France

Linklaters LLP in France counts with a team specialised in sustainable finance work.

Bruno Derieux and Julien Bourmaud-Danto are leading the advice to ARDIAN and FiveT Hydrogen on the launch of Hy24, one of the world’s largest clean hydrogen infrastructure investment platforms, targeting €1.7bn for its first fund designed to invest in projects that are critical to global decarbonisation.

The team also recently advised ARISE Infrastructure Services on its 35% investment in Aera Group, one of the largest independent originators and traders of voluntary carbon credits in Africa.

NW Storm, a French leader in battery-based electricity storage and charging stations for electric vehicles, sought the firm’s advice on its €300m fundraising from RGreen Invest, a management company dedicated to investments in green infrastructure and technologies.

Globally, the firm has an ISO14001:2015 certified global environmental management system programme in place, as well as ambitious carbon reduction targets which are grounded in climate science and approved by the Science Based Targets initiative. It now sources over 70% of all its electricity from certified renewables sources, and offsets over 22,000 tonnes of CO2 equivalent emissions associated with its business activities and travel through the Gola Rainforest Conservation Project in Sierra Leone.

Italy

At Linklaters LLP’s Milan office, key contact Tessa Lee, who set up the Italian ESG practice, recently advised the European Bank for Reconstruction and Development on one of the first project bond refinancings for a PV portfolio in Egypt which is certified under the Climate Bonds Standard. A recent highlight for the capital markets team was its advice to a group of banks, both the lead and deal managers, on two sustainability-linked notes, valued at a total of €1.5bn.

Internally, the firm created an ESG committee in Italy to integrate ESG aspects into its corporate strategy. Furthermore, its working group ‘SustainabItaly’ and its newsletter GEMS aim to raise awareness around climate change and sustainability issues among staff. Some team members have also participated in EticaNews Business Lab and an ESG Accelerator Course set up in collaboration with Oxford University, which covers both legal and business implications behind sustainability.

Globally, the firm has implemented an ISO14001:2015 certified global environment programme, and has ambitious carbon reduction targets grounded in climate science and approved by the Science Based Targets initiative. It now sources over 70% of all its electricity from certified renewables sources.

Luxembourg

Linklaters LLP’s Luxembourg office has deep expertise in sustainable finance, with a focus on micro-finance and impact funds.

Recently, in a matter led by Silke Bernard, Piotr Teklak and others, the team advised KKR on the establishment and first closing of its global impact fund, the proceeds of which will go to promoting climate actions and sustainable living, among other aims. The fund has been classified under article 9 on the Sustainable Finance Disclose Regulation as having sustainable investments as its objective.

In 2021, the firm obtained the SDK – SuperDrecksKëscht fir Betriber label, awarded to organisations that actively contribute to the protection of the environment through ecological waste management. It  was also one of the first firms in Luxembourg to have been awarded the Enterprise Socialement Responsible label for its contribution to sustainable development and corporate responsibility.

Another way in which the firm demonstrates its commitment to sustainability is through its pro bono work, such as acting for B-Lab, the founder and administrator of B-Corp certifications. The firm’s support of B-Lab has included assisting them with producing draft legislation introducing corporate sustainability standards in Luxembourg.

The Luxembourg team is also active in sharing legal and practical knowledge through newsletters and webinars on a range of ESG topics, including greenwashing and sustainable finance.

Portugal

Linklaters LLP in Portugal has demonstrable experience in the renewable energy sector. In an ongoing highlight, the team is assisting Marguerite Adviser with the operation of two biomass power plants in Portugal with a total capacity of 30 MW. It also recently advised MEAG on the financing of the construction and operation of a 444 MW solar photo-voltaic portfolio in Portugal, being developed by Akuo.

Additionally, Diogo Plantier Santos and Joana Almeida led the team in advising Power Dot in one of the major deals in the electric mobility sector in Portugal, worth around €150m, the proceeds of which will be used to deploy a charging network for electric cars in Spain, Portugal, France, Belgium, Luxembourg and Poland.

Noteworthy pro bono mandates include the firm’s work for B-Lab, the founder and administrator of B-Corp certifications.

Beyond its work portfolio, the firm aims to raise clients’ awareness around sustainability through several initiatives, such as its global ESG Legal Outlook publication which explores global ESG themes  and was launched in 2021.

Internally, the firm has set carbon reduction targets that are approved by the Science Based Targets initiative, and sources over 70% of its electricity from certified renewables sources. It also has an ISO14001:2015 certified global environmental management programme in place.

United Arab Emirates

Linklaters LLP’s team in the UAE has experience supporting clients on their journeys to net-zero and assisting them in meeting their sustainability goals.

In a highlight led by energy and infrastructure expert Matt Keats, the firm is advising NEOM, a company engaged in smart city building in Saudi Arabia, on a major matter regarding a desalination plant which will be entirely powered by renewable energy and produce 500,000 m3 of desalinated water each day. Noteably, the plant will consist of a utility-scale, zero-liquid discharge system, minimising its environmental impact by using brine streams produced by the plant to create a downstream green chemicals and minerals business.

Keats is also leading the team in advising ACME and Scatec on the financing of a pioneering greenfield green hydrogen and ammonia project, which during the first phase is expected to produce 100,000 tonnes of green ammonia annually, with around 300 MW of electrolyser capacity. Upon full development it is expected to produce up to 1.2m tonnes of green ammonia annually.

The team has also contributed to the firm’s Middle East ESG Outlook 2022 report which explores the key global ESG themes for the year and takes a deep dive into the evolving ESG landscape in the region.

Firmwide internal initiatives include pro bono activities, such as providing advice to social enterprise Goumbook, a major reference on green practices and sustainability across the UAE. Through its partnership with Goumbook, the UAE team recently participated in a tree planting exercise at a local farm, where they learnt about the agriculture sector in the UAE and how local farms can be self-sustainable.