Adam Smith

Adam is a projects lawyer in the energy, infrastructure and natural resources sectors, advising on some of the most complex and high-value finance, joint venture, M&A and development (including offtake/corporate PPA) matters – often cross-border renewable and energy transition projects globally.

Adam is ranked as a Next Generation Partner by Legal 500 UK 2024 and a Notable Practitioner by IFLR1000.

• Engagements

  Renewables/Energy Transition - Finance

  • Advising the lenders and hedge providers on the approximately EUR 219 million partially merchant project financing of three onshore wind farms in Finland, totalling 202.5 MW, which are being constructed in a joint venture between Neoen and Prokon. The financing has a blended revenue stack, featuring a merchant nose, a merchant body and a merchant tail, combined with a series of corporate power purchase agreements.
  • Advising Glennmont Partners on an innovative long-term development financing for the development of Hexicon's pipeline of floating and fixed-bottom offshore wind projects in Europe and Asia.
  • 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 the lenders on the approx. €500 million project financing of the 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.
  • 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.
  • Advising 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.

  Renewables/Energy Transition – Joint Ventures/M&A

  • Advising Octopus Energy Generation on a joint venture with Nexta Capital Partners, a Milan-based renewables developer, in order to create 1.1GW of new onshore wind, solar farms and energy storage in the south of Italy by 2025.

  • Advising Octopus Energy Generation on a joint venture with Nexta Capital Partners, a Milan-based renewables developer, in order to create up to 1.5GW of utility-scale battery energy storage system (BESS) projects in Italy by 2026.

  • 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 Amberside Energy for the development of 2 GW + of solar PV, battery storage and solar PV with co-located battery storage projects in the UK. As part of the partnership, CIP will provide a development loan to Amberside to enable the development of the solar PV, battery storage and solar PV with co-located battery storage projects.
  • 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 (CIP) 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.

  Renewables/Energy Transition – Project Development and 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.
  • Advising a leading sponsor on the purchase of power from a major UK offshore wind project.

  Infrastructure, O&G and Natural Resources - Finance

  • Advising Vinci Airports on its EUR600 million concession backed, cross-border, sustainability-linked non-recourse financing for upgrade works to the airports of Cape Verde.
  • Advising Tengizchevroil and its sponsors (ExxonMobil, KMG, Lukoil, and another multinational energy company) 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.

  Please note: Adam's experience includes that prior to joining Orrick.