SWITZERLAND Law and Practice Contributed by: Nicolas Wehrli and Melanie Wilhelm, Loyens & Loeff
Hydropower continues to dominate, with major instal- lations underway. The Trift plant (Bern) will deliver 80 MW and 145 GWh annually by 2028, while the Chlus project (Grisons) is set to add 62 MW by 2027. Solar energy is gaining momentum, especially in alpine regions. The NalpSolar project (Tujetsch, Grisons) will generate 11 GWh annually from 8 MW of ground- mounted panels. Under the federal Solarexpress ini - tiative, SedrunSolar – a 330,000 m² alpine installation – will produce up to 29 GWh/year by 2028, benefiting from enhanced Winter output. Wind power is expanding steadily. The Sainte-Croix wind park (Vaud) began operations in 2024, generat- ing 22 million kWh annually. Additional projects, such as Tramelan-Montbautier and Jeanbrenin-Cortébert, are expected to add over 40 GWh/year combined. Battery storage is advancing with Switzerland’s largest battery park under construction in Bonaduz (Grisons). Scheduled for completion in 2027, it will offer 60 MW of capacity and 120 MWh of storage to enhance grid flexibility. Green hydrogen is emerging as a strategic pillar. In 2024, Axpo and Rhiienergie inaugurated the country’s largest green hydrogen plant in Domat/Ems , produc- ing 350 tonnes annually. A biomass-based hydrogen and biochar facility in Glovelier (Jura) will begin opera- tions in 2026, producing 30 kg/hour from local wood. Bioenergy also contributes to the mix. The Steinbach biogas facility (St. Gallen) converts 4,000 tonnes of green waste annually into 345,000 Nm³ of biogas, generating both electricity and thermal energy. Conventional infrastructure remains relevant. While no new nuclear plants are planned, existing facilities continue to operate under strict oversight. The Fed- eral Council is reviewing the 2017 ban on new nuclear construction, with legislative consultations underway. Beyond generation, Switzerland is investing heavily in infrastructure. In early 2025, Swissgrid released a long- term grid development plan outlining 31 key projects through 2040, backed by CHF5.5 billion in investment. In parallel, Microsoft announced a USD400 million
upgrade to its data centres near Zurich and Geneva to expand cloud and AI capabilities.
2. Establishing and Exiting Early- Stage Companies in the Energy and Infrastructure Industry 2.1 Establishing and Financing a New Company Early-stage companies in Switzerland’s energy and infrastructure sector are relatively rare due to high capital requirements and long development cycles. However, the country’s innovation-friendly legal framework and growing focus on clean technologies are gradually encouraging new ventures. Start-ups typically incorporate as a corporation (AG) or limited liability company (GmbH), benefiting from flexible share structures, fast set up, and investor- friendly features like voting/non-voting shares and dividend preferences. Initial capital contributions are required unless founders opt for a partnership with personal liability. Seed financing is commonly provided by angel inves- tors, family offices, corporate venture arms, and increasingly by seed and Series A funds. Early-stage documentation is usually simple – subscription forms and basic shareholder agreements – though more complex instruments emerge as companies scale. While still niche, venture activity is growing in areas like battery storage, green hydrogen, smart grid tech, and digital infrastructure, supported by Switzerland’s reputation for sustainability and innovation. 2.2 Liquidity Events Early-stage ventures in Switzerland’s energy and infra- structure sector are emerging, particularly in areas like battery storage, hydrogen, and smart grids. While less common than in tech, these ventures are gaining trac- tion due to Switzerland’s innovation-friendly environ- ment and growing sustainability focus. Liquidity events are typically structured as private sales rather than IPOs, given the limited listing activity and high costs of going public. Most exits involve full
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