Orrick’s 2024 Global Offshore Wind Report: Energy Transition Targets to Drive Growth

1 minute read | January.29.2024

This year is set to be the busiest ever for offshore wind, with over 20 auction processes expected globally.

That’s just one of several factors in our review of offshore wind in more than 25 countries that provide reasons for optimism in the sector’s future despite challenges in the last year.

Orrick’s 2024 Global Offshore Wind Report also shows that, in 2023:

Global investment reached nearly US $60 billion in new projects estimated to generate approximately 20 GW of capacity.
Over 6 GW of projects went into operation, raising total global operational capacity to nearly 65 GW.

Significant challenges remain, including continued inflation, financing costs/liquidity and the need to upgrade grid infrastructure to distribute power generated offshore. Yet, we expect ambitious renewable-energy growth targets to increase interest and inspire innovation in offshore wind in 2024 and beyond. Register below to read the full report.

Read the report

Authors

Adam Smith 合伙人, Energy & Infrastructure, Renewable Energy

伦敦; Singapore

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M:+44 7921 108 554
E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy & Infrastructure
Renewable Energy
Infrastructure
Data Centers
Oil & Gas
Banking & Finance
Structured Finance
Mergers & Acquisitions

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Adam Smith 合伙人

伦敦; Singapore

"Adam Smith provides outstanding service, deep business knowledge, and strong problem-solving and negotiation skills." - Chambers

“Adam is a strong lawyer who is very helpful in negotiations and does an amazing job for his clients.” – Chambers

"Adam Smith is a highly competent financing lawyer with excellent commercial judgement and experience." - Chambers

"Adam's style is practical. He is able to explain complex legal matters so that we can make informed decisions." - Chambers

"Adam Smith is very capable and able to adapt to his client's needs." - Chambers

“Adam is a sharp professional with good availability.” - Chambers

“Adam Smith deserves special praise as an outstanding partner. What distinguishes Adam is his exceptional ability to combine deep expertise in project finance with a highly commercial and solution-oriented mindset, as well as patient, respectful, and open-minded negotiation skills, laser-focused on reaching the best position for the client.” - Legal 500 UK

"Adam Smith is practical and easy to work with – he is able to explain legal concepts and how to appropriately allocate risks between parties and has good legal market knowledge." - Legal 500 UK

"We are very satisfied and impressed by the work performed by Adam Smith." - Legal 500 UK

"Adam Smith is very responsive and has excellent product expertise." - Legal 500 UK

"Adam Smith is a partner with the expertise to interpret and resolve disputes among counterparties." - Legal 500 UK

“Very pleased to have worked with Adam and the Orrick team on this unique and highly innovative debt product. The team demonstrated a combination of strong technical skills alongside excellent sector specific knowledge.” - Client testimonial

Evan Stergoulis 合伙人, Energy & Infrastructure, Renewable Energy

伦敦

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D:+44 20 7862 4605
E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy & Infrastructure
Renewable Energy
Power
Mergers & Acquisitions
Banking & Finance
公共电力融资
Infrastructure
UK
Offshore Wind

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Evan Stergoulis 合伙人

伦敦

Evan advises lenders, ECAs, institutional investors, renewable energy companies, investment firms and pension funds on financings, M&A, joint ventures and other strategic combinations. He brings considerable experience in wide range of renewable energy portfolio deals, as well as gas and power transmission and distribution projects and he has a market-leading offshore wind practice.

Chambers Global 2020 notes that clients say Evan is a “leading figure who has secured incredible and loyal clients because he does an excellent job.” He has also been named to The Lawyer’s Hot 100. and named to A Word About Wind's Top 100 Legal Power List.

Karthik Kumar 合伙人, Energy & Infrastructure, Renewable Energy

Singapore

E[email protected]

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E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy & Infrastructure
Renewable Energy
Infrastructure
Mergers & Acquisitions

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Karthik Kumar 合伙人

Singapore

Karthik has a strong focus on the renewable energy sector with extensive experience in solar, onshore and offshore wind, biomass, and waste-to-energy projects across the region. Karthik is highly regarded in the market for his in-depth regulatory knowledge and significant transactional experience. Clients laud him for his commercial approach and deep regional background.

He has extensive experience advising developers, sponsors, borrowers and financial institutions, including banks and multilateral lending institutions, on a wide range of renewable energy projects in jurisdictions such as Bangladesh, India, Indonesia, Sri Lanka, Singapore, Taiwan, Vietnam, Thailand, Myanmar, Philippines, China and Australia.

Karthik is a top-ranked lawyer in the Chambers Global and Asia Pacific directories as well as by Legal 500 and India Business Law Journal. Clients describe him as a “top-notch lawyer” and is “known for his project finance capabilities, particularly in the renewable energy segment.” They also note that he “deeply understands the business needs and stakeholder expectations and has time and again proven to have our 100% confidence in his counsel.” Clients extol his India-focused project finance practice, commending him for his "second to none" knowledge of Indian law and practice and noting a particular acquisition of an Indian company where "his ability to understand unique local issues" was "amazing."

Minako Wakabayashi 合伙人, Energy & Infrastructure, Renewable Energy

东京

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D:+81 3 3224 2926
E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy & Infrastructure
Renewable Energy
Infrastructure
Japan

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Minako Wakabayashi 合伙人

东京

Minako has significant experience advising international and domestic sponsors and developers on complex and innovative projects. She was called upon by the Japanese government in structuring the renewable Feed-in-Tariff scheme in Japan and prepared the government’s model contracts for specific contracts (power purchase contract/interconnection contract), which are a key component of the Feed-in-Tariff scheme in Japan. Recently, she has also been handling numerous corporate PPA projects.

She is currently a member of the Tokyo Metropolitan Government, Bureau of Transportation Advisory Council and has served as Auditor of the Japan Wind Power Association (JWPA) since May 2022 and as Auditor of Veritas In Silico Inc since March 2022.
Minako practiced at Orrick’s New York office in 2004-2005. She also worked as a public prosecutor in Japan for four years and served as a member of the Tokyo Metropolitan Government Supervising Committee for Public Bidding (Tokyo-to Nyusatsu Kanshi Iinkai) for eight years.

Paul Zarnowiecki 合伙人, Energy & Infrastructure, Renewable Energy

Washington, D.C.

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D:+1 202 339 8452
E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy & Infrastructure
Renewable Energy
Banking & Finance
Mergers & Acquisitions
Infrastructure

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Paul Zarnowiecki 合伙人

Washington, D.C.

Paul has extensive experience representing developers, investors, utilities and other strategic participants in the development, financing, acquisition and divestiture of renewable and conventional power projects and other infrastructure assets in a broad range of transactions. He has served as lead counsel on many innovative and complex U.S. renewable energy transactions in recent years, with a particular focus on the solar, wind, energy storage and clean tech sectors.

Paul is recognized by Chambers USA and Chambers Global, where clients describe him as “keenly aware of ongoing market developments” and knowing “what it takes to bring abstract project ideas from the drawing board into commercial operation.”

Paul also serves as the Office Leader for Orrick's 200-lawyer Washington, D.C. office.

Dr. Werner Brickwedde, LL.M. (University of London) 合伙人, Energy & Infrastructure, Mergers & Acquisitions

杜塞尔多夫

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D:+49 211 3678 7222
E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy & Infrastructure
Mergers & Acquisitions
Energy Storage
Oil & Gas
Renewable Energy
Offshore Wind

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Dr. Werner Brickwedde, LL.M. (University of London) 合伙人

杜塞尔多夫

While Werner’s corporate and M&A experience spans a broad range of industries, he has built a strong focus on and deep knowledge of the Energy & Infrastructure sector. His experience extends to acquisitions, disposals, joint ventures, complex shareholder arrangements and project agreements of a variety of alternative energy and sustainability projects, including offshore wind, storage and mobility.

Werner also has extensive experience in project development, including advising on Operations & Maintenance and energy-related projects, particularly upstream and midstream. His in-depth understanding of how these projects fit together and how risk is allocated enables him to provide commercial, forward-looking advice on complex, cross-border transactions.

Werner is recommended in Germany for energy transactions (JUVE 2022/2023, Legal 500 2023), M&A (JUVE 2022/2023, Legal 500 2024, Handelsblatt/Best Lawyers 2023/24. WirtschaftsWoche 2023) and corporate law (WirtschaftsWoche 2021).

Geoffroy Berthon 合伙人, Energy & Infrastructure, Infrastructure

巴黎

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D:+33 1 5353 7515
E: [email protected]

Practice:

Energy & Infrastructure Sector
Energy & Infrastructure
Infrastructure
Public Finance

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Geoffroy Berthon 合伙人

巴黎

Geoffroy advises on public contracts, particularly in the context of concessions and PPPs. He has been involved in projects relating to the financing, construction and operation of the Stade Vélodrome in Marseille; the Sud Europe Atlantique high-speed line; the Athletes' Village for the Paris 2024 Olympic Games; the Grand Paris Express and the offshore extension of the Principality of Monaco. He has also worked on several French highway (A412, A69, RCEA, A88, A41, A150), port (Calais, Cannes) and airport projects (Nice, Lyon, Beauvais).

In the renewables field, he acts alongside the French government (Ministry of Energy Transition) in calls for tenders for the construction of offshore wind farms, including floating wind turbines, and advises operators in the realization of biomass and geothermal projects, as well as investors in the context of "M&A" operations concerning wind and solar assets and methanization. He also has experience in hydroelectricity matters. He advises both sponsors and lenders and works regularly with public entities and governments. He also advises on the drafting and negotiation of corporate PPAs, acting for both energy producers and buyers.

Geoffroy Berthon is recognized by clients as "talented, dynamic and brilliant lawyer. He is a hard worker. His calm manner and attentiveness reassure as a client" (Legal 500) and as a Leading Partner by Legal 500 (EMEA 2025) in public law and energy.

Geoffroy holds a doctorate in public law, was a lecturer in public contract law at Sciences Po, and frequently published in both English and French.