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Ep154: Powering the UK with the Moroccan Sun
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Simon Morrish, entrepreneur and CEO of Xlinks, joins us to discuss the ambitious Xlinks solar project, which transfers solar energy from Morocco via a3.6 GW subsea cable to the UK. We get into the scope of the

Infrastructure plan: Outlook in Congress
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President Biden proposed a massive infrastructure plan in late March. Four veteran Washington observers talk about what is likely to pass Congress.

How much shareholder debt?
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Determining what mix of debt and equity to use for US acquisitions requires a two-step calculation.

Financing merchant projects after Texas
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Hedged merchant power and storage projects in ERCOT can still be financed. Lenders are focused after the February cold snap on unmitigated asymmetric risks.

Climate-change risks for company leaders
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Climate change is making it more risky to serve as a director or officer of some energy companies.

Hydrogen: The next frontier
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The market for hydrogen breaks down into four areas. Plug Power expects to use 55 kilowatt hours of electricity to produce each kilogram of green hydrogen.

Aggregated PPAs
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It is becoming more common to see multiple PPAs signed for a single wind or solar project. Two business models are emerging.

New life for distributed wind
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A new wind turbine that can be mounted on light poles along interstate highways has potential. The wind from passing vehicles causes the turbines to spin.

Hydrogen and Japan
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Japan wants to become a “hydrogen society” by 2030. The Middle East could again be key to realizing its energy ambitions.

Environmental Update April 2021
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Various Trump-era environmental positions are either being struck down by the courts or reworked by the Biden administration. New York has streamlined its approval process for new renewable energy projects.

India wants more mines
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India is taking steps to encourage more private investment in mines.

Not that tax equity.
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An April 7 headline in Tax Notes Today read, “Congressional Democrats United on Need for Tax Equity.”

Renewables market data points
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Half the US renewables M&A deals in 2020 were with foreign buyers.

Projected US capacity additions
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Solar, wind and storage are expected together to account for 83.1% of new capacity additions this year in the United States ...

Port backlogs
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Port backlogs are adding to cost and could delay construction of some projects.

Pressure builds on Uighur issues
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Pressure continues to build to block imports into the United States of solar panels made with polysilicon ...

COVID bar on cutting state taxes
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US states are chafing at a provision in the $1.9 trillion COVID relief bill that Congress enacted in March ...

Carbon border adjustment expected in Europe
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The European Union is expected to release details of a carbon border adjustment in June.

Unreliable output forecasts
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Climate change is making output from renewable energy projects harder to predict.

Solar projects roll off recapture period
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About 15% of us solar projects will reach the end of the recapture period for investment tax credits this year ...

Storage efficiencies
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Utility-scale batteries operated with an average round-trip efficiency of 82% during 2019 ...

California renewables gap
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California will need to triple the capacity of its power grid and may have to add 6,000 megawatts of new renewable and storage facilities ...

Texas wind and solar projects risk new costs
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Texas is considering imposing additional costs on wind and solar projects that are already in operation ...

Ep153: Biden's Infrastructure Plan
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What is the outlook in Congress for the massive infrastructure plan that President Biden unveiled last week? Listen as four veteran Washington observers, John Gimigliano, principal-in-charge, federal tax legis

Ep152: Offshore Wind in California
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Adam Stern, executive director of Offshore Wind California, and Jim Berger, partner at Norton Rose Fulbright, join us to discuss prospects and growing momentum for offshore wind power in California. We start wi

Tax Credits: On the Horizon
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Rep. Mike Thompson (D-CA) of Ways & Means introduced the GREEN Act (H.R. 848) on February 4, which included creating an ITC for standalone storage.

Ep151: Private Equity with Greenbacker Capital
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Charles Wheeler, president, co-CEO and CIO, and Benjamin Baker, managing director, at Greebacker Capital join us to discuss the firm’s mission and their fundamental approach to sustainable infrastructure. We di

Ep150: Merchant Financings After Texas
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Has the appetite among banks and tax equity investors to finance hedged merchant power and storage projects changed as a result of the events last month in Texas and, if so, how? What lessons did lenders and ta

Ep149: 2020 Lendscape Update: The Refinancing Boom
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Richard Matsui, CEO of kWh Analytics, joins us for an update on the Solar Lendscape. He covers what is new in tax equity, gives a breakdown of three trends he is seeing on the lender side and an update on the u

Ep148: Hydrogen: The next frontier
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Close to 4,000 people registered to listen to a discussion among three experts about the prospects for hydrogen. Interest is particularly high in green hydrogen, which is expected to play a significant role as

Mexican electricity reforms – off to court
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Ep147: Competition in the Battery Storage Market
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Eren Ergin, general manager of renewables and distributed assets at Honeywell, joins us to talk about stationary battery storage. We discuss what Honeywell is doing in the market, how it has created a business

Ep146: What's Next in C&I Solar
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Richard Walsh, managing partner at Madison Energy Investments, joins us to talk about trends he is seeing in the C&I solar market. We get into the best state markets for C&I solar and emerging markets, how stor

Ep145: Recycling Lithium Batteries
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Kunal Phalpher, CCO of Li-Cycle, joins us to talk about recycling lithium-ion batteries. We get into the size of the market, what is recycled out of the batteries, how much of the materials extracted can be use

SK batteries barred
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Battery manufacturer SK Innovation will be barred from importing battery components for 10 years under a US International Trade Commission decision in early February.

US new capacity forecast
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Storage is expected to account for 11% of new capacity additions this year in the United States, reflecting a rapid rise.

California curtailments increase
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California wind and solar projects were ordered to cut back electricity deliveries by a little under 4% in 2020, or 1.6 million megawatt hours.

Clean energy bill next up
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Clean energy and infrastructure will take center stage after the US Congress clears a $1.9 trillion COVID relief bill. The COVID bill is expected to move through Congress by March 15.

Corporate PPA outlook
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Fewer corporate PPAs were signed in the United States in 2020 compared to 2019 after three straight years of increases, as COVID and other factors took a toll.

Tax credits for carbon capture
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The market is showing early signs of a stampede to install carbon capture equipment at power plants and industrial facilities with significant carbon footprints to qualify for tax credits per ton captured.

Cost of capital: 2021 outlook
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A group of veteran financiers talks about the outlook for tax equity, bank debt, term loan B debt and project bonds this year.

Proxy generation PPAs
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Power purchase agreements that settle based on “proxy generation” are becoming more common for wind and solar projects.

Negotiating hydrogen contracts
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No single template has emerged yet for contracts to sell green hydrogen, but the issues and possible approaches to them are becoming clear.

Expected changes in renewable energy policies
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A 180-degree turn in US policy will accelerate the transition to renewable energy. The FERC chairman and the CEOs of two large renewable energy trade associations talk about what policy changes to expect.

New trends in 2021
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Four of the industry’s big thinkers talk about what new trends they see in the year ahead.

Partnership flips
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At least 14 recurring issues are coming up in partnership flip transactions to raise tax equity for renewable energy projects.

COVID-19 and business interruption claims
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A test case before the British Supreme Court has cleared the way for companies that have suffered economic losses due to COVID-19 to collect on business interruption insurance policies.

Tapping equity in the London market
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London listings are being used by some investment managers to raise capital to invest in US renewable energy assets.

Pension investments bring new opportunities and some challenges
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Care must be taken in cases where pension funds invest directly in US renewable energy projects to avoid turning the projects into “plan assets.”

Environmental update
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Biden is moving quickly to undo Trump policies and implement new ones that focus on climate change.

Spiraling shipping costs
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Spiraling shipping costs and container shortages threaten to delay construction and increase project costs. Shipping costs from Asia to the US West Coast were up 190% year on year through December.

Uighur issues in financings
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Uighur issues are starting to play a role in financings. The New York Times reported on January 9 about the possibility that Uighur labor is being used to make polysilicon or solar panels by five suppliers.

Pension plan ESG investments
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Pension plans may soon find it easier to make ESG investments. After only several hours in office, the Biden administration took steps to roll back recent Trump administration limits on ESG investments.

Tax insurance premiums
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The IRS disallowed deductions claimed by two partnerships on grounds that the insurance was not closely enough related to each partnership’s business to be an “ordinary and necessary” business expense.

Trump bulk-power order stalled
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The Trump bulk-power system executive order has been suspended for 90 days as part of a day-one executive order that President Biden signed immediately upon taking office on January 25.

As frustrating as trying to get a COVID vaccine
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Callers to the Internal Revenue Service with tax questions have roughly only a one in 11 chance of getting through currently, according to the IRS.

Ep144: Meet the DC Green Bank
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Eli Hopson, CEO, and Jay Lurie, CIO, at the DC Green Bank join us to give an overview of the bank, why it was established and the goals it has set for itself. We discuss its available capital, priority sectors,

Presentation: Section 45Q Tax Credits
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Sponsors may Claim a Bonus Depreciation from Buyouts of Tax Equity Investors
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Here’s a typical fact pattern in a tax equity partnership in which the investment tax credit recapture period or the production tax credit availability period is over: A and B are unrelated parties that formed

Ep143: The Current State of PPAs
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Bryce Smith, CEO, and Rob Collier, vice president, developer relations of LevelTen Energy, join us to discuss the company and the current state of PPA offer prices and trends. We get into how the renewable ener

New obstacles to private power projects in Mexico
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Publication of a bill to roll back energy reforms in Mexico has industry participants, specialists and experts crying foul.

Ep142: Climate Adaptive Infrastructure
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Bill Green, managing partner of Climate Adaptive Infrastructure, joins us to talk about the meaning of the firm’s name and its mandate. We get into how Climate Adaptive Infrastructure is different from typical

Ep141: Leveraging Technology to Scale Clean Energy
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Rudy Roy, CEO of HST, joins us to discuss the technology company’s mission of improving people’s lives by scaling clean energy. We discuss how HST has scaled its platform to have thousands of projects in over

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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The first bankable green hydrogen projects will involve three types of customers. Another five opportunities will emerge next.

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.

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.

Renewables trajectory
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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.

Environmental update
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President-elect Biden has ambitious plans on climate change, but will have to focus mainly on what can be done through regulatory and executive actions.

Investing in renewable fuel projects
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Among a handful of notable developments as 2020 ends is an uptick in interest in renewable fuel projects.

Financing California hydrogen projects using LCFS credits
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Hydrogen developers can earn valuable credits under the California low-carbon fuel standard.

An evolving market in Asia for offshore wind
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Most Asian offshore wind activity to date has been in Taiwan, but the new opportunities are in Japan, South Korea, Vietnam and India.

Financing US offshore wind projects
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The tax equity market expects to see two offshore wind projects in the market for financing in 2021 and another two in 2022.

Mexican rollbacks move to the courts
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The Mexican government has been dialing back private participation in the Mexican power sector. The Mexican courts have been holding firm against the changes in policy.

Post-election analysis
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The renewable energy industry has had to play defense the last four years. Now it gets to start playing offense.

Energy storage hedges
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Some developers of standalone battery projects in ERCOT are hedging revenue from ancillary services.

EXIM has work to do at home
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Foreign vendors looking to sell equipment to US projects have an advantage over US manufacturers.

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. Some insurance may not be available at any cost.

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