Miranda Alliance: Legal Innovation Driving the Energy Transition in Portuguese-Speaking Countries

Miranda Alliance has established itself as a significant partner in the development of energy projects across Portuguese-speaking countries, combining local knowledge, international experience, and legal innovation.

In a context of increasing complexity within the sector – from regulatory frameworks to project financing – the role of legal counsel has become ever more critical in enabling projects and mobilising investment. In this interview, Renato Guerra de Almeida (Partner at Miranda Alliance) and Sofia Coelho Pereira (Managing Associate at Miranda Alliance) share the firm’s perspective on the challenges and opportunities of the energy transition in Portuguese-speaking markets, highlighting the importance of creating bankable solutions, adapting regulatory frameworks, and accelerating project implementation on the ground.

Miranda Alliance has built a significant presence in the renewable energy sector across all Portuguese-speaking countries. How has the firm positioned itself to address the specific challenges of this sector in these jurisdictions?

First and foremost, it is important to note that this journey began almost 40 years ago, and our firm has always been deeply connected to the energy sector. Through our international network of offices, Miranda Alliance has closely followed the evolution and transformation of the industry, positioning itself early on as a leading adviser to renewable energy projects as the energy transition increasingly became a priority, particularly in Portuguese-speaking markets.

Our work is founded on a core belief: it is not possible to properly advise on renewable energy projects without a deep understanding of the country in which the project is being developed. Miranda Alliance was built precisely around this vision – a network of law firms and offices with teams that not only master the local regulatory and institutional framework but also possess a profound understanding of the social and cultural dimensions of each jurisdiction.

The energy transition often faces regulatory and institutional barriers. What role does legal innovation play in overcoming these challenges, and how has MIRANDA contributed in this area?

There is often a perception that Africa lacks robust and predictable legal and regulatory frameworks. In reality, many African jurisdictions now have strong and increasingly sophisticated legal systems. The real challenge lies in understanding how to navigate these systems strategically and pragmatically. Legal innovation is, in fact, one of the less visible yet highly influential pillars of the energy transition, as it requires adapting or applying existing regulatory frameworks to the realities of each renewable energy project – with all their specificities regarding concessions, tariffs, grid access, self-consumption models, or independent power production.

We have been at the forefront of the energy transition, advising on pioneering projects that redefine energy strategies and generate significant economic impact across multiple jurisdictions. Our contribution lies in helping investors, lenders, regulators, and governments navigate existing legal frameworks and design regimes that are both attractive to investment and suited to local realities. We also develop innovative contractual structures – particularly in relation to PPAs, project finance, and public-private partnerships – designed to mitigate the specific risks of these markets and make projects viable that might otherwise never progress beyond the planning stage.

At the same time, we participate in capacity-building initiatives with local authorities and contribute to the drafting of legislation aimed at delivering practical, implementable solutions with tangible day-to-day impact. Our commitment is clear: to ensure that the legal framework acts as an enabler, rather than an obstacle, to the development of renewable energy projects, while maintaining the necessary level of legal certainty.

Much is said about renewable energy potential, yet many projects remain stalled due to financing challenges. In practical terms, what makes a project “bankable” in Portuguese-speaking countries, and what role can legal counsel play in unlocking investment?

A “bankable” project is, above all, one in which critical risks have been identified, properly allocated, and credibly mitigated through contractual arrangements. This is particularly important in jurisdictions where perceived risk remains high, even when renewable energy potential is extraordinary.

In practical terms, financiers seek predictability and clear mechanisms regarding matters such as licensing and concession regimes (where applicable), land rights, grid connection and access, revenue stability (for example, through PPAs or other offtake mechanisms), and the availability of guarantees and effective remedies in the event of default. Increasingly, they also focus on ESG-related considerations. This is precisely where local, hands-on legal support can make a significant difference – not merely by “validating” documents, but by structuring solutions that make projects robust under local law, informed by prior experience, and aligned with project finance expectations. This involves designing balanced risk allocation frameworks, preparing coherent contractual and security packages, ensuring mechanisms for curing defaults, and, where necessary, providing step-in rights or operator replacement arrangements. It also means strengthening implementation discipline because, in many cases, what is lacking is not willingness, but rather the legal and contractual architecture required to underpin investor confidence.

Beyond large-scale projects, the energy transition is accelerating through models such as self-consumption, mini-grids, wheeling, storage, and hybrid solutions. What regulatory and institutional developments do you consider critical for Portuguese-speaking countries to seize this “next wave” and ensure energy inclusion?

We are entering a phase in which the energy transition is no longer solely about installed capacity; it is increasingly about system design: grid integration, flexibility, intermittency management, and decentralised models capable of delivering immediate benefits to communities and industrial and commercial consumers.

For many Portuguese-speaking countries, this represents a dual opportunity: accelerating access to energy while simultaneously attracting private investment into scalable and rapidly deployable solutions. At the same time, new issues and challenges are emerging in an increasingly uncertain world, particularly in relation to energy security and sovereignty, which also deserve careful attention. Across all these areas, several regulatory and institutional factors are decisive: transparent conditions for grid connection and use, clear rules governing self-consumption and distributed generation, regulatory frameworks for energy storage – including remuneration mechanisms and its role within the system – streamlined and predictable licensing processes, and the technical capacity of public institutions to assess, procure, and supervise projects.

There is also another crucial dimension: consistency between public policy, regulation, and contractual arrangements. When these three levels are misaligned, projects are delayed, become more expensive, or fail to reach operational status. Our focus is on helping bridge the gap between political ambition and implementation reality, ensuring that technological innovation is accompanied by regulatory innovation and institutional capacity.

The energy transition is creating new dependencies—critical minerals, technology, data, and storage. Are we simply replacing one dependency with another?

In the coming years, the energy transition will inevitably involve coexistence between the expansion of renewable energy and the continued presence of traditional energy sources. It will be a gradual process rather than an immediate rupture. To avoid repeating the mistakes of the past, the strategy should not focus on the immediate elimination of fossil fuels, but rather on managing the transition safely and effectively. This means balancing different energy sources, reducing vulnerabilities within emerging supply chains – whether related to minerals, technology, or data – and investing in grids, storage, and cyber resilience to ensure service continuity and strategic autonomy.

You mentioned that the ultimate goal is for clean energy to effectively reach communities. How do Miranda and Miranda Alliance incorporate this dimension into their practice, and what is the firm’s vision for the future of the sector in Portuguese-speaking countries?

A renewable energy project can only be considered truly successful when it is effectively implemented and delivers tangible benefits to local communities. For this reason, we believe our role extends beyond purely legal advice. We take a proactive approach, identifying and mitigating issues that may hinder or delay a project from the earliest stages of development, particularly during due diligence, so that they can be addressed as soon as possible. More broadly, we support projects across the entire value chain – from licensing and contractual structuring to financing and commercial operation. It is this integrated approach, combined with our local presence, understanding of each country's specific characteristics, and accumulated practical experience, that truly distinguishes us.

As for the future, in jurisdictions where access to energy remains a structural challenge, every megawatt installed has the potential to be transformative. Portuguese-speaking countries possess extraordinary renewable energy resources – solar, wind, hydroelectric, and geothermal – and we are at a decisive moment for turning that potential into reality. Miranda Alliance will continue investing in strengthening its teams across these jurisdictions, promoting knowledge-sharing between countries, and working side by side with stakeholders throughout the sector to ensure that projects move successfully from development to operation and that energy ultimately reaches those who need it most.