Natasha Luther-Jones, global co-chair of Energy & Natural Resources at DLA Piper and specialist in energy transition deals, PPAs and storage. She discusses the rise of BESS and hybrid project design. She covers platform M&A and the shift to holdco and portfolio financing. She explores hyperscaler-driven demand and the growth of energy parks co‑located with data centres.
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insights INSIGHT
BESS Is Now Core Infrastructure
Battery energy storage systems (BESS) have shifted from niche add-ons to a core investment thesis with rapid installation growth.
Natasha notes 50% year-on-year installation growth and major client demand across markets like the UK and Germany.
question_answer ANECDOTE
Brandenburg Brownfield Hybrid Development
Developers are building hybrid sites combining BESS, solar and data centres on Brownfield land like old airports.
Natasha described a Brandenburg project: 500 MW BESS, 150 MW solar, a data centre and reuse of a military airport site.
insights INSIGHT
BESS Financing Is Country Specific
BESS financing models vary widely by country and can succeed without subsidy auctions via commercial tolling agreements.
Example: first project-financed Italian BESS used a Shell tolling agreement rather than a government MaxE auction.
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Six years after her last appearance on the podcast (Episode 28, 15 June 2020), Natasha Luther-Jones returns to join Laurent and Gerard for a lively catch-up on how both her career and the energy sector have evolved. What began with her being dubbed the “Queen of PPA” has expanded into a far broader role — prompting the hosts to crown her the “Energy Empress” as she now operates across the full spectrum of global energy and infrastructure.
Natasha reflects on the evolution as the Global co-chair in the Energy & Natural Resources practice at DLA Piper, describing how client demand has shifted from single-asset transactions to complex, multi-technology, cross-border platforms. The market has matured significantly, with renewables now firmly established as mainstream infrastructure and capital becoming more disciplined and selective.
A major growth area is battery energy storage systems (BESS), which have moved from being an adjunct to renewables to a core investment thesis in their own right. Storage, hybridisation and co-location strategies are reshaping project design, while revenue stacking and merchant exposure are demanding more sophisticated structuring and risk management.
On the M&A front, Natasha highlights sustained deal activity and strong valuations for scaled platforms and development pipelines. The market is firmly in a consolidation phase, with investors prioritising portfolio and platform transactions over single-asset deals. Innovative financing models, including holdco structures and cross-collateralisation across diversified portfolios, are increasingly replacing traditional asset-by-asset project finance.
The conversation also turns to the accelerating demand from AI-driven datacentres and the growing integration of digital infrastructure within energy complexes. As power demand surges, particularly for firm and clean energy, the convergence of energy and technology is creating new investment models and strategic partnerships — signalling that the next chapter of the energy transition will be defined as much by integration and capital structuring as by capacity build-out.
Redefining Energy