The Pexapark Podcast The Queen of PPAs: Natasha Luther-Jones on how Deal Making in Renewables & BESS is Evolving
Nov 13, 2025
Natasha Luther-Jones is a Partner and Global Co-Chair of the Energy and Natural Resources sector at DLA Piper, specializing in renewable energy deal structuring. She discusses the evolving landscape of Power Purchase Agreements (PPAs), highlighting how hyperscaler demand is reshaping legal frameworks. Natasha dives into multi-buyer models and credit support strategies, the impact of Spain's blackout on contract management, and emerging trends in Battery Energy Storage System agreements. Her insights emphasize the balancing act of regulation and market dynamics in renewable energy.
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Hyperscalers Rewrote The PPA Playbook
- Hyperscalers reshaped PPAs, driving demand for innovative structures and consumption-focused deals.
- Natasha Luther-Jones says data centers now sit at the center of most PPA conversations.
Partial Standardization Has Arrived
- Several standard forms exist now: hyperscalers' forms, EFET and law-firm templates have driven partial harmonization.
- Natasha notes PPA standardization progressed as big buyers published repeatable contract forms.
Prioritize Credit And Negative-Price Protections
- Anticipate lender focus on negative pricing, credit support and assignment/change-of-control provisions in long PPAs.
- Structure credit protection and negotiation priorities early to satisfy banks and investors.