When the first edition of The Renewable Energy Law Review launched in 2018, renewable energy made up approximately 26.2 per cent of electric generation globally and has increased to nearly 28 per cent in the first quarter of 2020. Similarly to the renewable energy sector, which has grown steadily, this compendium has also grown and now covers 20 jurisdictions in this third edition.
The renewable energy industry at the time I worked on my first transaction in 1987 was nascent and relatively tiny when compared to the conventional power industry. Fast forward 33 years and, in 2020, it is projected that renewable energy will comprise 80 per cent of the new energy capacity in the United States. According to statistics published by Smart Energy International, renewable energy projects accounted for 176GW of energy capacity globally and over 70 per cent of new capacity globally in 2019, with wind and solar projects accounting for 90 per cent of that new capacity.
Since the 'early days' of renewable energy projects, it has been incredibly satisfying to see the exponential worldwide growth that has taken place over the past several decades. As a US-based partner at Milbank practising in the energy industry, I see different political environments, tax and other incentives in place in our 50 states and, having worked on multiple international projects on four different continents, I know that the regimes across the world are equally unique. This compendium has been formulated to provide you with a good overview of the legal framework and current status and challenges in structuring, financing and investing in renewable energy projects in the selected jurisdictions.
Whether you are already active in this sector or merely interested in learning more about the policies, legal structures and state of play in the renewable energy industry globally or in a particular country, I hope that this guide will aid you in your efforts as a participant in an exciting and continually expanding industry.
Karen B Wong