Energy Storage

We are a world leader in advising on energy storage matters and our energy lawyers are highly ranked. Industry insiders interviewed by Chambers USA commented, “The firm’s ability to work with clients and knowledge of the marketplace makes it an invaluable resource to any deal.” Chambers Global noted that our “key strength would be energy, both in the U.S. and internationally, particularly in emerging markets.”

Bringing an entrepreneurial mindset and a collaborative spirit to each matter, our global team advises on the full life cycle of energy storage transactions and projects, from project development, negotiating supply and construction contracts to acquisition and financing.

We are a true partner to our clients—among them key sector players—including project sponsors and developers, commercial and investment banks and other financial institutions, private equity funds and other investors, manufacturers, technology companies and contractors.

Deep Industry Knowledge

We are well versed on the key issues affecting the energy storage industry. We have worked on battery storage, gas storage and other energy storage and flexibility projects such as pumped hydro solutions. We also have deep experience in carbon capture and storage projects, which have the potential for carbon re-use to produce green fuels.

We recognize that the energy storage landscape is evolving and that future energy storage solutions will include our ability to store green hydrogen, green ammonia and sustainable aviation fuel to meet the needs of hard to abate sectors such as heavy industry, long-haul road transport and the maritime and aviation industries.

We understand that success for a battery storage project is about optimizing a battery’s ability to generate revenue by providing energy and energy flexibility services to the grid or behind the meter. The economics of battery storage projects are such that it is critical for a developer to both optimize its revenue stack and to consider strategies to diversify against the risk that available revenue streams may change or cease to exist, for example, as a result of a change in law, reform to market balancing mechanisms or industry codes, or increased competition from third parties in a given market, such that a project or portfolio of projects could lose value or viability.

A battery’s revenue streams tend to be merchant in nature or secured under short-term ancillary services contracts, which can make leveraging the business more challenging. We have a deep understanding of how to structure a battery project that can be financed. One of the leaders of our practice advised on the first standalone energy storage project to be project financed on a merchant basis.

In addition, we have handled a large volume of matters involving the negotiation of installation and engineering, procurement and construction (EPC) and other underlying contracts for energy storage projects.

Full Spectrum Practice

We understand the role of battery energy storage in the wider energy transition. We are best known for our capabilities in the following core areas across the energy transition sector:

Project finance, development, construction, permitting, operations and maintenance
Mergers & acquisitions (M&A), joint ventures and securities & corporate governance
Liability management, financial restructuring, distressed and special situations
International trade, lobbying & public policy, and export controls & economic sanctions
Energy regulatory
Tax structuring & equity financing
Environmental, social & governance (ESG)

Top-Tier Tax Team

Our top-tier tax lawyers assist clients on tax equity structuring to optimize access to and use of tax credits and grants available under the Inflation Reduction Act (IRA). Our firm is a leader in U.S. tax equity structuring and active in the energy storage industry, with a particular focus on Texas and California. We routinely guide clients with respect to developing and optimizing these types of assets.

Representative Work

Represented CIT, Rabobank and Siemens Financial Services in relation to a first-of-its-kind $93.3 million non-recourse debt financing backing Key Capture Energy’s 230 megawatt (MW) portfolio of merchant battery storage projects in Texas.*
Advising Infracapital on its majority investment in Zenobe, an electric vehicle (EV) fleet solution, renewables and battery flexibility provider (IJGlobal’s ESG Infrastructure Deal of the Year 2021).*
Advised VLC Energy, a joint venture between VPI Immingham (a Vitol portfolio company) and Low Carbon Limited, on its sale of two operational battery storage facilities totaling 50 MW to Gresham House Energy Storage Fund.
Advising lenders on a bridge financing and note purchase agreement in relation to First Hydro Company, which manages and operates the U.K.’s pumped storage plants at Dinorwig and Ffestiniog in Wales, which provide power and energy storage and flexibility services to the grid.*
Counseled a private equity sponsor in the purchase and installation of 500 MW of batteries for multiple utility-scale solar and storage projects located in California, as well as stand-alone battery storage units for 37 utility-scale battery storage projects in the southwest U.S.
Represented an independent power producer in the engineering, procurement, and construction of three stand-alone battery storage projects with a combined capacity in excess of 1 gigawatt (GW).
Advised SLB New Energy in its investment and collaboration agreement to deploy EnerVenue’s nickel-hydrogen battery technology across selected global markets.
Represented CIT and Siemens Financial Services with respect to their $88 million construction and term loan financing of Aypa Power’s Wolf Tank energy storage project, a 173 MW standalone battery storage project located in Webb County, Texas.
Represented Convergent Energy and Power in the negotiation of a settlement agreement establishing a first-of-its kind pilot program for energy storage resources participating in the regulation markets operated by PJM Interconnection LLC.*

*Matters handled by Akin partners prior to joining the firm.