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Ep131: An Introduction to the World Energy Council
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Dr. Angela Wilkinson, secretary general of the World Energy Council, joins us to discuss the Council’s mission. We get into the differences between the Council and other organizations, the impact that COVID-19

How the US Election Will Affect Renewables
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Keith Martin gave a market update on November 18 that is largely an analysis of how the US election results will affect the renewable energy market, but that also include other updates. The presentation was a

Potential major overhaul of Mexican employment structures
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Mexican President Andres Manuel López Obrador sent the country’s House of Representatives a proposed set of amendments ...

Ep130: Risk Management in 2020
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Kimberlee Centera, CEO of TerraPro Solutions, joins us to discuss her company and how it is handling risk management during this unprecedented year. We get into what TerraPro Solutions does, some of the risks i

Ep129: Post-Election Analysis
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Five veteran Washington observers talked about what changes to expect for renewable energy and the project finance market as a result of the election. John Gimigliano, principal in charge, federal tax and regul

Ep128: Investing in Energy Innovation
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Chris Leary, investment partner at Orion Energy Partners, joins us to discuss how the company invests in energy innovation. We get into how Orion defines energy innovation, what it has already invested in, why

Major water PPPs announced in Mexico
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The Mexican government issued international public tenders this week for the award of two major public private partnership (PPP) water projects in Los Cabos, Baja California Sur.

Ep127: Residential Geothermal Energy
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Kathy Hannun, president and co-founder of Dandelion Energy, joins us to discuss residential geothermal heating and cooling. We dive into her background, why she decided to form Dandelion Energy, how geothermal

Ep126: Bitcoin and the Energy Industry Explained
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JohnPaul Baric, CEO of Aurum Capital Ventures Inc., joins us to explain the relationship between bitcoin mining and the energy industry. We dive into what bitcoin mining is, why bitcoins are scarce, how bitcoin

Ep125: What's New in the Market
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The November elections carry significant potential upside for renewable energy companies. The election is factoring into construction-start strategies. A FERC order involving Broadview Solar has many solar...

Ep124: ESG and Solar Energy Infrastructure
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Yuri Horwitz, CEO of Sol Systems, joins us to discuss the convergence of social and environmental impact principles on solar energy infrastructure. We talk about what motivates corporations to take action, the

SPACs gain in popularity
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Some renewable energy companies are thinking about special-purpose acquisition companies — called SPACs — as a possible means to access the public equity markets.

LIBOR end may disrupt emerging market lending
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The anticipated cessation of LIBOR at the end of 2021 presents an ominous predicament for foreign lending into emerging market economies.

FERC opens one door and closes two others
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FERC Order No. 845, 2222: Three orders by the Federal Energy Regulatory Commission in September will have significant effects on different segments of the US independent power market.

COVID-19 and business interruption claims
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Several project developers and other businesses around the world have filed claims under business interruption insurance policies due to interruptions in work during lock-downs resulting from COVID-19.

How to construct a “ring fence”
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A key feature of project financings is to “ring fence” a project company from the rest of the businesses of a sponsor.

Products for corporate offtakers
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Companies that are parties to virtual power purchase agreements may find themselves taking on more risk than they had originally anticipated.

Depreciation bonus questions answered
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Depreciation bonus regulations that the Internal Revenue Service issued in September 2019, and then tweaked in September 2020, answer a number of questions that have been coming up in M&A and tax equity...

Powering data centers
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Technology companies with significant data center operations are responsible for more than 16,600 megawatts of the approximately 26,000 megawatts of total renewable capacity contracted for under corporate...

Environmental update
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California Governor Gavin Newsom signed a broad executive order in September that sets a goal of requiring all new passenger vehicles sold in the state to have zero emissions starting in 2035...

China and “unreliable entities”
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China is threatening to put some western companies on an “unreliable entities” list.

Trump grid order update
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The Trump bulk-power system order said guidance would be issued by the US Department of Energy by September 28, but November may be more realistic.

Tariffs: China, solar, steel, aluminum and wind towers
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More than 3,400 companies have filed suit against the Trump administration to get back tariffs paid on Chinese products.

Offshore wind lease moratorium
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No new offshore wind leases will be issued by the US government for the area off North Carolina, South Carolina, Georgia and Florida for a 10-year period starting July 1, 2022.

North Carolina takes aim at tax equity deals
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Tax equity investors who invested in North Carolina solar projects expecting to claim a 35% state tax credit are watching two cases closely.

Solar projects and New York property taxes
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New York property taxes must be paid on a solar project on land owned by Cornell University, a court said.

Hawaii repeals solar tax credit
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Hawaii is cancelling a 35% tax credit for solar projects that are five megawatts or larger in size and that have power purchase agreements that must be approved by the public utilities commission.

Utility can deduct contributions to wildfire fund
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Payments into a state fund to pay for wildfire damage can be amortized for US tax purposes over 15 years, the IRS said.

FCPA: Payment to government-controlled investment bank
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The US Justice Department said in August that a $237,000 fee that a US fund manager planned to pay an investment bank owned by a foreign government for help with an acquisition ...

Solar projects and “public utility property”
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Another public utility property ruling was issued by the Internal Revenue Service.

Overestimation of solar output
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The solar industry has anecdotally begun raising concerns about whether solar power plants are underperforming compared to their P50 output forecasts.

Ep123: 2020 Solar Generation Index
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Richard Matsui, CEO and founder of kWh Analytics, joins us to unpack a new kWh study that found US utility-scale solar projects are underperforming P50 production estimates on average by 6.3%.

Ep122: The Highlander Transaction: sPower's 620-MW Solar Plant
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Brian Callaway, vice president, structured finance at sPower, and Conor McKenna, managing director at CohnReznick Capital Markets, walk us through the Highlander transaction, sPower’s 620-MW solar project and t

Ep121: Edison Energy's Return to Europe
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Christen Blum, vice president, renewables advisory and analytics, and Emily Williams, vice president, strategy and sustainability at Edison Energy, join us to discuss vPPAs, PPAs and Edison’s entrance into the

Ep120: Entrepreneur Targeting Climate Change: Norman Crowley
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Norman Crowley, serial entrepreneur and founder and head of Cool Planet Group, joins us to discuss his entrepreneurial adventures in renewables and what his nonprofit foundation, The Cool Planet Experience, was

More PURPA Rollbacks: FERC Upends Nearly 40-Years’ of Precedent on Determining QF Size; Leaves Energy Storage Questions Unresolved
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In 1981 FERC held that the size of a qualifying small power production facility (“QF”) is measured by the amount of capacity it can “send out” to the grid. (Occidental Geothermal, Inc., 17 FERC ¶ 61,231 (1981)

Ep119: Mexico Renewables Market Update
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Raquel Bierzwinsky, partner in Norton Rose Fulbright’s Mexico City and New York offices, joins us to discuss the renewables market in Mexico almost two years into AMLO’s term in office. She goes over the shift

Ep118: California Blackouts and Renewables
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Jan Smutny-Jones, chief executive officer of the Independent Energy Producers Association, joins us to discuss the recent blackouts in California and how the renewables industry is related. Jan explains what ha

Carbon sequestration tax credits
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Ep117: Commercial Bank, Term Loan B and Project Bond Markets
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Ralph Cho and Mike Pantelogianis, Power & Infrastructure Finance Co-heads for Investec in North America, join us to discuss the commercial bank, term loan B and project bond lending markets.

Disappearing tax equity
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Tax equity investors from five banks talked during a conference call in late July about the condition of the US tax equity market.

Lessons learned from the PG&E bankruptcy
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Two senior bankers and the general counsel of a prominent renewable energy developer talk about what effect the PG&E bankruptcy has had on the ability to finance renewable energy projects in California.

Cap on interest deductions explained
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The IRS filled in detail in July in 860 pages of new regulations about how the cap works on the interest expense that a company can deduct each year.

Slowdown in corporate PPAs
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New corporate PPAs have become scarce. Brokers and lawyers report less interest among US companies in signing long-term corporate power purchase agreements due to uncertainty about the economy.

DFC window opens for domestic loans
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The US government is making available new loans to fund domestic private-sector projects that support the domestic industrial-base capabilities necessary to respond to the COVID-19 outbreak.

SOFR too volatile?
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Some analysts are questioning whether SOFR — the new base interest rate that will replace LIBOR in US contracts — is too volatile to serve as a good replacement.

US offshore wind set to overtake oil & gas
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US offshore wind will come close to overtaking offshore oil and gas over the next 10 years in terms of new capital expenditures, according to consultancy Wood Mackenzie.

Banks and partnership flips
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National banks have been given clearer guidelines by the US Comptroller of the Currency about when they can participate as tax equity investors in partnership-flip transactions.

Utility tax equity deal
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A utility tax equity filing with the Public Service Commission of Wisconsin reveals interesting data points about the current tax equity market.

Renewables and public utility property
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Utilities keep asking the IRS whether renewable energy projects they plan to own will be “public utility property.”

Valuation issues feature in pipeline dispute
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The property tax assessment on a natural gas pipeline was more than 50% too high, an appeals court said in August.

Carried interests and Section 1061
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Carried interests in partnerships earn income that is harder to report as long-term capital gain.

Powerex saga with Oregon
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Oregon lost another round in a long-running battle with the BC Hydro trading arm, Powerex, over whether electricity and gas that the company sells to customers in California, but that pass through Oregon ...

California update
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A California Public Utilities Commission decision in late June should lead to wider adoption of micro-grids in the state, at least in the service territories of the three large investor-owned utilities.

Virginia and retail choice
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Virginia told Walmart that it could not enter into one or more corporate power purchase agreements to buy electricity for its 188 stores in the state.

Government relocation payments and Section 118
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Government payments to induce a company to relocate had to be reported as taxable income, a US appeals court said in late July.

Taxes on Native Americans
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American Indians are subject to US income taxes on gravel mined on the reservation, a US appeals court said in August.

Tax planning strategies as trade secrets
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A tax planning strategy is not a trade secret, a US appeals court said in late July.

New sleep aid: US tax code
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New sleep aid. TaxAct advertises on its website a new recording of a person reading the US tax code.

Surety bonds compared to LCs
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Parties to project finance transactions are sometimes asked to accept surety bonds as security in place of letters of credit. There are key differences between the two instruments.

Floating solar
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Floating solar — also known as floatovoltaics — is a small but growing segment in the solar energy industry.

Environmental update
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The Trump administration weakened a major climate-change regulation in August by eliminating the obligation that oil and gas companies detect and repair methane leaks.

PURPA overhauled
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Independent cogeneration and small renewable energy projects have lost key protections from merchant risks that they have relied on to help secure financing for the past 40 years.

Pension plans pressured over ESG investments
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A US Department of Labor proposal to bar retirement plan administrators from considering ESG factors when choosing investments could have a significant effect on the renewable energy sector.

California moves to shield solar from split-roll initiative
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The California legislature may shield nonresidential solar projects from a property tax increase that is on the state ballot this November.

DOE starts implementing Trump bulk-power system order
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A US Department of Energy request for information to help it implement the Trump bulk-power system order identifies six foreign adversaries against which the order is directed.

Ep116: Floating Wind: US Outlook
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Dr. Alana Duerr, director, offshore wind North America at DNV GL, joins us to discuss the outlook for floating wind in the United States. We get into what floating wind is, the different types, in which global

Ep115: Enabling Bankability for New Technologies
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Tom Dickson, CEO of New Energy Risk, joins us to discuss how the company is enabling project finance and bankability for new technologies through insurance. We go over the void that New Energy Risk is filling,

Ep114: COVID-19's Effect on Utilities
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Robert Mudge, principal at The Brattle Group, joins us to go over the company’s report on the impact COVID-19 is having on utilities. We go over how electric load has been affected, how effects vary among diffe

Ep113: Condition of the Tax Equity Market
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Many developers report trouble raising tax equity this year for renewable energy projects. This is the third in a series of calls since late March with different tax equity investors to test the current conditi

Ep112: Solar Risk Assessment Report 2020
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Richard Matsui, CEO and co-founder of kWh Analytics, and Dana Olson, solar segment leader at DNV GL, are back to discuss the second annual "Solar Risk Assessment" report in which they, along with industry exper

Ep111: Lessons Learned from PG&E's Bankruptcy
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PG&E is on its way out of bankruptcy, and there are many lessons to learn from the largest American utility’s second trip through bankruptcy. We briefly cover the political and regulatory issues lurking in the

Ep110: Behind-the-Meter Storage
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Brian Warshay, principal consultant, DER and energy storage at DNV GL, joins us to discuss opportunities in behind-the-meter storage. We get into how companies can make money in BTM solar and storage, how the p

Ep109: What's New in the Market
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Another economic stimulus bill is expected in August. A refundable tax credit proposal has gotten traction among Republicans. Tax equity is harder for many developers to find this year. A key motion being argue

Bonus depreciation proposed regulations: previously-owned property
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Landmark federal energy storage order upheld
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A landmark order passed by FERC in 2018 paving the way for energy storage deployment has been upheld in court.

Ep108: Making C&I Solar More Attractive to Institutional Investors
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Steve Cunningham, managing partner of Madison Energy Investments, joins us to explain the details of investing in C&I solar. We discuss what C&I means in the context of size, offtaker and style, why it exists

Bonus depreciation proposed regulations: Floor plan financing
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David Burton discusses updated proposed regulations under section 168(k) and addresses their effect on dealerships with floor plan financing.

Ep107: Energy Storage in ERCOT
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Caitlin Smith, vice president, and Matthew Berend, co-founder, of AB Power Advisors, and Sam Porter, senior counsel at Norton Rose Fulbright, join us to discuss energy storage projects in ERCOT. We discuss what

Ep106: Brightmark on Renewable Natural Gas
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Bob Powell, founder and CEO of Brightmark, joins us to discuss his company and the important environmental problems it is solving. He discusses the projects on which the company is working in renewable natural

Bonus depreciation proposed regulations: Leasing to a utility
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This update describes the effect of the updated proposed regulations on transactions related to property leased to regulated utilities.

Ep105: Distributed Generation's Reaction to COVID-19
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Richard Dovere, managing member of C2 Energy Capital, joins us to discuss how COVID-19 has affected the distributed generation sector. We discuss factors that are coming into play on resiliency and the role of

Trump bulk-power system order: Market reaction
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Market reaction to the Trump bulk-power system order has been mixed. Some tax equity investors and lenders moved quickly to require sponsors to fund any future costs to replace foreign adversary equipment ...

California split-roll initiative upsets solar developers
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A California “split-roll” ballot initiative would change the way commercial property is taxed in California and lead potentially to significantly higher property taxes on solar projects.

Corporate VPPAs: Risks and sensitivities
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Eighty-two percent of power purchase agreements signed with US corporate offtakers in 2019 were “virtual” PPAs that do not involve physical delivery of electricity.

Financing storage
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Although the coronavirus pandemic is expected to trim global storage installations by almost 20% according to some analysts, 2020 should still be a record-breaking year for new storage projects in the US.

Rights to block bankruptcy filings in doubt
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A federal bankruptcy court decision in May has called into question the validity of certain “bankruptcy-remote” structures frequently used by businesses, particularly in project financing.

Evolving Middle Eastern power market
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The Middle East power market, particularly in the Gulf Cooperation Council, is currently undergoing a transformation as the region shifts to more renewable energy.

Financing subsea cables in Latin America
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Subsea cables that are key to economic growth in Latin America are expected to require more than $1 billion in new investment over the next five years.

Environmental update
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A new Trump executive order in early June directs federal agencies to waive required reviews of environmental impacts from proposed infrastructure projects to be built during the COVID-19 pandemic.

State of the tax equity market
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Many renewable energy developers are having a hard time raising tax equity this year. A number of mainstream investors are no longer writing term sheets. Even investors who are still doing deals are turning ...

The virus, the bear and the cost of capital
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Three lenders and the managing partner of a private equity fund talked in late May about how coronavirus and the economic downturn are affecting the cost capital for the US power sector ...

COVID-19 and financing in emerging markets
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Development finance institutions and export credit agencies are called to step into the breach during economic downturns. How are they responding to COVID-19?

Solar securitizations and the Federal Reserve
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The New York Federal Reserve Bank confirmed informally by email in late May that it is not prepared to use one of its new lending windows to maintain liquidity in private debt markets to finance ...

Partnership “tax capital”
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Partnerships will have to track another metric called partner “tax capital” starting next year.

Fluctuating solar and wind import tariffs
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Changes in US import tariffs remain a constant risk in the Trump era. US companies paid more than twice the import duties last year that they paid in 2017.

Massachusetts property taxes and net metering
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A Massachusetts property tax exemption for wind and solar projects does not apply to the extent net metering credits earned by the project are sold to entities, like schools and local governments...

Annual rite: IRS priority guidance plan
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Every summer the IRS collects suggestions about tax issues on which it should issue guidance and then comes up with a priority guidance list.

STARS: Wells Fargo transaction struck down
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A structured finance transaction was partly rejected by a US appeals court. Three other banks that engaged in similar transactions have gone to court to defend the hoped-for tax results in the transactions.

TransCanada: New York franchise taxes
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A New York electricity generator qualified for a $350,000 cap on part of the annual franchise taxes it had to pay in the state.