Energy

Alimentation Couche-Tard Inc. (“Couche-Tard”) has committed to purchase the entirety of TotalEnergies' Dutch and German petrol stations. In addition, Couche-Tard and TotalEnergies intend to cooperate in the exploitation of TotalEnergies' Belgian and Luxembourg petrol stations. The transaction value is EUR 3.1 billion.Couche-Tard is a leader in the Canadian convenience store industry and is one of the largest independent convenience store operators in the United States. In Europe, Couche-Tard is a leader in convenience store and road transportation fuel retail in Scandinavia and the Baltic. TotalEnergies is a multi-energy company that produces and markets energies on a global scale.De Brauw has been engaged as Dutch counsel to Couche-Tard, acting alongside Cleary Gottlieb. The De Brauw team comprises Reinier Kleipool, Yi Duan, Rick van 't Wout, Eveline de Waard, Patrick van Rutten and Nick van Dongen.

De Brauw acted as lead counsel to grid operator TenneT in its successful issue of a EUR 3 billion Green Bond. The transaction was split into four tranches of EUR 650 million, EUR 500 million, EUR 1,000 million, and EUR 850 million respectively. The issue received support of six active joint bookrunners, namely ABN AMRO, Deutsche Bank, HSBC, ING, Rabobank and SMBC.As with TenneT's previous Green Bond issues, proceeds will be used to invest in eligible green power transmission projects in the Netherlands and Germany. These projects focus on connecting large-scale offshore wind farms to the onshore electricity grid and on investing in the onshore transmission grid with the main objective to increase the transmission of renewable energy. Arina Freitag, TenneT's Chief Financial Officer, said: "This decade will require record investments in security of supply and the expansion of renewables in Germany, the Netherlands and Europe. This is the backbone for the energy transition and a key success factor for our industries. As one of the biggest investors in Europe, we are deeply committed to make an important contribution to this profound transformation. This is also reflected in our financial strategy: Green Finance has been part of our DNA for years and despite the current challenges it will play a growing role in our company strategy." The transaction drew strong investor interest, with orderbooks reaching over EUR 6 billion at the time of setting final terms. The issue follows TenneT's EUR 3.85 billion Green Bond issue of earlier this year, and strengthens TenneT's status as the largest corporate EUR green debt issuer.

De Brauw has advised Schroders Capital on its acquisition in a private placement of a 10.6% stake in Fastned B.V., a Euronext Amsterdam listed company that provides fast electric charging for electrical cars. As part of the transaction, Schroders has obtained a supervisory board seat.

All large-scale construction projects that take place in relation to infrastructure, housing and energy transition with limited nitrogen depositions are affected by this landmark judgment. Earlier judgments had already demonstrated that for such projects, an ecological assessment is decisive. This is all the more relevant after the annulment of the special exemption for emissions caused by temporary construction activities (partiële bouwvrijstelling). Construction projects could get back on track if, based on an ecological assessment, significant negative effects on Natura 2000 areas can be excluded.

Momentum is building for the development of a low carbon hydrogen economy in Europe, driven by decarbonisation and energy security considerations.

On 23 February 2022, the long-awaited proposal for a directive on corporate sustainability due diligence was published. The proposal contains obligations for companies regarding human rights and environmental adverse impacts of their own operations as well as the operations of their subsidiaries and the value chain operations of companies that they have an established business relationship with. We discuss the highlights of the proposal in this article.