BELGIUM Law and Practice Contributed by: Thomas Lenné, Mathias Hendrickx, Valentijn de Boe and Bram Devlies, Loyens & Loeff
dre (WE), the economic development agency of the Walloon Region. Their involvement includes invest- ments in renewable energy and mobility infrastruc- ture, strategic partnerships in biogas production, and digital infrastructure investments. Both PMV and WE are also increasing their involvement in the defence sector. PMV has recently expanded its investment scope to include defence-related projects and has accepted a special mandate to establish a dedicated Defence Fund. WE, meanwhile, has announced a strategic investment plan of EUR2.5 billion by 2029, with EUR700 million earmarked for reindustrialisation efforts – including initiatives in the defence sector. 1.4 Energy and Infrastructure Projects The scale of new energy projects in Belgium has grown considerably, with battery energy storage emerging as a particularly dynamic sector. Belgium has been an early mover in creating a sup- portive regulatory framework for battery energy stor- age. Key measures include a specific network tariff exemption for stand-alone, transmission-connected BESS projects, a Capacity Remuneration Mechanism (CRM) offering fixed capacity-based revenues, and a relatively active ancillary services market, which is regularly opened to tenders from flexibility providers. Together, these have significantly contributed to Bel- gium’s recent boom in battery storage investments. Large stand-alone BESS projects are gaining momen- tum, with several recently commissioned and many more in development. In the BESS space, a robust pipeline of mid- to large-scale projects is taking shape. On 26 September 2025, Energy Solutions Group (ESG) inaugurated a 70 MW BESS facility – illustrating a project size that fits well within the Belgian regula- tory framework, where stand-alone utility-scale BESS installations can benefit from favourable network tariff exemptions. Looking ahead, a growing number of stand-alone BESS projects in the 50 to 100 MW range are expect- ed to be commissioned over the coming years. On the renewables side, the most significant devel- opment is the Princess Elisabeth Zone (PEZ) – Bel- gium’s second designated offshore wind zone. Span-
ning approximately 285 km², the zone is expected to accommodate up to 3.5 GW of offshore wind capacity across three plots. While several local and interna- tional consortia have been established to compete in the tender process, the procedure is currently on hold and expected to be relaunched in early 2026. 2. Establishing and Exiting Early- Stage Companies in the Energy and Infrastructure Industry 2.1 Establishing and Financing a New Company Key consideration when establishing an early-stage company include the following. • Legal form – in Belgium, the vast majority of companies take the form of either a private lim- ited company ( besloten vennootschap/société à responsabilité limitée – BV/SRL) or a public limited company ( naamloze vennootschap/société anon- yme – NV/SA). Since the entry into force of the new Belgian Companies and Associations Code (BCAC) in 2020, the BV/SRL has been revised significantly, providing investors and founders with more flexibil- ity in terms of governance, contributions, distribu- tions, and share transfer restrictions. A new feature of the BV/SRL since 2020 is the abolition of share capital. A BV/SRL has no statutory minimum capi- tal as opposed to a NV/SA (ie, EUR61,500), it being understood that both a BV/SRL and NV/SA must be sufficiently funded upon incorporation to allow them to operate their contemplated business for a period of at least two years. • Timing – Belgian law allows for a flexible, cost-effi- cient and swift incorporation of a BV/SRL and NV/ SA. Newcos can be incorporated very quickly but typically take up to two weeks. The complexity of the company to be incorporated, financial plan and KYC obligation of banks (in case of an initial contri- bution in cash to be paid-up prior to the incorpora- tion) may impact the timing of the incorporation. • Residency – no nationality or residency require- ment of directors is required by Belgian law. The appointment of a director residing in Belgium may, however, be considered for tax substance purpos- es in Belgium.
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