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Ep73: Superpower: One Man's Quest to Transform American Energy
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Russell Gold, senior energy reporter for The Wall Street Journal, and Michael Skelly, a senior advisor at Lazard and founder of Clean Line Energy Partners, join us for a discussion about Gold’s new book on the

Are you using the right version of the IRS’s Solar Start of Construction Notice?
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IRS Notice 2018-59 was generally welcomed news to the solar industry as it provided the industry specific guidance as to how to start construction to ensure that a project would qualify for ...

Ep72: The ITC Extension Bill and What it Means for the Industry
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Jessie Robbins, senior director of structured finance at Sol Systems, joins us to talk about the ITC extension bill. We talk about whether developers still need to worry about safe harboring, how the ITC step

Ep71: BloombergNEF's New Energy Outlook
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Ethan Zindler, head of Americas at BloombergNEF, joins us to discuss their New Energy Outlook. We get into how the outlook differs from others in the market, some of the biggest and most surprising findings...

Ep70: Solar Refinancing and M&A
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Richard Matsui, founder and CEO of kWh Analytics, is back to give us an update on their Solar Lendscape from the asset owners’ perspective.

Investing in US Solar: US Tax Aspects for Japanese Investors
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David Burton gave a presentation at the Japan Institute for Overseas Investment on US tax fundamentals for Japanese investors investing in US solar projects.

ITC extension?
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An investment tax credit extension is back before Congress.

Extending the four-year window
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The four-year window to finish some renewable energy projects to qualify for federal tax credits will be extended in one situation, the IRS said.

Reportable transactions
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Some transactions must be reported to the IRS as potential corporate tax shelters.

Section 195 deductions
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Start-up companies can be actively engaged in business even though there are no sales.

Inverted leases
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Base case models in tax equity deals can take a person quickly into the weeds, but the details are important.

Data points
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Moody’s said in early July that it expects coal to account for as little as 11% of US power generation by 2030.

California on edge
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What does the PG&E bankruptcy suggest for the utility business model? Some banks have stepped back from financing new projects in California for fear that future wildfires may threaten other utilities.

Raising capital in a market in transition
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Capital is usually harder to raise during periods of uncertainty about government policy. Lenders and investors adjust to changes in the market itself.

Storage versus gas
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Developers are pushing ahead with more gas-fired power projects, and lenders stand ready to finance them, but equity may be in short supply.

Developers on financing issues
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A group of top finance officers at wind and solar developers talked about current issues crossing their desks at the 30th annual global energy and finance conference in California in June.

C-PACE poised to grow in New York
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Commercial PACE lending to make energy efficiency improvements and install renewable energy systems in office buildings and other commercial properties is expected to increase in New York...

Environmental update
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The US Department of Agriculture has taken a significant step toward finalizing its revisions to Obama-era policies for conserving the greater sage grouse and its habitat in five Western states.

Buying a wind farm
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Anyone buying a wind farm should be aware of a number of issues that can affect the value or even viability of the project.

“Protected” versus “registered” series LLCs
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Under the Delaware limited liability company statute, an LLC can create different combinations or series of members, managers, interests or assets by p...

Unpredictable tariffs
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Tariffs remain a significant hazard for developers who must commit to supply electricity at fixed prices only to have the US slap an import tariff on key equipment before the project can be built.

FOIA: Keeping information confidential
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A US Supreme Court decision in late June will make it easier for federal agencies to withhold confidential information received from private companies from public disclosure when responding to Freedom of Inf...

Cryptocurrency crackdown
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Cryptocurrencies are in the IRS crosshairs.

Developer fees
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Developer fees are in less favor after a decision by the US claims court in June to bar a wind developer from adding developer fees to the tax basis it used to calculate Treasury cash grants on two wind farms.

PJM capacity, grid reliability and PURPA
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Several major issues that affect large segments of the power industry remain on the Federal Energy Regulatory Commission agenda as it heads into the fall.

Capital gains indexing and tax equity
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Capital gains indexing could affect tax equity deals.

Floating solar projects
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Floating solar projects may not command the same market share ultimately as offshore wind, but they are starting to get traction.

Financing in an era of shorter PPAs
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What is the future for project finance when corporate PPAs and hedges make up a growing share of the market, and corporations are losing interest in committing to contracts even with 10-year terms? Banks fin...

Deteriorating service
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Taxpayers got through to the Internal Revenue Service, when calling during the last filing season about compliance issues, only 33% of the time after an average wait of 41 minutes, according to Nina Olson, the

The LIBOR transition
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The LIBOR transition is getting high-level attention in Washington.

The shift to electric vehicles
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The transportation sector is headed toward mass electrification. It accounts currently for 29% of energy usage in the United States.

Ep69: The Re-entrance of US ExIm Bank
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John Schuster, founder and president of JLS Capital Strategies, LLC and former vice president and head of the structured finance division of US ExIm Bank, joins us to discuss US ExIm Bank’s re-entrance.

Ep68: The Current State of the California Market
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Jan Smutny-Jones, CEO of the Independent Energy Producers Association, joins us to discuss the California market. We discuss the current appetite for new investment in the state...

Two Favorable IRS Notices: “Start of Construction” Relief for Department of Defense Delays and PTCs Increased from $24/MWh to $25/MWh
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The IRS has issued two notices that are beneficial to the wind industry.  The first, which applies to all wind projects (including those in their first ten years of operations) increases the OTC

Ep67: The M&A Landscape for Renewables
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Ted Brandt, CEO and founder of Marathon Capital, joins us again to discuss his overall perspective on how active the M&A market is for renewables right now and what he sees in the next six months.

Ep66: Tax Market Update
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David Burton, partner in our New York office, joins us for an update on recent headlines in the tax market. We discuss the recent opinions of the US Court of Federal Claims, repowerings and more.

Ep65: The Solar Market: Today and Tomorrow
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Tom Buttgenbach, CEO and president of 8minute Solar Energy, one of the most successful developers of utility-scale solar projects in the United States, joins us to discuss what he sees in store for the market

Claims Court finds related-party developer fee lacks economic substance
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The renewable energy industry has been waiting since January for the opinions of the US Court of Federal Claims in Bishop Hill Energy, LLC and California Ridge Wind Energy, LLC.

Cost of capital: 2019 Outlook
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Around 2,000 people patched into a call in January for a discussion about the outlook for tax equity, bank debt, term loan B debt and project bonds in the US project finance market.

Offshore wind and state laws
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Offshore wind projects more than 12 miles offshore are less likely to be subject to state laws after a US Supreme Court decision in mid-June.

Electricity data points
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Strong growth in natural gas production in the US will keep downward pressure on natural prices in 2019 and 2020.

Development banks: Immunity from lawsuits
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A US Supreme Court decision has left room for debate about when development banks can be sued in US courts.

Physical fixed-volume hedges
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Norton Rose Fulbright holds internal training sessions for lawyers in its projects group. The following is from a session in mid-June about physical fixed-volume hedges.

US solar financing update
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Senior executives of four solar companies talked at the annual Solar Energy Industries Association finance workshop in New York this spring about the state of the market.

Opportunity zones and renewable energy
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Opportunity zones have been something of a disappointment so far to renewable energy developers. Developers have been looking at them as a possible way to raise equity for their projects.

Energy storage: Warranties, insurance and O&M issues
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Standard warranties for lithium-ion batteries covering both performance and defects are two years, but extended warranties can be purchased.

Covariance risk: What it is and how to manage it
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Project sponsors, banks and tax equity investors in transactions with hedges may be overlooking some risks that wind projects are bearing. Each risk should be borne by the party best able to manage it.

Nuclear abandonment loss allowed
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An abandonment loss can be claimed on a cancelled nuclear power plant, even though the utility plans to pursue recovery of its costs through a rate increase.

Foreign subsidiary loan guarantees
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Pledging a foreign subsidiary's assets to guarantee repayment of a loan to the parent company triggered income taxes.

Refined coal credits draw fire
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Refined coal tax credits drew fire from three US Senators in early June.

Solar projects and "public utility property"
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Solar projects owned by regulated utilities are not “public utility property” if the electricity is sold at market rates, the IRS confirmed.

PTCs: 2019 inflation adjustment
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Production tax credits for some renewable energy projects will be slightly higher in 2019.

Tax extenders start moving
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Tax extenders are starting to move through Congress.

Beneath the surface: The emerging US consensus on climate change
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A conservative Republican former congressman, an associate editor of the conservative National Review, a former policy analyst for the National Association of Manufacturers ...

How to plan ahead for back-leverage
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Cash is king as developers race to start construction on US projects before wind and solar tax subsidies disappear.

Environmental update
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US economic growth is causing carbon dioxide emissions from sources like factories, planes and trucks to surge.

How storage will grow
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Energy storage is a solution to a range of problems. Different “use cases” are getting traction. Storage has not yet reached a tipping point in the United States, but adoption is accelerating.

New Financial Products for Project Financiers
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Here’s a link to a short presentation that Rob Eberhardt and David Burton prepared on six new financial products for project financiers.

Soundbites from Novogradac’s Renewable Energy Conference
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Soundbites from Novogradac’s 2019 Financing Renewable Energy Tax Credits Spring Conference in San Francisco on May 23. The soundbites are from remarks made by panelists.

Ep64: Thermal Power Hedging
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Noam Berk of Dean Street Capital Advisors joins us to discuss interesting developments in thermal power hedging as well as key hedge products. We get into the details of tolls, HRCOs, RPOs, spark spread swaps,

Ep63: The Business of Repowering
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Ali Ghorashi, head of section, wind independent engineering at DNV GL, joins us to unpack the business of repowering, which has become relevant in the past few years.

Soundbites from Infocast's Solar Power & Finance Summit
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Infocast’s Solar Power Finance & Investment Summit was held in San Diego on March 20 and 21.  Below are sound bites from the speakers and panelists. The sound bites are organized by topic...

Ep62: North American Development Bank
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Alex Hinojosa, Calixto Mateos, Carlos Carranza, and Salvador Lopez of the North American Development Bank join us to talk about why the bank was formed, the types of projects it finances and more.

Ep61: Solar Risk Assessment Report
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Richard Matsui, CEO and co-founder of kWh Analytics, and Dana Olson, solar segment leader at DNV GL, join us to discuss the recently published "Solar Risk Assessment" report.

Ep60: DOE's Solar Energy Technologies Office
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Dr. Becca Jones-Albertus, deputy director of the U.S. Department of Energy Solar Energy Technologies Office, joins us to talk about what the office does and the programs it has funded in the past.

Hot topics in renewable energy tax, engineering and finance: Webinar Q&A
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David Burton shares the answers to the questions submitted during our Hot topics in renewable energy tax, engineering and finance webinar on April 23.

Hot Topics in Renewable Energy Tax, Engineering, and Finance
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Ep59: Quasi-merchant Gas Deals
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Ralph Cho and Mike Pantelogianis, Power & Infrastructure Finance Co-heads for Investec in North America, join us to discuss quasi-merchant gas deals.

Greentech Media’s Renewables Financing Briefing Soundbites
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Greentech Media (“GTM”) held its renewables financing briefing on March 14, 2019 in New York City. The briefing consisted of presentations from three Wood MacKenzie consultants and a discussion with...

Ep58: Energy Storage PPAs
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Kat Gamache, senior counsel at Norton Rose Fulbright, joins us to discuss all things energy PPAs. We go into the biggest differences between traditional renewable PPAs and PPAs with storage...

Electric Vehicle Charging: Recent Developments in the United States
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State-led renewable energy mandates and calls to reduce greenhouse gas emissions are bringing increased attention to electrifying the transportation sector. State governments are actively exploring policy...

Ep57: BayWa's Innovative PPA Approach and Market Overview
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Jared Quient, Executive Vice President and General Counsel at BayWa r.e., joins us to discuss the innovative PPA structure the company recently used to finance its 100 MW solar deal in North Carolina.

Legal Update | Pemex to build new refinery in Dos Bocas, Tabasco
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Mexico’s Minister of Energy Rocío Nahle announced the start of the procurement procedure for building a new refinery of Petróleos Mexicanos (Pemex) in Dos Bocas, Tabasco on March 18.

Ep56: The Orange Button Standard
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Jon Previtali from Wells Fargo and Tom Tansy from the Sunspec Alliance join us to discuss the orange button data standard, explaining what it is and why the solar industry is in need of a data standard.

China's LNG demand
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China’s Ministry of Transport recently proposed 34 coastal liquefied natural gas (“LNG”) terminals with a combined annual import capacity of 247 million tons by 2035.

Ep55: kWh Analytics' Solar Lendscape
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Richard Matsui, CEO and co-founder of kWh Analytics, joins us again to share the company's popular Solar Lendscape and discuss the current solar market.

Ep54: The US LNG Market
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John Mauel, partner in our Houston office, joins us to discuss the current US LNG market. We take the discussion from an overview of the global LNG industry to where the US market fits into the global...

Ep53: Practical Wisdom About Tax Equity
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John Eber, former CEO of JPM Capital Corporation, joins us for a conversation about lessons learned over a 30-year career working as a prominent tax equity investor.

Ep52: DNV GL's Energy Transition Outlook
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Marion Hill, business line director, renewable energy for North America of DNV GL, joins us to discuss the company's "2018 Energy Transition Outlook." We talk about the model on which the outlook is

Ep51: Working with the NY Green Bank
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Alfred Griffin, president of the NY Green Bank, joins us to discuss its mission, what types of deals it is authorized to do and the benefits of borrowing from it.

Ep50: Covariance Risk with REsurety
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Podcast Round-up
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Here are three great podcast episodes to add to your queue: In case you missed it, the extraordinarily popular Cost of Capital Outlook 2019 was posted a couple weeks ago. It’s full of industry intelligence on

Ep49: Grid Strategies on Electricity Market Design
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Rob Gramlich, President of Grid Strategies, joins us to discuss a recent report on reforms needed in the PJM and MISO electricity markets for renewable energy to become competitive.

Ep48: Mexico: Changes in Store?
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The new Mexican president already made headlines by halting construction work on the new Mexico City airport and requiring resignations of executives at state companies to reduce salaries.

Ep47: Cost of Capital: 2019 Outlook
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It is the start of a new year. Interest rates are headed up in the broader market. Economists are split on where the US and global economies are headed. Share prices on world bourses took a beating...

Webinar | Cost of Capital: 2019 Outlook
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Ep46: Solar Revenue Put: One Year Later
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In Episode 23, Richard Matsui of kWh Analytics sat down with us to explain the solar revenue put. One year later, he joins us again...

DOE issues three rulings favorable to LNG exporters
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The US Department of Energy (DOE) has issued a policy statement, a blanket order and a proposed interpretive rule relieving some of the reporting requirements for liquefied natural gas (LNG) exporters.

How PG&E financial stress is affecting projects
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The stock of Pacific Gas and Electric Company’s public traded parent, PG&E Corporation, took a beating in the market during the wildfires this fall, but recovered some of its value...

New bipartisan bills aim to regulate and promote blockchain and cryptocurrencies
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In a sign of the increasing maturity of the blockchain industry and its potential significance to the American economy, two bipartisan bills were introduced in the House of Representatives last week aimed

Prepaid power contracts
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Prepaid power contracts are harder to make work after the US tax reforms last December.

US installed wind capacity
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US installed wind capacity stood at 90,550 megawatts at the end of the third quarter 2018, according to the American Wind Energy Association.

New gas-fired power plants
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New gas-fired power plants are expected to eclipse wind and solar installations this year.

US solar installations
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US solar installations dipped 15% in the third quarter 2018.

Interest and property taxes
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Interest and property taxes must sometimes be capitalized rather than deducted.

California
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California will decide next year whether to conform to the tax changes the federal government made in late 2017.

US tariffs
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US tariffs are causing some types of Chinese imports to surge.

Environmental update
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The meaning of “critical habitat” and the scope of protection offered by the Endangered Species Act are being hotly litigated in the appellate courts, with potentially significant implications for developers.

Mitigating weather risk in existing offtake contracts
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Project sponsors and corporate electricity purchasers are entering into two new types of arrangements to mitigate risk in existing offtake contracts.

California CCA outlook
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Representatives of three California CCAs talked at an American Wind Energy Association finance conference in San Francisco in October about their needs for additional power and some of the challenges they face.