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Currents

A podcast about project finance, renewable energy & more

Ep34: Legal Perspective: Back-leveraged Loans

BergerJames_WEB2Jim Berger discusses back-leveraged loans from a legal perspective, going over the big picture of project structures as well as the most negotiated points in these transactions, the breakdown of benefits for sponsor members and tax equity investors, security packages, cash sweeps and more.

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Ep33: IPPs, PPAs and Chapter 11

SeifeHoward_WEB2Bankruptcy lawyer Howard Seife sits down to talk about what happens when a power purchaser files for bankruptcy, using the recent Chapter 11 filing by First Energy Solutions as a case study. As we see more power projects financed based on projected cash flows from corporate PPAs, IPPs need to understand the credit risk presented by a potential bankruptcy of their counterparty.

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Ep32: Capital Dynamics’ View on the Solar Market

Benoit AllehautWe sat down with Benoit Allehaut, director on the clean energy infrastructure team at Capital Dynamics, fresh off the heels of its acquisition and privatization of 8point3 Energy Partners LP. Benoit shares his views on how much appetite there is currently in the market for solar, the effects of the new solar tariffs, PPAs, the future of energy storage and more.

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Ep31: CFIUS: A Closer Look

RosenbergAmanda_HiResJoin us as we take a closer look at CFIUS, the Committee on Foreign Investment in the United States. The committee is charged with reviewing transactions in which a foreign person will gain control over a US trade or business. Amanda Rosenberg talks about the basics: national security, specific project finance concerns, lessons learned and what is happening today.

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Ep30: New York: Renewable Energy Incubator

Alicia Barton Todd Alexander meets with Alicia Barton, president of NYSERDA to discuss New York’s 50% renewable energy by 2030 plan, their aims for the offshore wind market and their stance on energy storage.

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Ep29: Increasing Regulatory Headwinds

131017Keith_Martin-064-retKeith Martin joins Todd Alexander to talk about the likely outcome of DOE efforts to halt coal and nuclear power plant retirements, how the growing number of US import tariffs is affecting the market, and possible moves this summer to place further restrictions on inbound US investment.

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Ep28: The M&A Landscape

Ted BrandtTodd Alexander discusses the M&A landscape, macro trends in the market, valuations, assumptions, natural owners and more with industry veteran Ted Brandt of Marathon Capital.

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Ep27: Representations and Warranties Insurance

MattHeinzJoin us as Matt Heinz, Senior Managing Director at Aon Transaction Solutions, unpacks representations and warranties insurance, a product that is now considered an essential tool in closing deals. We will discuss the market-driven pricing of policies, buyer’s and seller’s advantages, special considerations for the energy industry and more.

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Ep26: Tax Credit Insurance for Renewable Projects

Tax equity transactions have been a mainstay of financing renewable energy projects. While the general idea—using the tax benefits from renewable energy projects as a way to generate financing for their construction—is not very complicated, tax-equity participants are subject to a number of tax risks. These include the investment structure not being respected, the projects not qualifying for the projected tax benefits (including adjustments to the qualified basis) or the loss of tax benefits through recapture. Tax Insurance is a tool to manage these risks and was identified by the IRS in Rev. Proc. 2014-12 as a preferred vehicle for doing so over guarantees by transaction parties.

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