The stage is set for substantial growth of the renewables sector in the years to come. Market and policy developments are creating opportunities for existing developers to increase their project pipelines and for new entrants such as oil and gas majors to quickly scale up their renewables portfolios. A number of utilities in the United States are increasing investment in renewables generation and investing in new battery and hydrogen technologies. Likewise, investment, pension and private equity funds and special-purpose acquisition companies (SPACs) and others not previously active in the renewables sector are looking to invest in the renewables sector, and their interest is driving an active M&A market. The renewables sector is rapidly evolving, and dealmakers need to keep up with current developments in the relevant market and regulatory environments, the key diligence considerations unique to the renewables sector and how these factors affect transaction structuring. In Part 1 of this series, we gave an overview of the global renewables market and key trends and regulatory developments in Europe. Part 2 covered key trends and regulatory developments in the United States. This Part 3 covers key due diligence and deal structuring considerations for renewables transactions, including in respect of financing and JV governance.