acquired by Bluefield Partners have an operational capacity of 6MW. The deal closed with a transaction value of US$1.6 billion (£1.2bn €1.4bn) in January [2022].
CMS sits in second place having advised on a cumulative transaction volume of US$2.8 billion (£2.2bn €2.6bn). The largest deal is the primary financing of the 910MW Jaworzno Power Plant located in Poland. The law firm advised the Polish Development Fund. The deal reached financial closed in January [2022] with a disclosed transaction volume of PLN 6 billion (US$1.5bn £1.1bn €1.3bn).
Linklaters follows in third place, advising on a total transaction volume of US$2.3 billion (US$1.8bn €2.1bn). The firm advised an independent producer of electricity, Eurowatt Energies, on the acquisition of the Hidroeléctrica Hydro Plant in Portugal. Eurowatt Energies will take a minority stake to operate the hydro plant with a capacity of 5.7MW. The project reached financial close in January [2022] with a disclosed transaction volume of US$1.7 billion (£1.2bn €1.4bn).
Deal Count
By deal count DLA Piper maintains its top position with a total of 26 deals.
Another notable DLA Piper deal concerns the acquisition of the entire share capital of ERG Hydro assets. The portfolio has a total capacity of 527MW and an average annual production around 1.5TWh, with projects located in Umbria, Lazio, and Marche regions of Italy.
DLA Piper advised ERG Power Generation in the sale to Enel Produzione, a subsidiary of Enel S.p.A. The deal reached final close in January [2022] with a disclosed transaction volume of US$1.1 billion (£867m €1bn).
Top 10 legal advisor by deal count, Q1 2022
Source: inspiratia | datalive
Positioned in second place is Watson Farley Williams, with 19 deals. The adviser's most notable deal involved the acquisition of Reden-Vinefield's acquisition of a 400MW Solar PV plant located in Castilla La Mancha, Spain. The deal reached financial close in January [2022] with a transaction volume of US$343 million (£250m €300m).
Orrick secures third place with a total of thirteen deals. The firm was involved in financing the largest solar park in Italy, Troia Solar. The portfolio includes five photovoltaic plants with a total capacity of 120MW. The deal reached financial close in January [2022] with a disclosed transaction volume of US$189 million (£138m €166m).
