While 2020 proved to be a challenging year for offshore oil and gas markets, the same cannot be said about offshore renewables, which saw substantial growth. Offshore renewable projects achieved an estimated record project sanctioning of US$56bn, which, for the first time, represents a higher amount than offshore oil and gas.
On 10 June 2021, the German Parliament (Bundestag) adopted the Act on the Implementation of the Digitalisation Directive (Gesetz zur Umsetzung der Digitalisierungsrichtlinie, DiRUG) of the European Union, setting the framework for the online formation and registration of branches of new businesses in Germany.
We advised Helios Energy Investments on the refinancing of an existing mezzanine loan agreement relating to a 96 MW photovoltaic project acquired from Cobra Group in 2019.
We advised Viking Line Abp on the negotiation of a bareboat hire/purchase agreement relating to the M/v ro-ro vessel “Mega Regina” with France’s Corsica Ferries S.A.S.
Hogan Lovells and WFW advised on two separate Korea Trade Insurance Corporation backed green financings for Hapag-Lloyd AG with a combined value of US$1bn+.
Construction is to begin in 2022, with commercial operation to be achieved the following year. Once operational, it will generate green energy equivalent to the electricity needs of up to 290,000 households.
