SWITZERLAND Law and Practice Contributed by: Nicolas Wehrli and Melanie Wilhelm, Loyens & Loeff
• targets to be met primarily through domestic meas- ures. These align with the Swiss Climate and Innovation Act (approved in June 2023), which sets a net-zero goal by 2050, with interim targets of 75% by 2040 and 89% by 2050. ESG Regulation The Swiss Ordinance on Climate Disclosure, effec- tive from 1 January 2024, mandates climate-related reporting in line with Task Force on Climate-related Financial Disclosures (TCFD) standards for qualify- ing public-interest entities (≥500 full-time employees (FTEs), CHF20 million balance sheet or CHF40 million revenue). Required disclosures include: • governance, strategy, and risk management; • transition plans aligned with Swiss climate targets; and • quantitative CO₂ and GHG metrics, assumptions, and methodologies. Reversal of Nuclear Phase-Out While the 2017 Nuclear Energy Act prohibits new nuclear plants, the Federal Council announced in August 2024 its intent to repeal this ban via an indirect counterproposal. A consultation process ran through April 2025, with 262 stakeholders invited to comment. See also 6.1 Significant Court Decisions or Legal Developments and the Switzerland Trends and Devel- opments chapter in this Guide. 1.3 Access to the Energy and Infrastructure M&A Market Investor interest in Switzerland’s energy and infra- structure sector remains strong, particularly in renew- able energy assets. Acquisitions in solar, wind and hydropower projects are aligned with the country’s net-zero emissions target by 2050. This momentum is further supported by recent regulatory developments, such as the Federal Act on a Secure Electricity Sup- ply and the Climate and Innovation Act, which have created a favourable environment for clean energy investments.
Private equity firms are actively acquiring platforms and project portfolios, drawn by the stable, long-term returns typical of infrastructure investments. Their involvement is especially visible in emerging technolo- gies like battery storage and green hydrogen, which are critical to grid stability and the broader decar- bonisation agenda. Institutional investors, including pension funds and sovereign wealth funds, often co- invest with private equity or participate via infrastruc- ture vehicles to access large-scale projects, particu- larly in energy networks and transport infrastructure. Strategic corporate investors, notably utilities and energy companies, are acquiring assets to meet reg- ulatory targets and expand their renewable energy offerings. These players are also driving innovation by integrating digital capabilities into infrastructure operations. As Switzerland continues to modernise its energy systems, M&A activity is rising in compa- nies offering smart grid solutions, energy management platforms, and advanced data analytics. Swiss energy companies are expanding their foot- print across Europe, acquiring renewable assets in neighbouring countries to diversify portfolios and scale operations. This outbound activity complements inbound investment from international players attract- ed by Switzerland’s stable regulatory framework and reputation for sustainability. Strategic partnerships are becoming more prevalent, especially between energy providers and technology firms. These collaborations aim to streamline opera- tions and develop innovative business models that reflect the convergence of energy, mobility, and data. Specialised infrastructure funds are increasingly tar- geting sectors such as digital infrastructure, transport, and energy storage, leveraging Switzerland’s leader- ship in clean technology and ESG-aligned growth. 1.4 Energy and Infrastructure Projects Switzerland is advancing a broad portfolio of energy and infrastructure projects aligned with its Energy Strategy 2050 and net-zero goals. While hydropower remains central to electricity generation, the focus is shifting toward renewables – particularly solar, wind, battery storage, and hydrogen – alongside strategic upgrades to conventional infrastructure.
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