Cost of capital: 2016 outlook
More than 2,000 people listened in January as a group of project finance industry veterans talked about the current cost of capital in the tax equity, bank debt, term loan B and project bond marke...
How to lose a banker in 10 minutes
by John Schuster with 32 Advisors, in Washington My experience as a lender in the project and structured finance space was that fewer than 10% of all projects presented for finance were sufficien...
Another race to start construction: Practical advice
The decision by Congress to extend expiring tax credits for renewable energy through 2019 for wind and 2021 for solar ― with phase outs ― could reduce the volume of new wind and solar construction...
New trends shaping the 2016 market
Two investment bankers, a consultant and a market analyst had a wide-ranging discussion at the Infocast power & money conference in New Orleans in January about new trends that are shaping the...
Multilateral development bank update
Major developments in the agency lender market will emerge in 2016...
Central America: The next growth market?
Investment in South America is drying up as demand for commodities weakens, but because Central America is a commodity importer rather than exporter, its prospects look increasingly promising...
Traps for the unwary: PUHCA
The Public Utility Holding Company Act — called PUHCA — is the “sleeper cell” of US energy regulations...
Environmental update
A new law enacted in December should streamline should environmental review and permitting of large infrastructure projects.
Commercial PPAs
New commercial PPAs signed in 2015 reached 3,160 megawatts, more than double the year before. Further growth is expected in 2016...
Consequences of demand-response win
US independent generators lost an effort before the US Supreme Court in late January to prevent demand response companies from bidding into power auctions on the same terms as independent generato...
Treasury cash grant update
Treasury cash grant cases continue to advance in the courts...
Mexico hikes renewable electricity targets
Mexican renewable electricity targets have increased. A new law in December sets renewable electricity targets at 25% by 2018, 30% by 2021 and 35% by 2025. Mexican installed capacity was 25...
H-S-R thresholds increase
H-S-R thresholds for advising the US government of planned acquisitions have been updated...
Multistate companies lose California tax refund bid
Companies operating in multiple US states lost a bid to get back income taxes paid in California. Each US state taxes income earned in the state...
Tax equity deal struck down
A tax equity partnership sold state tax credits rather than allocated them to the tax equity partner, a US appeals court said in January. The partnership had to report a $3...
Oregon BETC overhang
Oregon is considering how to deal with an overhang of unused BETC tax credits and is also investigating potential wrongdoing in the program...
A botched inverted lease
A botched inverted lease was given more time...
Utility conversions into REITs
Conversions of US utilities into REITS may be less common after Congress acted in December. However, at least two conversions remain in the works in Texas...
MLP used to hold site leases
Master limited partnerships can be used to raise equity against portfolios of site leases for wind and solar projects and rooftop licenses for solar panels...
Adjusting tax credit carryforwards
Unused tax credits that are being carried forward can be adjusted by both the taxpayer and the IRS, even after the statute of limitations has run on a tax audit, the IRS said...
Refined coal transaction lands in court
A refinded coal transaction has landed in court after the IRS disallowed all the tax credits...
Hedges used to increase leverage
Hedges are being used to increase leverage in renewable energy financings by protecting against volatility in revenue due to fluctuating wind velocity, solar insolation or weather...
Minor memos
There is speculation that new partnership tax audit rules in the US may be the last straw that causes more states to start imposing an entity-level tax on partnerships as Texas and Tennessee have already done.
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