David Lee, Global Co-Head of Energy, Natural Resources, and Infrastructure at A&O Shearman, spoke to Clean Energy Pipeline following the law firm’s most successful year in the renewables sector.
Lee praised the scale and depth of the A&O Shearman’s energy and infrastructure practice, which has allowed the firm to take a leading legal advisory role across clean energy, natural resources, and broader energy transition sectors.
“In terms of our global business, this past financial year will be our most successful to date,” explained David Lee, Global Co-Head of Energy, Natural Resources, and Infrastructure.
A&O Shearman was recently ranked number one in Clean Energy Pipeline’s global legal advisory tables for clean energy project financing and M&A, based on both deal volume and aggregate transaction value in 2024.
Lee credits much of A&O Shearman’s purple patch in renewables to the firm’s international footprint, market insight, and the breadth of expertise across disciplines.
“We have 47 offices in 28 different countries,” said Lee. “One of the reasons for the merger with Shearman & Sterling was to ensure we can support clients across key jurisdictions, not just in London and New York, but across the full regulatory and transactional landscape of global energy markets.”
Integrated international practice
Lee praised the firm’s truly integrated international practice for its ability to deliver clean energy legal counsel consistently across multiple jurisdictions.
“Our European network of energy and infrastructure lawyers is second to none, and the same applies to our presence in the Americas, Asia, and the Middle East,” Lee noted.
Lee further highlighted the firm’s ability to provide strategic counsel on policy shifts and geopolitical developments, including the impact of US tariffs, cost inflation in Europe, and foreign investment screening rules in Europe. “We were able to brief clients within weeks on the implications of these changes,” he said.
Lee emphasised that A&O Shearman’s strength lies in combining detailed sector knowledge with broader legal capability across financing, trade, regulatory, and policy. “Clients expect us to understand New York law, English law, and local frameworks, but they also want informed guidance on what’s happening in global policy discourse.”
He acknowledged the continued market uncertainty around supply chains and project economics, but said this has not reduced transactional activity. “Are we seeing increased renewable investment? Yes. Are regulators and grid operators still actively planning and adapting for the future? Yes. We haven’t seen any slowdown in that regard.”
He pointed to grid infrastructure as a particular area of constraint (and opportunity) for developers. He cited National Grid’s recent revamp of its grid connection queue in the UK as a key move to unlock future capacity. “Reducing the queue from 700GW to something more manageable has been essential for project planning and investment,” he said.
Asked to reflect on positive signals in the market, Lee pointed to strong demand fundamentals and shifting international dynamics. “If you look beyond political statements and assess what executives are planning on the ground, there’s clear confidence in the market for renewables,” he said.
He also noted that adjustments to the Inflation Reduction Act in the US may help level the playing field for European investors. “It could rebalance capital flows back to European renewables, particularly offshore wind.”
“The location may shift, but demand is strong. Electrification and energy resilience are global priorities. We’re seeing that play out in client strategies every day—and we’re ready to support them.”
Activity areas
A&O Shearman’s clean energy activity spans established renewables such as wind and solar, as well as emerging technologies and grid infrastructure. Notable transactions include ongoing advisory roles in two offshore wind farms in the Baltic Sea and a series of North Sea asset deals. The team is also active in new market developments across Spain, Germany, France, Ireland, and several jurisdictions in Asia.
Cross-border transmission infrastructure is a significant and growing focus. A&O Shearman is currently engaged in high-profile interconnector projects, including Xlinks and others linking into the UK and Singapore. The types of deals are a good example of the importance of coordinated legal advisory work across multiple regulatory regimes and contractual structures due to the set-up of cross-border infrastructure.
In the industrial decarbonisation space, the firm advised on the financing of the landmark H2 Green Steel project in Sweden, a first-of-its-kind green steel production facility powered by hydrogen and hydropower. Battery storage also forms a core part of the firm’s recent work, including Project Lion in the Netherlands, a major battery asset for Macquarie.
In adjacent sectors, A&O Shearman is increasingly active in transactions relating to critical minerals and metals for the energy transition, such as lithium refining and other strategic resource projects.
With more than 60 dedicated partners operating across key jurisdictions, A&O Shearman advises on the full lifecycle of renewable and low-carbon energy transactions, including project development, M&A, financing, and regulatory matters.