Assets, project companies and operating structures
We advise on energy and infrastructure transactions: the sale and acquisition of assets, project companies and operating structures — in full or as a controlling majority.
Rights, contracts and regulation as value drivers
Concessions, permits, grid connections, offtake agreements, financing and the regulatory framework can all be significant value drivers, alongside the technical condition of the asset itself. A concession with a defined term and conditions, a secured grid connection or long-term offtake arrangements often bear directly on the assessment.
So preparation does not start with the technical description but with the question of which rights are transferable, how long they run and on what terms they are renewed.
Which counterparties are a realistic fit depends on technology, size, region, regulation, risk profile and project stage. Utilities, operators, industrial companies with their own consumption and infrastructure holders with long horizons are often among them.
What changes hands in this area
Depending on the project, the asset itself, a project company, an operating company or a controlling stake may be the object of the transaction.
Project companies
Companies holding an asset or a scheme, with the concession, permits, grid connection and associated contracts. Transferred as a controlling majority or in full.
Assets
The asset itself with land, building rights, technical equipment and documentation — provided the associated rights can be transferred under applicable law.
Operating structures
Companies running the operation, often separate from ownership of the asset. Operation and maintenance agreements determine what an acquirer actually controls.
Schemes in development
Projects that are permitted or still in the approval process but have not yet been built. The stage of the process and the certainty of connection and offtake commitments determine the potential acquirer base.
What shapes transactions here
The defining factor is term. A concession expiring in a few years is valued quite differently from one with a long remaining term and clear renewal conditions. That question belongs at the start of preparation because it carries the entire value discussion.
Consent requirements matter just as much. In many cases a concession or a grid connection cannot simply be transferred. That is not an obstacle, but it lengthens the timetable and has to be reflected in the contract — for instance through conditions precedent.
Regulatory frameworks create uncertainty that cannot be negotiated away. Remuneration schemes, grid charges and environmental conditions may change several times over the life of an asset. A credible presentation discloses these dependencies rather than treating projected earnings as secured.
Finally, decommissioning and restoration obligations. They lie far in the future but bear directly on price and drafting, because they transfer with the asset. Quantifying them early makes for a calmer negotiation.
What due diligence covers
Review is carried out by the relevant specialists; we structure the process.
Concessions and permits
Terms, conditions, renewal arrangements, reversion rules, and whether a transfer requires the consent of an authority.
Contracts
Offtake and feed-in agreements, grid connection and transmission contracts, operation and maintenance agreements, and lease or use rights over land.
Technical
Condition and age of the plant, availability and performance data, maintenance history, remaining useful life and upcoming replacement expenditure.
Regulatory and financial
The applicable regulatory framework and its direction, support and remuneration schemes, financing structure, securities, and decommissioning and restoration obligations.
From rights to transfer
Four phases tailored to the characteristics of this sector.
Map rights and contracts
We record concessions, permits, connection and offtake agreements with their terms, conditions and consent requirements.
Preparation
We order technical and contractual material into a dossier and set out which revenues are contractually secured and which depend on the market.
Approach
We identify utilities, operators, industrial consumers and infrastructure owners with suitable criteria by technology, size and region.
Due diligence and completion
We coordinate due diligence, support negotiations and incorporate regulatory approval procedures into the timetable and transaction documents.
Frequently asked questions
Rights, structure, regulation and process.
A share deal may be appropriate where concessions, permits and connection agreements are intended to remain with the project company. As the company remains the same legal entity, these arrangements generally continue; change-of-control provisions, consent requirements and regulatory approvals must still be reviewed. An asset deal, by contrast, requires the asset and all essential rights to be separately transferable. The appropriate structure depends on the project, the relevant jurisdiction and the tax and liability implications.
It becomes the central negotiating point. The renewal conditions and any reversion arrangements are decisive. Both should be clarified and documented before any approach.
We disclose it clearly. Tariff structures and regulatory conditions may change; a presentation that treats future revenue as guaranteed will not withstand due diligence and may weaken the negotiating position.
Yes, provided the permitting position and connection and offtake commitments are documented on a reliable basis. The potential acquirer base is usually narrower than for an operating asset.
The timetable depends primarily on the transaction structure, the scope of due diligence and any regulatory consents required. Such procedures can only be influenced to a limited extent, but they can be initiated early and reflected in the transaction documents as conditions precedent.
Insights on energy and infrastructure
Reviewing rights, contracts and technical assets
The foundations that support operations and transaction structures in energy and infrastructure projects.
Project finance through a change of control
The consents, security package and financing conditions that should be reviewed early in an ownership change.
Repowering and decommissioning ageing energy assets
How remaining asset life, permits, grid connection and decommissioning obligations interact in a transaction.
Your contacts in this area
For a first, confidential conversation, contact either of the people responsible directly.
Do you hold an asset or a project?
Tell us about the asset or project and how the relevant rights are structured.
Get in touch