An expanding range of environmental risks can give rise to contingent liabilities for organisations as they acquire and divest businesses and property portfolios. Environmental legislation continues to be enacted and regulators have increased enforcement activity due to high profile losses that have impacted the public purse. This is clearly apparent from the:
- EPA’s recent publication of a new framework for the management of contaminated land at IPPC and Waste Licensed operations that will result in increased vigilance and more robust assessment of these liabilities.
- Far reaching breadth of the Environmental Liability Directive which requires all operators to restore environmental damage to baseline conditions for protected habitats and species using compensatory and complimentary remediation.
- Potential significant liabilities to rectify planning and environmental deficiencies in renewable energy development projects.
ERS provides bespoke due diligence services tailored specifically to each project that quantifies foreseeable contingent liabilities and unknown liability risks. We work with clients proactively to overcome uncertainty, develop solutions and negotiate deals.
Shane Herlihy has led multi-portfolio due diligence projects across Europe, including:
- The Quinn Group’s Manufacturing and Property assets across Ireland, UK, Europe and Russia on behalf of the Irish Bank Resolution Corporation (formerly Anglo Irish Bank) and the National Treasury Management Agency.
- SWS Energy’s 500MW on-shore wind farm portfolio during Bord Gáis Energy’s successful acquisition of operational and development projects across Ireland & Northern Ireland.
- Wolsely plc’s successful divestiture of over 100 property sites across Ireland and Northern Ireland.