Energy Finance Report

Opportunities Abound in the U.S. Offshore Wind Market

Posted by Jeffrey Karp on 5/30/17 12:52 PM

Offshore wind projects have taken root in America. The country’s first operating offshore wind farm, in Block Island, Rhode Island, began contributing energy to the power grid in December 2016. Now, more than 23 offshore wind projects — collectively expected to produce 16,000 MW of power — reportedly are being planned. Thus, opportunities abound for developers, contractors, and investors in the U.S. offshore wind market.

The recent spike in offshore wind activity has been fueled largely by a surge of political interest. Some critics have decried President Trump’s apparent lack of commitment to renewable energy, but the U.S. Department of the Interior (DOI) has proved to be a willing partner in offshore wind energy development. In March 2017, DOI leased 122,000 acres off the coast of North Carolina to Avangrid, a subsidiary of Iberdrola, a Spanish company. Recently, DOI also finalized a lease with a Norwegian company, Statoil, for Long Island, New York waters. DOI evidently sees a future for U.S. offshore wind. According to a spokesperson, the Bureau of Ocean Energy Management currently is receiving annual rent payments of over $4 million for offshore wind project leases.

State activities also have primed the pump for offshore wind development. In August 2016, Massachusetts Governor Charlie Baker signed a law requiring utilities to procure 1,600 MW of electricity from offshore wind facilities by 2026. In May 2017, the Commonwealth’s Department of Energy Resources issued a request for proposals to develop up to 800 MW of offshore wind. New York Governor Andrew Cuomo announced that the state would commit to installing 2,400 MW of offshore wind by 2030, furthering his goal that renewable energy resources would supply 50% of New York’s power. To that end, in January 2017, Governor Cuomo approved Deepwater Wind’s 90 MW, 15 turbine South Fork Wind Farm project, which is expected to power 50,000 Long Island homes.

Moreover, the Maryland Public Service Commission recently awarded two developers, U.S. Wind and Skipjack Offshore Energy, contracts to build offshore wind farms totaling 368 MW. The projects are expected to create 9,700 new direct and indirect jobs.

With each completed project the supply chain grows stronger and developers become more efficient, making each successive project more cost-effective. For example, the estimated total cost of the South Fork project already has decreased 25% since Deepwater Wind’s first projections, and the energy generated is expected to cost 30% less per unit than at Block Island. Furthermore, the Department of Energy predicts that the cost of offshore wind energy will fall 43% by 2030. As this trend continues, there will be greater incentives to promote offshore wind as a clean energy resource.

Also, each successful project increases investor confidence. Deepwater Wind, developing its second offshore wind project, is owned by D.E. Shaw, a hedge fund and private equity firm managing over $40 billion in assets. Moreover, both Citigroup and HSBC have expressed interest in financing future offshore wind projects.

The U.S. offshore wind market is growing rapidly and approaching maturity. State and federal government actions appear to support a long-term horizon for offshore wind development. With every completed project, production and financing costs will continue to drop, the market will grow, and new jobs will emerge. The question now is whether the players in the renewable energy market — developers, investors, contractors, and vendors — are well-positioned to reap the rewards of this burgeoning industry.

Jeffrey Karp is a partner, Zachary Altman is an associate, and Leigh Ratino is a law clerk with Boston-based law firm Sullivan & Worcester LLP.

Topics: Energy Finance, Renewable Energy, Energy Investment, Energy Project Finance, Offshore Wind, Wind Energy, Energy Project

U.S. Offshore Wind:  Mid-Year Update

Posted by Jim Wrathall on 6/7/16 2:13 PM

Co-Authors Hayden S. Baker and Morgan M. Gerard

Several speakers at the recent American Wind Energy Association (AWEA) annual conference in New Orleans lauded the positive impact of Congress's extensions of the production tax credit (PTC) and investment tax credit (ITC) in December 2015. As they noted, these extensions position wind energy for a period of unprecedented stability and growth—at least for the onshore wind sector.

Offshore_Wind_Update.jpgOffshore wind has tremendous potential in the United States, but unlike the onshore wind sector, offshore still has a long way to go to reach critical mass. The recent PTC/ITC extensions ramp down by the early 2020s. As a result, only a few early offshore projects are likely to be far enough along to benefit from the PTC/ITC extensions. Absent a further tax incentive specifically directed to offshore wind, as recently proposed by Senators Markey (D-Mass) and Whitehouse (D-RI), offshore wind will continue to rely on state-level policies to build out the necessary supply chain.

Where will U.S. offshore wind find support to attain critical mass? Here are six major areas of recent progress:

1. Massachusetts Offtake Legislation 

Massachusetts lawmakers recently introduced an omnibus bill, H.4336, which could spur as much as $10 billion of investment in offshore wind, according to Bloomberg. Several major Massachusetts projects could benefit, including those of DONG Energy, D.E. Shaw-backed Deepwater Wind and Blackstone-backed OffshoreMW. The bill would impose offshore wind energy procurement requirements on Massachusetts utilities, thereby ensuring guaranteed power sales and long-term revenues. In its current form, H.4336 would require utilities to purchase 1,200 megawatts of offshore wind, although industry proponents are pushing for a 2,000 megawatt commitment. Governor Baker is expected to support enactment of the bill although final details remain in play, particularly with regard to the balance between offshore wind and competing proposals to source clean energy from Canadian hydropower.

2. New York Renewables Standard and Proposed Lease Sale

Offshore wind should receive a major boost from Governor Cuomo’s Clean Energy Standard goal of 50% renewable generation by 2030. As Richard Kauffman, the state’s Chairman of Energy & Finance, has observed, New York is not going to meet that goal without offshore wind. Offshore developers and supply chain participants have heeded the call and are already mobilizing in anticipation of an offshore wind market centered in Long Island.

East_Coast_Offshore_Wind.jpgLong Island is a prime target for offshore wind developers. The wind resource is ample and the service territory massive (approximately 1.1 million people). In addition, the existing transmission infrastructure is constrained and the island’s geography is such that it would be difficult to construct new transmission lines. New lines would also likely become a rate-based asset, the costs of which would be passed along to the retail customer. Offshore wind could meet the island’s demand closer to the load reducing the need for new long-distance transmission lines coming from the mainland. Additionally, the price of power in Long Island and New York is generally expensive in comparison to the rest of the country, allowing developers room to benefit from higher competitive pricing.

On June 2, 2016, the U.S. Department of Interior (DOI) announced the proposed lease sale of over 81,000 acres for development approximately 11 miles south of Long Island. The proposed lease area was identified in March 2016 by the Bureau of Ocean Energy Management (BOEM) as a wind energy development area in response to an unsolicited proposal by the New York Power Authority to construct a potentially 700 megawatt installation. BOEM expects to issue its proposed sale notice soon, which will be subject to a 60-day public comment period. Additionally, there will be an associated environmental assessment and a 30-day comment period.

3. New Jersey Anticipating Post-Christie Policy Support

New Jersey is entering its gubernatorial election cycle, and offshore wind proponents are eagerly awaiting the next administration. Outgoing Governor Chris Christie recently vetoed legislation that would allow the New Jersey Board of Public Utilities (BPU) to approve qualified offshore wind projects and offer a 30-day window for developers to submit applications. The bill would have revived the 25 megawatt proposed Fishermen’s Energy project off the coast of Atlantic City, which was previously denied by the BPU. Fishermen’s Energy has garnered federal support and is eligible to obtain a nearly $50 million grant from the Department of Energy (DOE). Fishermen’s and other offshore proponents expect legislative efforts will ultimately succeed under a supportive state executive.

4. Steady Progress for Maryland 

Maryland has been supporting offshore wind since 2013 when Governor Martin O’Malley signed the Maryland Offshore Wind Energy Act. This legislation allows for the creation of credits to support wind projects 10 or more miles off the coast. The credits will act as fiscal mechanism in place to pay for at least some of the electricity generated from projected wind farms. Recently, US Wind procured federal leases to support approximately $2.3 billion in project development slated to start in 2017.

5. Industry Cooperation and Advocacy

In the last year activities of offshore sector groups and developers have picked up the pace in advocating for helpful state policies, coordinating strategies, and developing the supply chain. Offshore Wind Massachusetts and the Business Network for Offshore Wind have been central to the sector’s organizing efforts, supported by lobbying of several dozen other groups and companies. The entry of European heavyweight DONG Energy has been a major catalyst in moving the field forward not only in Massachusetts, but also elsewhere along the Eastern Seaboard, including New Jersey, where it recently acquired RES America's 160,480 acre lease area. DONG has been very active and successful in working with state policymakers.

6. Federal Activities and Preparing for the Next Administration

DOI and BOEM are pushing forward with ocean area wind leasing, environmental analysis and streamlined permitting. The Obama Administration has been generally supportive of offshore wind, but has not launched any major support at the federal level. The outcome of the upcoming presidential election obviously will be critical for offshore wind. Donald Trump is on record as a virulent opponent of offshore wind and has embraced a fossil-focused energy policy. By contrast, a Clinton Administration in 2017 could be fertile ground for executive actions seeking to accelerate progress in the industry. Offshore wind participants should begin organizing now to present transition materials and advocate for inclusion in first 100 days initiatives.

Topics: Renewable Energy, Offshore Wind, Wind Energy, DONG Energy, BOEM, New Jersey Offshore Wind, Maryland Offshore Wind, Massachusetts Offshore Wind, New York Offshore Wind

U.S. Offshore Wind Seeks Critical Mass

Posted by Jim Wrathall on 3/9/16 3:30 PM

Co-author Hayden Baker

Wind_Turbine_Offshore_Under_Construction.jpgLast week’s U.S. Offshore Wind Leadership Conference in Boston had the vibe of a technology sector ready to break out. Industry leaders, federal officials, and a panel of Massachusetts legislators extolled the economic opportunities, and U.S. Senator Edward Markey and Massachusetts Energy and Environmental Affairs Secretary Matthew Beaton delivered inspiring keynotes. Speakers were interspersed with high-energy videos of offshore wind installations in European waters, along with many side meetings among project developers and hopeful supply chain participants.

Offshore wind is garnering more than just hype in 2016. Key developments have this once fledgling energy source poised to finally gain momentum in the United States.

As detailed in our Wind Systems magazine article, the merits of U.S. offshore wind are compelling. At the conference, representatives of DONG Energy and other developers active in U.S. waters described the enormous wind potential of the mid-Atlantic and New England coastlines, focusing on the proximity to underserved energy demand around major urban centers.  Siemens U.S. Offshore Wind Director Jason Folsom discussed a recent study demonstrating the overwhelming economic value of offshore wind relative to conventional power generation when all costs and benefits are considered – even before taking into account greenhouse gas reductions.  Comparing cost curves to other renewable energy technologies in the U.S. marketplace, industry observers expressed confidence that as the industry ramps up there will be sufficient competition to quickly drive down the costs of installation and transmission.

With backing from D.E. Shaw, Deepwater Wind is on schedule to complete its Rhode Island Block Island Wind Farm later this year. The 30 megawatt, 5 turbine project will be the first to come online in U.S. waters.  Block Island is only a precursor to the larger projects currently slated for Massachusetts by DONG Energy, Deepwater Wind and Blackstone-backed OffshoreMW, each of which holds a sizeable federal lease south of Martha’s Vineyard. 

The U.S. industry appears at a tipping point. Sophisticated, experienced developers are ready with mature technology, supportive regulators and abundant wind resources located near load centers.  But the sector needs sufficient reliable demand to justify the massive supply chain investments necessary to scale-up development. 

As the necessary parties for offshore wind step into place, the desire for coastal wind resources, particularly in New England, is becoming acute. Major coal and oil fleet retirements in ISO New England alone are expected to drive at least 3,500 MW of new capacity demand by 2018 – and the ISO estimates several thousand more megawatts are at risk of retirement by 2020. Natural gas plants are not a viable replacement at this scale without significant investment in pipeline infrastructure, leaving offshore wind and imported Canadian hydropower as the primary options for new energy resources in the region. Responding to these factors, Massachusetts legislators reported they expect to announce a comprehensive energy bill this spring.  The sector is poised to receive a huge boost if the bill promotes long term utility purchases of offshore wind energy – and assuming it becomes law. A strong Massachusetts bill could be a prompt for other states, particularly New York, and set the stage for regional cooperation on supply chain development and transmission. Recognizing that the U.S. industry would benefit from a longer glide-path to achieve those lower rates, Senator Markey also touted his forthcoming proposal to extend the 30% federal investment tax credit for offshore wind until 2025.

While all eyes are on the Massachusetts energy bill for the next step, developers are positioning themselves for growth down the coast as well. For instance, in New Jersey, DONG Energy recently acquired from RES Offshore a lease in federal waters off the Garden State’s coast.  Meanwhile across the Hudson River, Deepwater Wind is reportedly considering a waterfront terminal in Brooklyn to stage its offshore activities in the Empire State and to build up the regional infrastructure. In Maryland, US Wind’s proposed $2 billion, 250 MW project has passed initial screening tests and is in the process of qualifying for valuable credits under Maryland’s Offshore Wind Energy Act of 2013.

State policies supporting long term utility offtake agreements are the key to filling the project pipeline. But as the Massachusetts legislators reminded Leadership Conference participants, short term electricity rates are the political measuring stick against which state energy proposals will be evaluated. Koch brother-supported opponents are well funded and undoubtedly will continue their grass roots strategy stoking fears of increasing electricity rates.

In light of these developments, what was the bottom line takeaway from the U.S. Offshore Wind Leadership Conference? The opportunity is huge.  But given the broader political dynamics, business as usual for offshore wind developers likely will not be sufficient.  For offshore wind proponents, now is the time for redoubled public advocacy informing both politicians and the public alike of the vital stakes in this debate.

Topics: Wind, Massachusetts, Offshore Wind, Wind Energy, DONG Energy, Deepwater Wind, BOEM, Siemens

2015 Year in Review - Renewable Energy in the U.S.

Posted by Joshua L. Sturtevant on 12/23/15 3:33 PM

2015-_Green.jpgCo-author Morgan M. Gerard

Despite the low price of oil throughout the year, 2015 may have been an inflection point for renewable energy as a competitive generation source in the U.S. Deutsche Bank has noted that renewable sources, like solar, have reached, or will soon reach, grid parity with fossil fuel sources in many states. As non-fossil energy has become more economically viable, the industry has responded by standardizing and streamlining project processes, and by accessing financing vehicles like yieldcos and public bonds. Despite growth, the past year has also been a tumultuous one full of unexpected developments and policy shifts including the COP 21 agreement and the Clean Power Plan (CPP), and the formation of intriguing grassroots coalitions, like the green tea party. All of these developments were, of course, set against the specter of a potential step-down of the Investment Tax Credit (ITC), and its surprising last-minute revival. The following is a breakdown of some of the major developments impacting renewables in 2015.

COP 21

On the world stage, nearly 200 leaders, including representatives from key nations such as the United States, China, Russia and India, adopted an agreement that seeks to reduce global emissions. Expectations were tempered going into the much-anticipated conference with France calling for a binding treaty, and the U.S. balking at an arrangement that would almost certainly be struck down by a Republican-led Congress. In the end, the agreement established a long-term goal of maintaining a temperature rise “well below 2 degrees Celsius.” To achieve this objective, each country must submit emissions targets by 2020 with an ongoing reporting requirement. This victory for climate change advocates may serve as a leading indicator for a growing market for renewables.

The Clean Power Plan

The Clean Power Plan serves as the unofficial, yet primary domestic implementation framework for the COP 21 agreement. The CPP was promulgated by the Environmental Protection Agency (EPA) under its Clean Air Act (CAA) authority to regulate ambient emissions from stationary sources. The final Plan sets a target of a 32 percent decline in carbon dioxide emissions from 2005 levels by 2030, and contemplates a much larger role for renewables in the nation’s energy mix. Under the CPP each state will submit a compliance plan to achieve the emissions targets by retiring coal fired facilities, increasing natural gas as a fuel source and incorporating more renewables.

However, as the year draws to a close, the final disposition of the plan is far from certain. Hours after the regulation was published in the Federal Register, twenty-seven states filed more than 15 separate cases against the EPA, which have been consolidated before the U.S. Court of Appeals for the District of Columbia Circuit. In support of the CPP, 18 states, including New York and California, have sought to defend the EPA.

Before the merits of the case are even addressed, 2016 will see a three-judge panel address a “stay” of the rule, which halts the CPP’s implementation until the litigation is finalized. The parties seeking the stay, including West Virginia, feel that by meeting their prescribed standard they will be irreparably harmed. Renewable energy advocates argue that the granting of the stay could greatly damage the efficacy of the rule and its ability to be implemented in accordance with CPP (and unofficially COP 21) targets.

Solar_Panels_and_Wind_Farm.jpgThe Production and Investment Tax Credits

While the U.S. government has sought to assist the nascent renewables industry through tax credits in recent years, through most of 2015 the long-term status of the Production Tax Credit (PTC) and Investment Tax Credit (ITC) appeared grim. The PTC has been the great driver of the wind industry as it provides 2.3 cents per kilowatt-hour generated by a wind facility. Its expiration in 2014 led to a noticeable drop off in new wind projects. The ITC, which has been the driver of solar and also serves as a potential alternative credit for wind, provides a credit for 30% of the development cost of a renewable project, and is applied as a reduction to the income taxes for that person or company claiming the credit. The ITC was originally slated to be cut from 30% to 10% for non-residential and third-party-owned residential systems, and to zero for host-owned residential systems by the end of 2016.

Congress had been considering a PTC extension, which passed the Senate earlier this year. However, many thought an ITC extension was “off the table,” despite the fact that the reduction in credit value would render solar as unviable in many areas of the country. Thus, the industry was swept by uncertainty throughout the year. After solar businesses spent the past year reconsidering their business models to ease the pain of the step-down and speeding along projects to clear the credit requirements, Congress, to the surprise of industry, authorized the extension of both the PTC and ITC. The ITC will now be in place for an additional five years, including three years at the current value, followed by three years of more graduated step-downs. The impact of the ITC extension is set to be significant, and will likely inject new life into abandoned projects, protect existing jobs, support additional job creation and ensure that the renewables sector remains poised for an upward growth trajectory.

Yieldcos

In addition to using tax equity, larger solar companies have been able to raise public funds through the “yieldco” approach. Yieldcos are dividend growth-oriented companies, typically created by a parent company that bundles renewable and/or conventional long-term contracted operating assets in order to generate predictable cash flows. With about one dozen YieldCos now trading on North American exchanges, the vehicle has seen explosive growth in the last year.

The cost of capital required for energy projects has been reduced via the YieldCo model due to access to cheap corporate debt and as their use of standardized project structures and documents have lowered transaction “soft” costs. YieldCos have created efficient homes for the assets that large companies formerly kept on their balance sheets and have additionally allowed nascent entities to raise relatively cheap capital for acquisitions. They have also facilitated diversification of the renewable energy investor base as typical dividend-focused individual investors have been able to "go green" as an alternative to low yield bonds in a way that has been difficult in a tax credit-driven environment. Arguably, this has lowered return expectations, and therefore the cost of capital, further.

However, despite significant growth in 2015, the future of the YieldCo model is less than certain as the fourth quarter of 2015 saw great variability in YieldCo share prices. The reasons are myriad with theories addressing MLP values, rising interest rates, negative public statements from management teams, a slowing Chinese economy, lower oil prices, capital constraints and YieldCo disassociation from parents entities all being floated as potential reasons for recent losses in shareholder value. While it is important to decouple share price from the ability of a YieldCo to remain in business, lower share prices paired with rising interest rates could hinder the ability of many entities to continue to grow portfolios and dividends at current rates.

Distributed Energy Resources—Grid of the Future Proceedings

ThinkstockPhotos-178976522_1.jpgIn the wake of super-storm Sandy and the ensuing power outage to downtown Manhattan, the New York Public Service Commission (NYPSC) is proactively exploring revamping incumbent utilities to better incorporate Distributed Energy Resources (DERs) to ease the transition toward a more dynamic and robust energy generation and distribution system. DERs present a challenge to the tradition grid system, which only envisions energy flowing in one direction, typically from one large source located far from the end user. The proliferation of DER has caused a grid issue in that energy now flows bi-directionally—from the utility customer’s generating system into the utility.

NYPSC’s Reforming the Energy Vision (REV) docket envisions many user-sited DERs that will sell capacity into the system or to other energy consumers. Utilities will act in a new capacity, Distributed System Platforms (DSPs), as “gatekeepers” to a multi-sided platform market with the utility functioning as the platform provider. The utility will facilitate the transaction between the DER owner/operator and the consumer.

Similarly, California is also experimenting with incorporating and leveraging DER formally within their grid framework. The California Public Utility Commission is in the process of facilitating the utilities to develop distribution resource plans (DRPs) that incorporate DER into utility grid-planning and investment regimes. Currently, the Commissions’ mandate is for the utilities to determine the value of DER to their systems, specify where on their systems DER should be incorporated, and propose demonstration projects.

Solar in the Southeast

Developments in several Southeastern states, such as North Carolina, Georgia, Florida and South Carolina are highlighting changing shifts in attitudes toward solar in previously unfriendly jurisdictions. Policymakers in the Southeast are enabling both increased utility scale solar and the introduction of rooftop generation. For example, the Georgia legislature, thanks in part to a coalition comprised of environmentalists and conservative Republicans known as the green tea party, passed the Solar Power Free-Market Financing Act of 2015. The new law opens up third-party ownership of leased rooftop solar projects up to a maximum of 10 kW generation capacity.

Similarly, in South Carolina, utilities were required to submit their plans to implement the Distributed Energy Resource Program Act (DERPA), which mandates programs to achieve at least 2% renewable energy adoption by 2021, including plans to invest in or procure distributed resources. Earlier this year, Southern Carolina Electric & Gas (SCE&G) and Duke Energy reached separate agreements with state regulators, ratepayers and environmental advocates on programs for meeting this objective. SCE&G committed to invest $37 million to install approximately 84 MW of solar on the state’s electric grid by 2021, including 42 MW of utility-scale solar and 42 MW of residential, commercial-industrial, and community solar. Duke Energy agreed to a $69 million program to place in service 53 MW of utility-scale solar and 53 MW of residential and commercial solar.

Net Metering Debates

Utilities are not all for adapting to new and innovative business models, and in many states are continuing to push back against distributed generation. Net metering, which has incentivized hundreds of distributed energy projects, is a legislative policy that allows generators to sell unused electricity into the utility grid. Once supported by utilities, these policies are becoming more contentious across the country since in cost-of-service versus the rate-of-return regulatory jurisdictions, there is the argument that net metering prevents utilities from recouping their full return on grid investment. Utilities have raised concerns that net metering policies create an inequitable cost-sharing paradigm, whereby customers are paid for over-generation, but do not bear the responsibility or cost for updating and maintaining transmission lines.

For example, contention over net metering in Hawaii brought a regulatory proceeding to halt as the island’s utility maintained that costs are shifted to non-net metering customers. The utility recommended a model for distributed energy resources where owners would be compensated for net-metered electricity at $0.18 per kWh, which lengthens the payback period for solar infrastructure investments. Similarly, the Arizona Public Service Company (APS) established a charge for new rooftop solar panel installations connected to the electric grid through net metering, amounting to $0.70/kW—approximately a monthly charge of $4.90 for most customers.

Regulators and legislators from Nevada and California are considering whether NEM has run its course as a method to encourage solar adoption, or if the policy is a fair method of compensating rooftop generators. Utilities argue, not without merit in some cases, that they are purchasing electricity at a dollar rate greater than what it would take them to generate an equivalent amount of electrons. Moreover, electrons are only part of the story, as utilities still need to provide solar customers with standby power and voltage support to turn on their appliances and open their garage doors. Thus, NEM is heavily tied into the “grid-of-the-future” discussions as utility’s role evolves from vertical integration to DER network operators.

Offshore Wind

One of the drawbacks to renewables increasing their percentage share of the domestic energy mix is that these sources are intermittent with solar PV only generating electrons when the sun shines and wind turbines only turning when the wind blows. However consistent power - base-load - is still required, usually in the form of a fossil-fueled plant, or a nuclear facility. Offshore wind has long been touted as the next big addition to the U.S. energy mix since the wind blows harder and more consistently offshore, which would potentially allow this renewable energy source to replace some portion of base-load. Offshore wind had a rocky start in the United States as these large infrastructure projects face difficult regulatory obstacles, including a maze of permitting and environmental laws and requirements as well as classic NIMBY issues. One prominent example is the first proposed off-the-coast wind farm, Cape Wind, which has faced 14 years of litigation surrounding its development process. However, many are hoping that the start of construction of the Block Island Wind Farm off the coast of Rhode Island will trigger a gale force of offshore wind energy

Looking Ahead to 2016

The year ahead shows promise for the U.S. renewable industry—the COP 21 agreement and CPP set the stage for policies to drive and incentivize renewables, new states are opening as potential markets for both utility scale and residential rooftop solar and grid systems across the country are adapting to incentivize greater DER deployment. The stabilizing extension of the ITC and PTC ensures that these energy sources remain financeable in the New Year, and new financers may feel comfortable entering the market as the industry matures. With these policies in place, the U.S. has the opportunity to deploy more renewable infrastructure to meet stated targets, and those working in the renewable energy industry have cause for cheer this holiday season.

Topics: NY REV, Energy Policy, Energy Finance, Distributed Energy, YieldCo, Solar Energy, Renewable Energy, Wind, COP21, Renewable Energy 2015, Distributed Energy Resources, CPP, Green Tea Party, Net Metering, Net Energy Metering, NEM, DG, Energy Project Finance, Renewable 2015, Green Energy, Green Energy 2015, Solar Energy 2015, DER, Offshore Wind, Clean Power, clean power plan, Georgia Solar, 2015, energy, Wind Energy, Energy Project, Green 2015, California DRP

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