January 31, 2020
Latham & Watkins has collaborated with the International Renewable Energy Agency (IRENA), the Terrawatt Initiative (TWI), and other leading experts on the Open Solar Contracts Initiative, a groundbreaking project to create freely available, standardized legal agreements to reduce the complexity and increase the efficiency of solar power transactions globally.
Developed in line with the objectives of the Paris Climate Agreement and Sustainable Development Goals to accelerate the deployment of solar power worldwide, the initiative focuses on decreasing transaction costs, shortening project development timelines, and facilitating balanced risk allocation.
Commenting, JP Sweny, project finance counsel in Latham’s London office, said: “We are honored to have collaborated with IRENA, Terrawatt, and other industry specialists including many of our clients to help support the rapid growth of solar energy worldwide. This initiative has involved a significant investment of time by the project finance team in London and we look forward to continue working with industry participants on its ongoing implementation.”
Latham, along with other law firms, technical advisers, developers, ECAs, and other renewable energy market participants, assisted with drafting and reviewing the solar contract documentation on a pro bono basis. The firm’s team was led by partner Craig Nethercott and counsel JP Sweny with Louise Crawford and other London associates.