Sponsored Q&A: Oppenheim

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Sponsored Q&A: Oppenheim

1. How does the Hungarian regulatory framework govern renewable energy projects, and what are the latest amendments or proposals that could impact such projects?

Renewable energy projects are not regulated separately, the respective rules are embedded in the regulation of the given sector. For example, solar and wind projects have their rules within the frame of the electricity regulation, geothermal investors can look up the relevant provisions in the mining law. Note that investors will face turbulent legislative changes in the Hungarian energy sector, especially in respect of renewables. Therefore, renewable investors should pay meticulous attention to the actual legislative framework when considering an investment in Hungary.

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Sponsored Q&A: Osborne Clarke

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Sponsored Q&A: Osborne Clarke

1. Can you describe the current legal framework governing renewable energy in Germany and any significant regulatory developments that have occurred in the last year?

In a nutshell, the legal framework for renewable energy in Germany consists of a priority grid connection claim and support via the Erneuerbare-Energien-Gesetz (EEG) feed-in tariff for smaller installations and the market premium for larger installations. The market premium is paid by the grid operator and compensates for the difference between a bid awarded in a tender and the market prices.

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Sponsored Q&A: Pellerano Nadal

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Sponsored Q&A: Pellerano Nadal

1. What are the primary laws and regulations governing the energy sector in the Dominican Republic?

The General Electricity Law No. 125-01, dated 26 July 2001, as amended (the Electricity Law), regulates all stages of production, transmission, distribution and commercialisation of electricity, as well as the functions of the competent government agencies that oversee the energy sector. These agencies are essentially the National Energy Commission (CNE), responsible for national energy policy development and the Superintendence of Electricity (SIE), as the regulatory/supervisory body. In 2007, the Renewable Energy Incentives Law No. 57-07 (Law 57-07) was enacted to provide a number of incentives to businesses developing renewable energy technologies. Continue reading “Sponsored Q&A: Pellerano Nadal”

Euro Elite 2024: Baltics – Baltic conditions

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Euro Elite 2024: Baltics – Baltic conditions

Throughout the pan-Baltic region in 2023 there was an overriding sense of instability in the legal market. Although there have been projections of GDP growth in 2024, the legal markets across the region continue to grapple with several economic challenges, including the unpredictable cost of energy.

In Estonia, these challenges also include a rise in public debt, a rise in the country’s deficit, a swift reduction in investment, and low government debt. These factors all combined to produce a fall in trade with its main international partners. While 2024 looks brighter in terms of economic growth, this instability is a worry for firms. Investment arbitrations remain low and there has been a lack of large bankruptcies or restructuring matters in recent months. Continue reading “Euro Elite 2024: Baltics – Baltic conditions”

Euro Elite 2024: Benelux – Moving with the times

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Euro Elite 2024: Benelux – Moving with the times

For independent, full-service firms operating across the Benelux countries, the global uncertainty and turmoil of the last few years has served to highlight the advantages of their business model; being able to pivot between workstreams and react rapidly to changing circumstances has proven to be a concerted advantage. Antoine De Raeve, a senior banking and finance partner who moved from Baker McKenzie to AKD in May 2023, is quick to point out that his new firm is ‘naturally hedged against dips in the transactional market’. This has proven key in recent times, with deals slowing down right across the region because of the combined effects of ongoing conflicts and long-term impacts of Covid-19, despite the positive effects that Brexit appears to have had on the international stance of the Benelux countries.

In the Netherlands, there is reported reluctance at the higher end of the market to invest, with clients seemingly ‘waiting out’ the unpredictability of the current climate; Harmen Holtrop, managing partner at Loyens & Loeff, notes that ‘uncertainty in the market will have a bigger impact on the transactional practices than it may on certain others’, again highlighting the importance of wide-ranging capabilities if firms are to maintain their flow of work. Continue reading “Euro Elite 2024: Benelux – Moving with the times”

Euro Elite 2024: CEE – Firm foundations

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Euro Elite 2024: CEE – Firm foundations

The CEE markets continue to suffer from conflict-driven instabilities in the region, with sanctions still impacting most industries and European companies remaining cautious with their regional activities. In the face of these ongoing difficulties, law firms benefited from an uptick in restructuring and insolvency mandates. Simultaneously, new investment incentives do exist. For example, the Three Seas Initiative, a platform that brings together 12 EU member states, is contributing to the acceleration of infrastructure investment in the region.

‘In general, the market in the CEE region was relatively robust,’ says Martin Brodey, managing partner and head of private M&A at DORDA. ‘Due to various developments, financing has often become a challenge, which is why large transactions tended to decline.’ Continue reading “Euro Elite 2024: CEE – Firm foundations”

Euro Elite 2024: France – More of the same?

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Euro Elite 2024: France – More of the same?

Described by Darrois Villey tax partner Loïc Védie as ‘better than expected’, 2023 was nonetheless a year marked by uncertainty for Euro Elite firms in France. Lawyers weathered an often-slow market; interest rates reached significantly higher levels than previous years, which limited the overall number of transactions.

In the corporate and finance arena, equity capital markets experienced a noticeable slowdown, characterised by a subdued market. Debt capital markets, however, showcased vibrancy, with a renewed interest in securitisation and factoring. Influenced by leading US firms, this move shaped the financial landscape for French elites, fostering a more diversified and adaptable approach to funding strategies. The trend underscored a departure from traditional methods, offering heightened flexibility and a broader array of financial instruments, prompting a re-evaluation of established approaches in the dynamic French market. Continue reading “Euro Elite 2024: France – More of the same?”

Euro Elite 2024: Germany – Navigating tumultuous waters

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Euro Elite 2024: Germany – Navigating tumultuous waters

As Germany faced the prospect of its first two-year recession since the early 2000s, the legal market grappled with an intricate web of challenges and opportunities in 2023. With the country’s GDP contracting by 0.3%, the impact of increased energy costs, inflation, higher interest rates, and falling industry demand did not go unnoticed. However, despite the economic downturn, the German legal sector remained a robust force within the EU, and independent firms proved once again their ability to adapt to an ever-changing geopolitical and legal landscape marked by adversity.

Germany’s leading independent law firms continued to record revenue growth in 2023, fuelled by volatility across sectors and an increasingly intricate regulatory landscape. ‘Clients are experiencing substantial pressure in today’s market, especially during times of economic uncertainty, which means they are constantly assessing the horizon’, says Luther’s managing partner Elizabeth Lepique. ‘In connection with the energy transition and the decarbonisation of the German economy, the growth in revenue is largely attributable to a growing number of client mandates.’ In a year marked by economic turbulence, Luther emerged as a persistent standout performer, securing energy mandates from prestigious clients such as E.ON and EnBW. Continue reading “Euro Elite 2024: Germany – Navigating tumultuous waters”

Euro Elite 2024: Iberia – Out the other side

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Euro Elite 2024: Iberia – Out the other side

It first appeared that cautious optimism would characterise the Iberian legal market in 2023 but no-one predicted quite how turbulent the year would turn out to be. Rising interest rates, mounting geopolitical tensions in Europe, and a risk-averse investment environment created arduous conditions for deal-making across the continent. Portugal and Spain were no exception.

In 2022, both countries exhibited signs of a robust recovery following the relaxation of pandemic restrictions and a surge in investment in the infrastructure and energy sectors. The year that followed proved to be more challenging. ‘2023 was not the year for M&A,’ says Paula Gomes Freire, managing partner of VdA. Continue reading “Euro Elite 2024: Iberia – Out the other side”