Adam Smith

Partner

London

Adam is a project development and finance lawyer in the energy, infrastructure and natural resources sectors, advising on some of the most complex and high-value project development and financing matters – often cross-border renewable energy projects.

Adam also has a complementary breadth of experience from a variety of financing, M&A, capital markets and general corporate matters in numerous sectors.

  • Renewables Project Finance

    • Advising the lenders and hedge providers on the approximately US$1.6 billion project financing of the 298MW Zhong Neng offshore wind farm in Taiwan, which is being constructed in a joint venture between China Steel Corporation (CSC) (51%) and Copenhagen Infrastructure Partners (CIP) through its fund Copenhagen Infrastructure IV (49%). This financing is the first majority Taiwanese bank non-recourse financing of an offshore wind farm in Taiwan (a new source of liquidity), the first without ECAs and is the most “localised” offshore wind project in Taiwan to date. The transaction also marks China Steel Corporation’s entry into the offshore wind market.
    • Advising a syndicate of international and local commercial banks, life insurance companies and cover providers (including ECAs) on the US$3bn project financing of the Changfang and Xidao Taiwanese offshore wind project being developed by Copenhagen Infrastructure Partners, Taiwan Life Insurance Co., Ltd. and TransGlobe Life Insurance Inc. This is one of the largest renewables project financings, and the largest ECA group, in the Asian offshore wind sector to date.
    • Advising Nord/LB on the project financing of the approx. €500 million 307 MW Hästkullen wind farm and the 167 MW Björnlandhöjden wind farm, both located in Sweden and together one of Europe’s largest onshore wind clusters. The financing included ECA-backing by Euler Hermes and one of Europe’s largest corporate PPAs to date in the onshore wind sector.
    • Lightsource BP on an innovative £180m “whole-business” style holdco debt financing for its international portfolio of 100+ solar projects with an aggregate generating capacity of approximately 700 MW.

    O&G and Natural Resources Project Finance

    • Advising Tengizchevroil and its sponsors (Chevron, ExxonMobil, KMG and Lukoil) on the award-winning US$16bn multi-source (commercial bank, bond and sponsor co-loan) project financing of Tengizchevroil’s US$42.5bn expansion and modification of its upstream operations at the Tengiz super giant oilfield in Kazakhstan.
    • Advising Oyu Tolgoi, a subsidiary of Rio Tinto, on its award-winning US$4.4bn multi-source (commercial bank, ECA and IFI) financing of the world's largest gold and copper mine under development, in Mongolia.
    • Advising Emirates Aluminium and its sponsors (Mubadala and Dubai Aluminium) on the award-winning multi-billion dollar (USD) and multi-source (commercial bank, ECA and Islamic) project financing of Emirates Aluminium’s single site aluminium smelter – the largest of its kind in the world.

    Project Development - Corporate PPAs

    • Advising a global technology major as purchaser in the negotiation of virtual and physical power purchase agreements in European and Asian markets, including in respect of offshore wind, onshore wind and solar projects in excess of 5GW.
    • Advising a leading sponsor group on the sale of power from a 2GW pipeline of offshore wind projects in Taiwan.

    General Financing and M&A Experience

    • Advising OX2 on the sale of a 49% stake in three development stage offshore wind projects in Sweden to Ingka Investments. The projects – Galatea-Galene, located off the coast of Halland, Triton, located off the coast of Skåne and Aurora, located off the coast of Gotland and Öland – have the potential to reach an aggregate installed capacity of 9 GW and to produce up to 38 TWh combined, once operational, corresponding to more than 25% of the electricity consumed in Sweden in 2021.
    • Advising Sustainable Development Capital LLP on its agreement to acquire the entire issued share capital of United Renewable Energy Limited (‘UURE’) from United Utilities Group for approximately £100 million. UURE is the owner of a portfolio of 70 operational renewable energy assets comprising (i) ground mounted, rooftop and floating solar projects, (ii) onshore wind, and (iii) a hydro-electric project which provide renewable energy generated on-site directly to the end-user, United Utilities Water Limited, to provide power to critical water infrastructure.
    • Advising Copenhagen Infrastructure Partners (CIP) on its partnership with Bute Energy (Bute). As part of the transaction, CIP’s flagship fund Copenhagen Infrastructure IV K/S will invest in Bute’s portfolio of onshore wind farms and solar PV projects, some with co-located battery energy storage systems, under development in Wales, UK. The Bute portfolio consists of projects at various stages of development and is expected to have a total installed capacity of over 2GW by 2030.
    • Advising Copenhagen Infrastructure Partners on the sale of 100% of its 49% interest in a joint venture with Falck Renewables S.p.A. comprising an operational onshore wind portfolio in Scotland and Wales to Infrastructure Investment Fund, an infrastructure fund advised by J.P. Morgan Asset Management.
    • Advising a lending syndicate consisting of HSBC, Investec, ING and Intesa Sanpaolo on SDCL Energy Efficiency Income Trust plc’s (SEEIT) £145 million secured multicurrency revolving credit facility, which also included an uncommitted accordion of £55 million.
    Please note: Adam's experience includes that prior to joining Orrick.