The featured report discusses HydrogenOne's consolidation of its portfolio company HH2E AG to enhance its focus on clean energy projects, particularly those involving hydrogen production without carbon emissions. HydrogenOne, an investment fund dedicated to green energy projects, invested in projects that utilize electrolysis to generate hydrogen from renewable energy sources like wind or solar power. Before the consolidation, HH2E AG operated as a holding company owning six project-specific Special Purpose Vehicles (SPVs) managing various clean hydrogen projects. By consolidating its ownership and control over these SPVs, HydrogenOne aimed to simplify its structure and attract more investors. SPVs provide benefits such as isolating project risks from the parent company, making it possible to undertake riskier ventures while protecting the overall stability of the organization. The consolidation process involved the transfer of shares from the SPVs to HH2E, with HydrogenOne and Foresight shareholders receiving shares in HH2E in return. This restructuring aimed to streamline the ownership structure and provide greater transparency to investors, ultimately making it more appealing to invest directly in the parent company. As projects near completion and become less risky, stakeholders like HydrogenOne preferred a simplified structure without the complexities of multiple SPVs. This strategic move not only simplifies management but also offers investors a clearer view of future revenue streams. The involvement of law firms, exemplified by Gowling WLG's work for HydrogenOne, highlights the critical role legal entities play in facilitating such transactions and ensuring the successful consolidation of portfolios in the energy sector.