International law firm Watson Farley & Williams (WFW, London, UK) on August 10th, 2016 announced that it has joined the Solar Energy Standardisation Initiative which aims to spur the development of solar power worldwide by harmonising documentation and procedures to streamline the development and financing of solar projects.
The Initiative was launched by the International Renewable Energy Agency (IRENA) and global non-profit organisation Terrawatt Initiative to support the country commitments submitted under the Paris Agreement to attract roughly USD 1.2 trillion in solar energy investment by 2030.
To reach this target, governments must implement efficient regulatory schemes that enable massive development of solar projects – with minimal risk – and allow private investors to enter the market at scale. There is also a need to reduce transaction costs so that solar power can penetrate more markets worldwide, reads the press release.
Public, private sector stakeholders to jointly agree on a standard template for solar project documents
The Initiative brings together a broad range of public and private solar industry stakeholders to jointly define and agree on a standard template for solar project documents.
WFW Paris partners Laurence Martinez-Bellet and Laurent Battoue will contribute their solar sector legal expertise on a pro bono basis together with other leading energy, finance and regulatory specialists.
“We are very much looking forward to this constructive collaboration to promote competitive solar power generation,” comments Laurence Martinez-Bellet.
“We believe that renewable energy help meet the growing need for electricity across the world, particularly in emerging markets. Standardised documentation and practices will allow transaction times and costs to be significantly reduced thus ensuring more attractive investment conditions”.
Laurent Battoue adds: “The Solar Energy Standardisation Initiative is very ambitious. We are excited to be working jointly with industry leaders to define the most appropriate regulatory frameworks to facilitate energy access, regardless of the geography, while addressing climate change issues”.
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