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Ep140: Cost of Capital: 2021 Outlook
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Many developers struggled during 2020 to find tax equity. Economists expect growth to start slow and accelerate by year end. Interest rates remain low, but the yield curve is becoming steeper as the bond market

Ep139: Arcadia's Community Solar Strategy
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Kiran Bhatraju, CEO of Arcadia, and Jorge Vargas, operating partner at Energy Impact Partners, join us to discuss Arcadia’s community solar strategy, including subscriber management. We discuss the benefits of

2020 - A Switchback Year for Tax Equity
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The year 2020 started with the expectation that volume records would be set for tax equity. By late in the first quarter, the pandemic was in full swing, construction crews were sidelined and banks and law...

Ep138: A Look at the Corporate PPA Market
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John D. Powers, vice president, global renewables and cleantech at Schneider Electric, joins us for a close look at trends in the corporate renewable energy market. We discuss how an organization can best accel

Ep137: Community Solar Market Update
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Adam Kuehne, senior vice president of project finance at Summit Ridge Energy, a leading owner-operator of community solar projects in the US, joins us for a community solar market update. We discuss the market

IRS Grants Relief for Offshore Wind Projects and Projects on Federal Land
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Tax Credit Extensions Enacted into Law
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On December 27, 2020, the president signed the Consolidated Appropriations Act, 2021 (the Act), which resulted in its enactment into law. Here’s a link the White House press release announcing that the Act had

Ep136: Tax Extender Bill Unpacked
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Keith Martin, partner at Norton Rose Fulbright, joins us to unpack the tax extenders bill that cleared Congress on Monday night. We discuss how the bill affects solar, wind, and other renewable energy projects,

Ep135: Smart Technology in the Energy Industry
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Nick Merricks, head of UK smart electricity meter products at Landis+Gyr, joins us to discuss smart technology in the energy industry. We discuss how COVID-19 has affected the market, the growing need to invest

Renewable energy tax credits extended
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Many renewable energy developers are scrambling to reevaluate arrangements they put in place this year to start construction of projects to qualify for federal tax credits after Congress extended ...

Renewable Energy and Carbon Sequestration Tax Credit Extensions in the COVID Relief Bill
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Congress appears poised to pass and the president to sign a Covid relief bill that includes extension of the tax credits for renewable energy and carbon sequestration. The legislative text of the pending bill

Ep134: Developing Solar + Storage
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Steve Vavrik, chief executive officer, Josh Prueher, chief financial officer, Mark Klein, chief operating officer, and Doug Moorehead, chief technology officer of Broad Reach Power, join us to discuss their...

Emerging opportunities in the hydrogen market
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Green hydrogen to be on the verge of transforming from an idea into projects on the ground. While many green hydrogen efforts are pilot projects that require government support to be economic, sponsors ...

Washington outlook for renewable energy
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The Biden Administration​ will face greater challenges than any recent administration, not the least of which is the possibility that Donald Trump will remain a constant thorn after leaving office.

Defense bill requires company reporting and extends Jones Act
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Two provisions in the National Defense Authorization Act that Congress is expected to send imminently to President Trump are getting attention from the project finance community.

CCAs signing lots of power contracts
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California CCAs signed 117 power purchase agreements during the period November 2019 through October 2020.

Public utility property: More IRS rulings
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Public utility property questions are taking up a lot of IRS time, but perhaps not for much longer.

Renewables trajectory
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Renewable energy companies have managed to grow in recent years in a market with static demand for electricity by replacing aging coal and nuclear power plants.

IRS tries to simplify LIBOR transition
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The LIBOR transition remains a work in progress.

Multiple tariff issues in play
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Multiple tariff issues are in play that could affect project costs.

Environmental update
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As President-elect Joseph Biden assembles the environment and energy team for his new administration, he is honing his strategy to address climate change in the face of a divided Congress and a leadership ...

Investing in renewable fuel projects
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Among a handful of notable developments as 2020 ends in an uptick in interest in renewable fuel projects. Renewable fuel is not an oxymoron. There are federal regional and state programs to reward the use ...

Financing California hydrogen projects using LCFS credits
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California is the cradle for the newborn green hydrogen industry in the United States. Multiple green hydrogen projects have been announced. Private infrastructure...

An evolving market in Asia for offshore wind
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A number of key factors and trends will influence how the offshore wind market develops in Asia over the next decade. In the meantime, opportunities to invest in offshore wind energy developments are being ...

Financing US offshore wind projects
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Five key players in financings of US offshore wind projects talked at the annual offshore wind conference organized by the American Wind Energy Association in October about the expected terms for US financings

Mexican rollbacks move to the courts
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While the Lopez Obrador administration has been dialing back private participation in the Mexican power sector, the Mexican federal courts have been holding firm against the government's changes in policy.

Post-election analysis
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Congress is back in Washington for a short "lame-duck" session before year end. President Biden will take office on January 20. A new Congress will also be seated in January. Democrats will retain control ...

Energy storage hedges
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Battery storage developers are looking more frequently for contracted revenue streams and for ways to manage commercial risk associated with their projects. One way to do that is through commodity hedges ...

EXIM has work to do at home
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The Trump administration issued an executive order recently directing the US International Development Agency (formerly known as the Overseas Private Investment Corporation or OPIC) to use its project ...

Climbing insurance premiums
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Property and casualty insurance premiums have increased as much as 400% over the last two years in the solar market, and some types of coverage may not be available at any price.

Ep133: Clean Energy and Rural America's Economic Rebound
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Reid Spolek, energy lead at Google, Chris Hansen, vice president of origination and renewables at TVA, Spencer Sessions, senior manager of economic development at TVA and Johan Vanhee, chief commercial officer

Ep132: District Energy Sector Update
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Jonathan Yates, associate principal with Arup, joins us for an update on the district energy space. We discuss why district energy is getting a lot of attention right now, what activity Arup is currently seeing

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,