Warsaw University of Technology – Jacek Kosiński’s lecture on M&A in RES

Recently, attorney Jacek Kosiński had the pleasure of delivering a lecture at Warsaw University of Technology as part of the postgraduate program “Modern Renewable Energy,” where we discussed M&A transactions in the renewable energy market.

During the session, we discussed what the investment process looks like in practice—from the early stages of project development, through valuation and risk analysis, all the way to the finalization of the transaction. Particular attention was paid to the fact that in the renewable energy sector, the subject of the transaction is most often not a completed installation, but a project whose value is based on land rights, administrative decisions, and connection terms.

Another key element of the presentation was a discussion of various transaction models—share deal, asset deal, and DSA—and how the choice of the appropriate structure depends on the project’s stage of development and the investor’s risk appetite. It was also emphasized that, in practice, it is the quality of the project and the ability to effectively transfer key rights that often determine the success of the entire transaction.