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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.

Like-kind exchanges and power plants
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Like-kind exchanges have been largely limited to swaps of land, buildings, transmis¬sion lines, gas pipelines and other “real property.”

PTC inflation adjustments
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Production tax credits for wind and geothermal projects will remain at the same level as in 2019.

Utility partnership flips
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Utilities continue to get private rulings from the IRS about different ways to engage in the renewable energy sector.

Ep104: Clean Energy Associates on Supply Chain, QA and IE Disruptions
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Andy Klump, CEO of Clean Energy Associates, joins us to discuss trends the company is seeing in quality assurance and independent engineering work globally since COVID-19 became a pandemic. He discusses the typ

Trump Executive Order: Impact on Energy Storage
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On May 1, President Trump issued an Executive Order banning the use of certain unspecified grid equipment manufactured by foreign adversary countries.

Ep103: Hawaiian Electric and EVs
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Aki Marceau, director of electrification of transportation, and Yoh Kawanami, director of customer energy resources, operations at Hawaiian Electric, join us to discuss Hawaiian Electric’s efforts to electrify

Massachusetts Property Tax Risk for Net Metered Solar Projects
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Massachusetts provides a property tax exemption for wind and solar projects. A recent opinion by the Massachusetts Appellate Tax Board (ATB) demonstrates the complexity of that rule for projects with net meteri

Ep102: Tax Equity and Carbon Sequestration
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How should carbon sequestration transactions be structured in light of proposed regulations the IRS issued on May 27 about claiming section 45Q tax credits? The IRS has disallowed over half the tax credits...

Notice 2020-41: IRS extends deadlines for renewable energy projects
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The Internal Revenue Service gave developers who started construction of wind farms in 2016 or 2017 more time on May 27 to finish the projects and qualify for federal tax credits.

Q & A – Investment Tax Credits Tax Credits and Storage for Renewable Energy
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Energy storage is hot topic in the renewable energy industry. Our colleague, Caileen Gamache, hosted the Infocast webinar “Energy Storage Contracting: Key Commercial and Legal Issues in a Developing Market”...

Ep101: State of Tax Equity
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Many developers report that the tide appears to be flowing out on tax equity. At the same time, the two largest tax equity investors say it is business as usual for them. We talked to Peter Cross, managing dire

California Ridge update: Developer fees
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On May 21 a US appeals court declined to overrule a lower court that barred developer fees paid to related parties from being included in the tax bases of two wind farms, California Ridge and Bishop Hill.

California Ridge: Developer fees struck down - again
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Developer fees in renewable energy projects took another blow on May 21 after a US appeals court declined to overrule a lower court that barred developer fees paid to a related party from being added to the tax

Ep100: Energetic Insurance: Removing the Risk in Solar Financings
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James Bowen, co-founder of Energetic Insurance, joins us to discuss his company’s story and the problems that its insurance policy solves. We get into who should consider using the product, the value propositio

Ep99: Enel X on EV Charging and the Renewable Grid
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Giovanni Bertolino, head of e-mobility at Enel X, joins us to discuss the rapidly evolving electric vehicle sector and the potential impact on the renewable grid. We discuss Enel X’s role in energy...

Ep98: Uncertain Times: The Roles of International Finance Institutions
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In times of economic and financial crisis, commercial lending and private sector investment into emerging markets – even for projects or opportunities with sound economics and credit fundamentals – often dry up

Ep97: Trump's Executive Order Banning Equipment
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Keith Martin, partner in Washington, joins us to discuss the recent executive order banning equipment provided by companies in foreign adversary countries. We get into what the ban covers, which power projects

US Treasury releases online tool for real estate investments
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The US Treasury has released an online tool to help purchasers and lessees of real estate determine whether the deal is subject to review by CFIUS.

Ep96: DNV GL on COVID-19 and the Renewables Industry
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Ken Elser, senior vice president for project finance and M&A at DNV GL, joins us to discuss how independent engineers are seeing COVID-19 affect renewable energy projects.

Possible transformer tariffs under review
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The US Department of Commerce announced plans on May 4 to launch an investigation that may lead to tariffs on imported electrical transformers and their components.

Trump bans certain power equipment
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President Trump issued an executive order on May 1 banning the “acquisition, importation, transfer, or installation” of transmission and electric generating equipment designed ...

Ep95: An Investor's View of the Market Today
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Ep94: The Current State of the R&W and Tax Insurance Markets
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Gary Blitz, co-CEO, and Matthew Heinz, managing director, of AON M&A and Transaction Solutions, join us to discuss the reps & warranty and tax insurance markets.

PLR Allows Utilities to Buy Power From Their Own Tax Equity Partnership
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Analysis of IRS Private Letter Ruling 201946007 (Nov. 15, 2019) that allowed a utility to purchase electricity from its own tax equity partnership

Ep93: Merchant Storage: A New Frontier
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Brian Warshay, principal consultant for distributed energy resources and energy storage at DNV GL, joins us to discuss merchant storage. We discuss the evolving energy storage value stack, how developers are ma

Environmental update
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The US Environmental Protection Agency announced in late March that it is easing its enforcement of various environmental standards during the coronavirus pandemic on a temporary basis.

Dieting and project finance
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John L. Schuster, with JLS Capital Strategies LLC, discusses the comparison.

US policy outlook for renewable energy
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Abby Hopper, CEO of the Solar Energy Industries Association, Tom Kiernan, CEO of the American Wind Energy Association, and Greg Wetstone, CEO of the American Council on Renewable Energy, talked at the annual...

US solar market snapshot
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Two solar chief financial officers, one solar company co-CEO and one managing director from a private equity fund that is investing heavily in solar talked at the annual Solar Energy Industries Association...

US Export-Import Bank resurfaces
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The US Export-Import Bank has an updated mandate and a new lease on life.

California update
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California residents are under a statewide stay-at-home order that is in effect until further notice.

Coronavirus: Power sector outlook
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This was expected to be a peak year in new capacity additions for wind and solar projects before the coronavirus. How has the outlook changed?

Force majeure and coronavirus
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Now that COVID-19 has hit the global economy like a meteor strike, it is time to dig in and understand what force majeure means for each player in an infrastructure project.

Coronavirus: The tax equity, debt and M&A markets
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A panel discussed these and other questions during a call on March 25.

Worth noting
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Warren Buffett said in his annual letter to shareholders of Berkshire Hathaway in late February that the company paid 1 1/2% of all corporate income taxes collected by the US government in 2019.

Partnership tax audits
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Partnerships are more likely to be audited by the US tax authorities in the future, but the percentage of partnerships that are audited remains small.

Blacklisted tax havens
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The Cayman Islands are the latest tax haven to be added to a European blacklist.

Lawsuits against international development banks
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Lawsuits against international development banks in the US courts face daunting hurdles.

Charges against corporate officers
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Public company executives can face charges of securities fraud if they make misleading statements about construction delays and cost overruns.

New CFIUS filing fees
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CFIUS filings for US in-bound acquisitions will be more expensive in the future.

M&A and state taxes
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Asset sales can trigger taxes in multiple US states on the gain.

Coronavirus fallout
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Coronavirus disruptions may ultimately lead the US government to extend deadlines to start and finish construction of renewable energy projects to qualify for federal tax credits, but the effort is taking time.

Ep92: US EXIM is Back
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Luke Lindberg, senior vice president of external engagement for the Export-Import Bank of the United States (EXIM), joins us to discuss EXIM’s reauthorization after Chairman Reed’s confirmation last May.

Ep91: What the CARES Act Means for Companies
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Keith Martin, partner at Norton Rose Fulbright in Washington, joins us to unpack the $2.2 trillion economic relief bill that cleared Congress on Friday – the CARES Act – and what it means for companies in the p

Coronavirus: Economic relief measures for companies
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The massive relief bill – the CARES Act – that cleared Congress on March 27 has several provisions that may help companies in the project finance market.

Ep90: Taking Stock: Tax Equity, Debt and M&A
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Tax equity for renewable energy was expected to be a US$15 billion market this year, and interest rates on bank debt had dropped to 125 to 137.5 basis points over LIBOR – before the coronavirus hit. Is financin

Demystifying capital accounts in tax equity transactions webinar: Q&A and video
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Below is the Q&A based on the questions raised by the audience during our webinar Demystifying capital accounts in tax equity transactions. Here's the video recording of the webinar. I had the privilege of part

Ep89: Taking Stock: Business Outlook
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This was expected to be a peak year in new capacity additions for wind and solar projects – before coronavirus hit. How has the outlook changed? Is work continuing on projects that are already under constructio

Ep88: US Wind Energy Market Outlook
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Dan Shreve, head of global wind energy research at Wood Mackenzie, joins us to discuss the future of the wind market. We take a look back at 2019, the outlook for 2020, the risks to the supply chain due to coro

Ep87: Coronavirus and the Renewable Energy Industry
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Sue Wang, Ben Koenigsberg and Keith Martin join us to discuss the impacts of coronavirus on the renewable energy industry. We discuss how coronavirus is affecting daily life in Wuhan, the effect on loans...

Demystifying tax capital accounts in tax equity transactions
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The webinar will provide the rules around the capital accounts and dive into numbers to give you a working knowledge you can apply to your job.

Ep86: The LIBOR Transition
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Claire Edwards, knowledge counsel with Norton Rose Fulbright in London, joins us to discuss the upcoming move away from LIBOR, the London Interbank Offered Rate. We discuss the basics of LIBOR, its importanc

Carbon capture tax credit guidance issued by the IRS
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Ep85: The Advantages of a Surety Bond
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Karl Choltus, SVP, national surety practice leader at Beecher Carlson Insurance Services, LLC, joins us to discuss all things surety bonds. We discuss what a surety bond is, their traditional applications...

Ep84: 2019 Review of Renewables
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Sue Wang, senior counsel in our Washington office, joins us to discuss the banner year that renewables had in 2019. We get into the different changes in step-down dates for tax credits, what types of projects..

Soundbites from Infocast's Wind Power & Finance Summit
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David Burton shares soundbites from Infocast’s Wind Power Finance & Investment Summit held in San Diego.

Cost of capital: 2020 Outlook
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A group of industry veterans talked in late January about what to expect in the year ahead for tax equity, bank and term loan B debt and project bonds in a widely heard conference call.

Lending to hedged wind and solar projects
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Quasi-merchant projects that sell into the spot electricity market and use hedges to put a floor under the electricity price are becoming more common, particularly in ERCOT where power purchase agreements...

Reading the market
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A group of investors and the CEO of one of the most successful independent power companies had a wide-ranging discussion about the state of the market and where they see opportunities.

Renewables and PJM capacity auctions
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The Federal Energy Regulatory Commission is likely to hold a rehearing of its controversial decision in late December to require renewable energy and nuclear generators bidding into PJM capacity auctions...

DFC replaces OPIC
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The Overseas Private Investment Corporation changed in January into the United States Development Finance Corporation.

Power contracts and utility bankruptcies
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A US appeals court made it easier in December for long-term power purchase agreements that independent generators sign with utilities to be set aside in utility bankruptcies.

Environmental update
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BlackRock, the world’s largest asset manager with $6.8 trillion in assets under management, declared in January that “climate risk is investment risk” and announced that sustainability...

Coronavirus: Effect on US wind and solar projects
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Coronavirus has led some equipment suppliers who rely on Chinese factories to send force majeure notices that deliveries will be delayed.

Unpredictable tariffs
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Unpredictable tariffs remain a threat to project economics.

Tax extenders and renewables
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The US reversed course and increased tax credits for new wind projects that start construction in 2020 compared to 2019.

Tax equity lawsuits: DC Solar
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Eight tax equity investors in the DC Solar deals filed suit in December against the law firms that wrote opinions as well as the accounting firms, appraisers and brokers involved in them.