Energy Storage Update 2026: Data Centers, Revenue Opportunities, OBBBA and Tariffs
2 minute read | May.04.2026
Li Shen
Senior Associate
Houston
Li represents leading energy developers and corporate purchasers in structuring and negotiating innovative energy offtake and power supply agreements across a range of technologies, including solar, wind, battery storage and natural gas generation.
Li has represented a broad range of leading developers and corporate purchasers in energy project development. Her practice focuses on drafting and negotiating offtake agreements, including physically and financially settled power purchase agreements, tolling and capacity agreements, and renewable energy credit purchase and sale agreements for solar, energy storage, wind, and first-of-a-kind projects, as well as power supply agreements for data centers. Li is currently at the forefront of emerging transactions involving the use of wind, solar, battery storage, and behind-the-meter natural gas generation to power AI data centers.
Li also advises clients on energy commodity purchase and sale agreements using industry-standard forms, including the ISDA and EEI Master Agreements, along with related ancillary documents. As a Mandarin speaker who has worked in both the United States and China, Li has also leveraged her unique intercultural background to counsel Chinese energy companies in the United States.
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Project Development and Offtake Agreements
- Representation of leading project developers on physical and virtual power purchase agreements, tolling and capacity agreements and related offtake arrangements for a range of utility-scale solar, wind, stand-alone storage and solar-plus-storage with a variety of buyers, including utilities, corporates, and hedge providers across the United States.
- Representation of a leading technology corporate buyer in connection with a portfolio of virtual power purchase agreements and environmental attribute purchase agreements to procure renewable energy credits and achieve sustainability goals.
- Representation of market-leading entities in developing and procuring gigawatt-scale islanded power systems for data center campuses, including structuring and negotiating first-of-a-kind energy supply, transport, and purchase arrangements to ensure reliable, resilient, and sustainable power solutions tailored to the unique operational needs of large-scale behind-the-meter data centers.
- Representation of a battery energy storage developer in connection with a tolling and capacity agreement and other bespoke offtake arrangements for a 600 MW/2400 MWh stand-alone battery energy storage project located in Indiana to support Microsoft’s data center campus in Indiana.
- Representation of a battery energy storage developer in connection with a tolling and capacity agreement and other bespoke offtake arrangements for a 250 MW/ 500 MWh stand-alone battery energy storage project located in Texas.
- Representation of Gridstor, a Goldman Sachs Asset Management-backed energy developer and operator, on a novel energy storage agreement for a 220 MW/ 440 MWh battery storage project located in Texas.
Trading Commodities
- Representation of U.S. multinational energy companies in connection with various energy commodity purchase agreements, including ISDAs and other ancillary documents.
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