“It used to be a nice to have to be seen to be green for properties. Now it is an actual commercial imperative." Energy has moved to the centre of real estate value. Rising power prices, grid constraints, lender expectations and operational risk now sit behind every investment decision. Buildings that cannot secure affordable, low-carbon energy face higher operating costs, a growing brown discount and an increased risk of obsolescence. Those that can, gain an advantage on running costs, liquidity and access to finance. Jonathan Cohen explains how this shift has unfolded. As a specialist energy lawyer with more than 20 years’ experience, he advises utilities, project developers, major energy users, real estate owners and funders on clean-energy transactions across rooftop solar, battery storage, district heating, corporate PPAs and private-wire structures. His work sits at the intersection of infrastructure, regulation and property — where long-term value is increasingly determined. A major part of the discussion focuses on the rapid emergence of zero-capex models for on-site clean energy. Third-party providers now fund, build and maintain rooftop solar and battery systems on long leases. Landlords enhance their asset without deploying capital. Tenants receive cheaper, green power in a high-cost market. Funders gain long-term contracted revenues. We then turn to the hardest constraint of all: the grid. Connection delays stretching into the 2030s are reshaping development timelines and forcing new due-diligence practices. Jonathan sets out why the system is blocked, how “zombie” connection agreements created a backlog, and how new queue-management rules are designed to prioritise viable projects. The conversation also explores corporate power purchase agreements and private-wire arrangements. Jonathan explains where PPAs make sense, what lenders look for, and why location, credit quality and load profile determine whether a structure can deliver real savings and bankable economics. Finally, we examine the growing importance of green leases. Not as broad statements of intent, but as specific, measurable, enforceable clauses that hard-wire energy performance, cost-sharing and change-of-law provisions into the landlord–tenant relationship. The goal is simple: protect asset value, deliver operational efficiency and ensure that sustainability commitments are achieved in practice. The episode offers a clear picture of how energy, contracts and regulation now shape real-estate performance, and what owners, developers and occupiers must get right to build future-resilient assets rather than stranded ones. Episode Chapters 00:00 Introduction, context and why energy now sits at the heart of ESG 01:43 How energy and sustainability in real estate have evolved 05:52 Commercial drivers, zero capex clean tech and on site generation 15:27 Grid connection constraints and their impact on development strategy 26:18 District heat networks and the coming heat regulation regime 29:12 Corporate PPAs, pricing, risk allocation and lender expectations 37:10 Private wire arrangements and local energy solutions 38:54 Green leases, "bankable" clauses and aligning landlords and tenants 44:57 Sharing knowledge, collaboration and what comes next for the sector About Jonathan Cohen Jonathan Cohen is a Partner at Fladgate specialising in energy and low carbon infrastructure. He advises utilities, developers, major energy users, real estate investors, funders and energy services companies on the full life cycle of clean energy projects, from rooftop solar and battery storage through to district heating, EV charging and complex corporate PPAs. With more than twenty years of experience in the sector, Jonathan brings a detailed understanding of how regulation, contracts and financing structures shape the economics of energy for buildings, and how the right structures can protect value for both owners and occupiers.
