In this report, Linklaters’ experience over the past 12 months reflects what its teams are seeing in terms of major themes in the sector, including:
- The continued rise of offshore wind in North Asia, including as Japan, Korea, Vietnam and other new markets look to build on the success of the Taiwan story. We have acted on all closed project financings for offshore wind in these markets and continue to be busy working on a range of ongoing projects in these markets;
- New investors entering the Asia Pacific, including strategic developers seeking new opportunities away from their existing markets and an upsurge in interests from financial sponsor clients, including specialist energy and infrastructure funds;
- The development of innovative financing approaches to support renewables projects, including portfolio structures, holdco financings, green bonds and other solutions which are tailored to the specific requirements of the sector;
- Continued focus on new and emerging technologies such as green hydrogen (including in Japan as an export target for leaders in this space such as Australia) and utility-scale batteries (linked to renewables projects which being explored in Korea among others) in each case which are likely to accelerate the renewables story and attract further international investment; and
- A well-documented global focus on environmental, social and governance (ESG) issues which has led to a heightened focus on renewables and a likely acceleration of the energy transition in the post-pandemic world.