Category: Corporate Renewables

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Treasury Guidance Buoys Solar and Wind in 2020 and Beyond
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CLE Presentation: COVID-19: Perspectives for the “Next New Normal” for Renewable and Utility Companies
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Join Us! Energy Storage Association Webinar: Energy Storage, Trade and China
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Treasury to Extend Deadlines for Accessing Wind, Solar Tax Credits
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Join K&L Gates at Wind Power Finance & Investment Summit 2019
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RENEWABLE ENERGY BUYERS’ SUMMIT
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Loose Lips Sink Ships: Public Statements and the Contractual Rights to Renewable Energy Credits in Solar Power Purchase Agreements
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Teresa Hill To Speak at AWEA WINDPOWER 2017
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Event: Infocast’s Corporate Renewables 2016, K&L Gates Platinum Sponsor

Treasury Guidance Buoys Solar and Wind in 2020 and Beyond

By: Elizabeth C. Crouse

This afternoon, the Department of Treasury issued eagerly anticipated guidance extending the continuous construction/efforts test safe harbor to five years for wind, solar, and other tax credit projects that began construction in 2016 and 2017.

The extension applies for purposes of the Code Section 48 investment tax credit and the Code Section 45 production tax credit, and to projects that began construction under either the significant physical work test or the 5% safe harbor. Projects that began construction in 2016 now have through December 31, 2021 to be placed in service without proving continuous construction or continuous efforts. Projects that began construction in 2017 now have through December 31, 2022 to be placed in service for the same purpose. This extension is a boon to the industry, particularly the many wind projects that have experienced disrupted schedules due to the COVID-19 crisis.

Treasury also granted a boon to the solar industry in the same guidance by providing a generally applicable safe harbor for purposes of the 3.5 month test frequently used to safe harbor supplies procured in the last quarter of a calendar year. Specifically, Notice 2020-41 provides that if a taxpayer paid for any services or property paid on or before September 16, 2019 and the services or property are “actually received” by the taxpayer by October 15, 2020, the “taxpayer will be deemed to have had a reasonable expectation” of timely delivery for purposes of the 3.5 month test. This guidance follows months of efforts by participants across the wind and solar industries to obtain assurance that project delays would not negatively impact tax credit availability. By extending these tests, Treasury has provided significant comfort to many investors and ensured the continued advancement of the power industry and the thousands of jobs it provides to Americans across the country.

CLE Presentation: COVID-19: Perspectives for the “Next New Normal” for Renewable and Utility Companies

Join us on Wednesday, June 10, 2020, for a CLE presentation on “COVID-19: Perspectives for the “Next New Normal” for Renewable and Utility Companies.”

Companies are seeing unprecedented legal and business impacts due to the COVID-19 pandemic.  These impacts are bringing about changes in strategy and how many companies approach their day-to-day business operations to adapt to this new business environment. This one-hour session will involve a presentation by the following K&L Gates attorneys sharing their perspectives on what to consider during the “next new normal.”

Moderator: 

Panelists:

This presentation will include the evolving legal and business impacts of COVID-19 in connection with:

  • Contract Issues
  • Insurance Issues
  • Potential Work Issues
  • Litigation Trends

This webinar will contain a chat feature in which you can submit questions so that we may tailor this presentation to address your concerns.

To register, please click here.

Join Us! Energy Storage Association Webinar: Energy Storage, Trade and China

Please join K&L Gates’ Elizabeth Crouse on the Energy Storage Association’s upcoming webinar, Energy Storage, Trade and China, on Thursday, May 21 from 12:00 PM – 1:00 CDT.

This webinar will explore the key trade and national security policies that currently impact the ESS market in the U.S. and assess their potential impacts on future deployments, including:

• How might regulatory developments under the Executive Order impact storage?
• What might the future hold for tariffs?
• How do these processes play out in an election year?

For more information and to register, please click here.

Treasury to Extend Deadlines for Accessing Wind, Solar Tax Credits

Author: Elizabeth Crouse

This afternoon, the Office of Legislative Affairs at the Department of Treasury, issued a letter to Charles Grassley, the Chairman of the Senate Committee on Finance, indicating that Treasury intends to issue administrative relief to the solar and wind industries regarding certain investment tax credit (“ITC”) and production tax credit (“PTC”) deadlines. Although the letter does not provide any details as to the nature of this relief, Chairman Grassley’s April 23, 2020 letter to Treasury requested that the four-year safe harbor for the continuous construction and continuous efforts test for the PTC and ITC be extended to a five-year safe harbor period.

Chairman Grassley did not request administrative relief concerning the impact of COVID-19 related measures taken by manufacturers and shipping companies on a customer’s “reasonable expectation” that materials purchased in 2019 would be delivered within 3.5 months after payment. This latter provision is important for purposes for establishing beginning of construction of solar projects in 2019.

Join K&L Gates at Wind Power Finance & Investment Summit 2019

February 5-7, 2019, Omni La Costa Resort & Spa, San Diego, CA

K&L Gates is proud to sponsor the 2019 Infocast Wind Power Finance & Investment Summit. The Summit is widely recognized as the leading gathering place for wind industry deal makers. Each year, the industry’s leading developers, investors, lenders, turbine suppliers, EPCs and other players gather to gain valuable insights into industry trends, get the latest market update on the finance and investment landscape, and efficiently schedule rounds of private meetings.

Bill Holmes will serve as the Master of Ceremonies for the conference.

We are pleased to offer clients and friends a 15% discount off of registration. Please contact Lauren Hagerich at lauren.hagerich@klgates.com for more information..

We hope to see you there!

 

RENEWABLE ENERGY BUYERS’ SUMMIT

January 9-11, 2019

K&L Gates is proud to sponsor the 2019 Infocast Renewable Energy Buyers’ Summit (REBA). REBA is an invitation-only event where renewable energy buyers gather to discuss renewable energy procurement best practices with their fellow corporate buyers, as well as get valuable insights from leading renewable energy experts.

Teresa Hill will be moderating a panel on Latest Trends in PPA Terms and Structuring, and Bill Holmes will be moderating two panels, Assessing the Potential of Green Tariffs as a Renewable Sourcing Option, where attendees will assess the potential of green tariffs to provide a viable sourcing solution for renewable buyers, and Distributed Energy Solutions to Meet Corporate Goals, which will focus on on-site solar and energy storage.

Please let us know if you will be in attendance!

Loose Lips Sink Ships: Public Statements and the Contractual Rights to Renewable Energy Credits in Solar Power Purchase Agreements

By William H. Holmes and Kristen A. Berry

This post is one of a series of “practice tip” articles about renewable energy power purchase agreements.

There is a well-known Chinese proverb: “All problems derive from your big mouth.” These are words of wisdom for parties who are negotiating renewable energy PPAs.

In due diligence, we regularly come across on-site solar power purchase agreements (PPAs) that state that the seller is reserving all environmental attributes and selling only the project’s electricity to the buyer. This type of reservation is common in states like Maryland and Massachusetts, where environmental attributes may have a fairly high market value and may be monetized by the seller to make the project more marketable by effectively reducing the delivered price of electricity.  However, despite this environmental attribute reservation, these PPAs too often go on to say, quite expressly, that the buyer has the right to announce that it is using “solar energy” or “renewable energy” produced by the project.  This seemingly innocuous provision, intended to enable the buyer to brag about its renewable energy purchase, can create problems in PPAs where the seller also reserves environmental attributes.

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Teresa Hill To Speak at AWEA WINDPOWER 2017

Teresa Hill, Partner in K&L Gates’ Portland office, will be speaking at the AWEA WINDPOWER 2017 post-conference seminar The Evolving World of Corporate Wind Investment in Anaheim, California, on Thursday, May 25th at 1:30 p.m. PST at the Anaheim Convention Center. Teresa will speak on the panel Sealing the C&I Deal: Innovations, Challenges, and Opportunities in conjunction with Ted Romaine, Director of Origination, Invenergy LLC and Vanessa Miler-Fels, Energy Strategy & Research – Renewable Energy Strategist, Microsoft.  Teresa will focus on how to structure renewable agreements that satisfy both the non-utility buyer’s renewable goals and other organizational needs, and provide the developer a financeable revenue stream to support the renewable project.  

Event: Infocast’s Corporate Renewables 2016, K&L Gates Platinum Sponsor

We invite you to join us for Infocast’s Corporate Renewables 2016 program on September26-28, 2016 in Washington, D.C. Portland partners Teresa A. Hill and William H. Holmes will be co-sponsors, along with faculty from Renewable Choice Energy, of a one-day, interactive Corporate Renewables 101 workshop on Monday, September 26.  Topics discussed will include developing a procurement strategy, offsite renewable energy options, and executing on your renewable energy strategy.  The workshop will help corporations, universities, non-profits and other non-utility purchasers of renewable energy build a strong foundation in renewable energy procurement.

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