Germany

Ashurst’s Frankfurt office often handles mandates concerning renewable energy transactions and green mobility solutions, providing an important contribution to the firm’s multijurisdictional renewables and decarbonisation team. 

Maximilian Uibeleisen, who leads the firm’s German renewables practice, advised Adidas on its target to become climate neutral at its sites by 2025. Assisting the client’s commitment within the Science Based Targets initiative to transition to clean energy and reduce its greenhouse gas emissions, the firm advised on procuring a renewable energy provision and on a Europe-wide power purchase agreement.

Within the renewable energy sector, the firm also assisted Commerz Real’s KlimaVest Fund in entering a strategic partnership with EPC provider AMPYR Solar Europe for the development of a 200 MW solar PV pipeline in Germany. 

Another recent client was Vinci regarding the tender run by the German government for the construction and operation of electric vehicle charging infrastructure along national motorways and within regional areas. The matter facilitates the uptake of electric vehicles across Germany, helping decarbonise transport and promote sustainable choices.

The firm’s global Sustainability Hub supports clients in developing the expertise necessary for their decarbonisation strategies, with thought leadership including an ESG Matters podcast, focused on net zero and sustainability developments; an ESG financial impact assessment, featuring a contribution from the Frankfurt office; and a global interactive tool which helps investors navigate opportunities within the emerging hydrogen market.

As a member of the Legal Sustainability Alliance, Net Zero Lawyers Alliance, and The Chancery Lane Project, the firm aids the green transition of the legal sector through assisting with the development of green expertise and contractual clauses. Internally, the firm has submitted its Carbon Disclosure Project benchmark and created a global sustainability pledge, in which employees were asked to add their commitments to the firm’s decarbonisation target.

Italy

In Milan, Ashurst has a demonstrable strength in advising banks and corporate clients on financings for environmental protection and renewable energy projects. 

Carloandrea Meacci advised the European Investment Bank on a €49m financing to support Iniziative Bresciane’s project to enhance and restore 13 weirs and install 12 hydroelectric plants on the Arno river. The client’s financing will help create 10 MW of renewable energy capacity, restore the river’s water management infrastructure, and reforest adjacent areas, reducing the environmental impact of existing construction while preserving local biodiversity.

The firm also advised developer Cero Generation on two corporate PPA project financings for the construction of a 118 MW agrivolatic solar PV portfolio, supporting the client’s development of innovative, land-use-efficient renewable energy projects. The long-term PPAs will finance the 70 MW Pontinia project and 48 MW Castrum project and ensure the electricity produced supports corporate clients in their decarbonisation strategies.

Another key client is renewable energy developer and operator Aer Soléir, who sought the firm’s advice on a co-development agreement with renewable energy developer NRG+; the alliance will allow Aer Soléir to realise a potential 500 MW solar project portfolio. Within the mandate, the firm also assisted the client with the acquisition of a 50 MW solar PV development project from Horizonfirm, which will be co-developed with NRG+. 

Alongside its memberships in the Legal Sustainability Alliance and Net Zero Lawyers Alliance, the firm aids the green transition of the legal sector as a founding supporter of The Chancery Lane Project, assisting the initiative’s push to create legal contracts that enable solutions to climate change.

In 2022 the firm also submitted its Carbon Disclosure Project benchmark and created a global sustainability pledge, in which employees were asked to add their commitments to the firm’s decarbonisation target. 

Luxembourg

Ashurst has introduced sustainability taskforce representatives and advocates across its offices in order to make a positive impact on the green transition externally and internally. The Luxembourg office provides key expertise assisting financial institutions with their participation in sustainability focused investment funds.

The firm advised the Japan Bank for International Cooperation regarding its commitment as a partner to the Climate Finance Partnership Fund, which seeks to catalyse development assistance in emerging markets and consequentially mitigate climate change through maximising investments in renewable energy projects, energy storage systems, and transmission infrastructure. To boost the fund’s social and environmental impact, BlackRock aims to raise $4 of institutional capital for each $1 contributed by the client and fellow partners, targeting measurable results aligned with the UN Sustainable Development Goals. 

To help financial services clients understand their growing ESG opportunities and prepare for the EU SFDR, the firm established an ESG Ready toolkit. The team has also created pertinent thought leadership, including an ESG Matters podcast focused on net zero and sustainability developments, and a global interactive tool which helps investors navigate opportunities within the emerging hydrogen market.

The firm is an active member of the Legal Sustainability Alliance and Net Zero Lawyers Alliance, which support the legal sector in developing the expertise and tools necessary to best decarbonise their internal operations and provide sustainability-conscious advice. The firm is also a founding supporter of The Chancery Lane Project, which seeks to create novel, practical, climate-focused clauses for firms to incorporate within their contracts.

Prioritising transparent, collaborative sustainability initiatives, in 2022 the firm submitted its Carbon Disclosure Project benchmark and created a global sustainability pledge, in which employees were asked to add their commitments to the firm’s decarbonisation target.  

Spain

At its Madrid office, Ashurst has a specialised practice handling financial and transactional mandates which support the utilisation and development of renewable energy across Spain.

The firm has demonstrable experience in the renewable energy sector. A key client is Hy24: Andrés Alfonso advised the hydrogen investment fund on its investment in a joint venture company with Enagás toward pursuing the production and commercialisation of biogas, hydrogen, and other renewable gas projects.

In the solar power sector, the firm advised energy developer ACS on the sale of a 100 MW solar PV portfolio to operator Sonnedix, supporting the continued delivery of renewable electricity to the Spanish market.

For real estate developer Culmia, the firm assisted with a €135.3m green financing for the development of 1763 affordable rented housing units within the Madrid Regional Government’s Vive plan. The project pursues the city’s social development goals in a sustainable manner, with the houses all targeting a high energy-efficiency rating and at least a BREEAM Very Good certification.

The firm also assists partnerships which aid the construction industry’s green transition, working with McKinsey’s Global Infrastructure Initiative to support the decarbonisation of the built environment, and drafting an EU green leasing white paper for the World Business Council for Sustainable Development.

Within the firm’s global energy transition thought leadership, the Madrid office provides regular updates on the development of renewable energy regulations and legal opportunities.

As a member of the Legal Sustainability Alliance, Net Zero Lawyers Alliance, and The Chancery Lane Project, the firm aids the green transition of the legal sector by assisting with the development of green expertise and clauses. Internally, the firm has submitted its Carbon Disclosure Project benchmark and created a global sustainability pledge, in which employees added personal commitments to the firm’s decarbonisation target.