Hogan Lovells major energy transition transactions recognised at inspiratia’s Europe Energy Transition Awards 2024

The Europe Energy Transition Awards showcases the leaders propelling the energy transition forward along with the most noteworthy transactions. The winning deals include:

Outstanding M&A Deal – KKR acquisition of Zenobē stake

We advised European investment fund, Infracapital Partners Greenfield Fund II (“IGP II”) in connection with the introduction of Kohlberg Kravis Roberts & Co. (“KKR”) as an investor into Zenobē Energy Limited (“Zenobē”). IGP II owned a controlling interest in Zenobē and agreed to form a strategic partnership with KKR to support the growth of the company.  Zenobē is an EV fleet and grid-scale battery storage specialist, headquartered in the UK and operating across Europe and Australasia. The company is the largest owner and operator of EV buses in the UK, Australia and New Zealand and has a c.25% market share of the UK EV bus sector and c.1000 electric vehicles supported globally. The investment will fuel the expansion of Zenobē’s fleet electrification and grid-scale battery storage business, accelerating the decarbonisation of fleet transportation and maximising the uptake of renewables. 

The Hogan Lovells team advising on the matter was led by Phil Brown (partner, Infrastructure, Energy, Resources, and Projects (IERP), London). To learn more about this project, click here.

Outstanding Bioenergy Deal – WAGABOX®

We advised Bpifrance on a long-term, non-recourse loan to Waga Energy's Spanish subsidiary to finance its first WAGABOX® unit, which has been in operation since 2023 at the PreZero waste storage site in Els Hostalets de Pierola (Catalonia). Thanks to WAGABOX® technology, developed and patented by Waga Energy, this innovative equipment produces biomethane, a renewable substitute for fossil natural gas, by purifying the gas emitted spontaneously by the degradation of organic matter contained in waste. The renewable gas produced is injected directly into the local gas network. The WAGABOX® unit will supply 70 GWh of biomethane per year, equivalent to the annual consumption of 14,000 Spanish households or 200 heavy vehicles. Its commissioning will avoid the emission of around 17,000 tonnes of eqCO2 by replacing fossil natural gas.

The Hogan Lovells team advising on the matter was led by Olivier Fille-Lambie (partner, IERP, Paris). To learn more about this project, click here.

Outstanding Offshore Deal – Baltic Power

We advised ORLEN and Northland Power Ltd. on the €4.4bn financing and development of the Baltic Power offshore wind project in Poland. The Baltic Power project is located in the Baltic Sea approximately 22 kilometres off the Polish coast and will be the first offshore wind farm to be built in Poland. Once operational, which is estimated in the latter half of 2026, Baltic Power will be amongst the largest offshore wind projects globally. It is expected to provide clean energy to over 1.5 million Polish households and will play an important role in helping Poland achieve its target of up to 11 GW of offshore wind to be constructed by 2040.

The Hogan Lovells team advising on the matter was led by Dr. Carla Luh (partner, IERP, Hamburg) on the finance aspects and Dr. Christian Knütel (partner, IERP, Hamburg) on the project development aspects. To learn more about this project, click here.

Outstanding M&A Europe – NOVAR

Hogan Lovells advised ib vogt, an international solar development and EPC platform, on the divestment of their 50% shareholding in green energy systems developer Novar to DIF Capital Partners. Over the last eight years, the founders and management of the joint venture company Novar, along with ib vogt as a strategic partner and co-owner, have successfully transformed the company from an ambitious startup into the market leader in ground-mounted solar PV and IPP in the Netherlands. Currently, Novar operates 440MW of utility-scale solar PV, rooftop solar, and BESS projects, while also developing a multi-GW project pipeline. This divestment will provide ib vogt funds for future investments in core business sectors, including the establishment of ib vogt’s fully owned AssetCo base.

The Hogan Lovells team advising on the matter was led by Danielle du Bois-Buné (partner, M&A, Amsterdam) and Matthias Hirschmann (partner, M&A and Co-lead of Energy Transition Group, Hamburg).

Commenting, Matthias said: "We are proud to have advised our clients on these award-winning projects and to be leading our clients through complex transactions and strategy for energy transition. The energy transition market is evolving at an extraordinary pace and our clients are at the forefront of the ongoing transformation. We are delighted to be advising clients on their most important and innovative deals in Europe as they navigate the changing landscape."