European Renewable Energy
The worldwide demand for cleaner and more efficient energy sources is the driving force behind the growth of the global renewable energy market. European countries have committed to significantly reduce their emissions of greenhouse gases under the Kyoto Protocol and to achieve ambitious targets of electricity production from renewable energy sources under the EU Directive 2001/77/EC.
The exploitation of wind and solar power has seen a particularly rapid growth in Europe. Thanks to the new technologies, the costs of production of wind energy have now reached a level of competitiveness comparable to the traditional sources of energy. Costs of energy production through photovoltaic technology are still considerably higher, but generous feed-in tariffs offered by national governments have allowed for dramatic technological developments and the goal of grid parity seems in reach, in particular in southern European countries
with abundant sun and high costs for electricity.
A specific focus of the European energy practice at McDermott is the renewable energy sector, and in particular the wind power and photovoltaic sector.
Our European Renewable Energy Team is part of the Firm’s global GREEN (Global Renewable Energy, Emissions and New Products) practice group, which advises clients around the globe on energy and emissions trading markets, shifting regulatory and tax regimes and environmental policies, along with the implementation of alternative energy projects and comprehensive climate change strategies.
Our European Renewable Energy Team consists of corporate, finance, energy, regulatory, real estate, IP and tax lawyers working closely together on a wide range of transactions. Our lawyers have a solid background in all aspects of power and emissions regulation, transmission services, contracting and energy and emissions trading and industry-specific know-how in the wind energy and photovoltaic sectors.
Strategically located in our offices in Germany, Italy, London and Brussels, our European Renewable Energy Team is best positioned to serve developers, manufacturers, utilities, private equity investors, commercial lenders, investment banks and insurance companies on their transactions throughout Europe. We regularly advise on greenfield developments, investments, mergers and acquisitions and financing transactions in the wind power and photovoltaic markets. Our corporate excellence and in-depth knowledge of renewable energy regulation, combined with our finance, tax, intellectual property and real estate expertise allow us to anticipate and pre-empt the inevitable difficulties that arise in negotiating and closing complex infrastructure projects. We pride ourselves on being able to negotiate creative and timely solutions based upon our comprehensive knowledge in these evolving areas.
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