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INTRODUCTIONS
KEY FINDINGS PROJECT FINANCE OVERVIEW RETROSPECTIVE: 2010-2011 OUTLOOK: 2012-2013
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INTRODUCTIONS
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KEY FINDINGS
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USDAs 9003 Biorefinery Loan Guarantee Program is supporting the first commercial U.S. advanced biofuels projects by allowing developers to tap the institutional investor market through credit-enhanced, project company bond offerings. State-level Renewable Portfolio Standards (RPS) provided demand drivers in more than 30 states.
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A budget-conscious 112th Congress, the 2012 election year cycle, and the recent use of federal clean energy programs as political talking points makes constructive legislation difficult.
The Administration, industry advocates, and policymakers continue commitment to pursuing extensions of existing incentives through available legislative vehicles, leveraging existing authorities, as well as exploring innovative approaches to clean energy financing.
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*Credit-Enhanced Bonds
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In 2010, 4.9 GW of onshore wind was installed and over ~ 6.7 GW in 2011: 37% Annual Increase.
Onshore Wind: Top 3 States in 2011: California, Illinois & Iowa. Europe Stagnant. Growth in India + China.
Recovery Act programs catalyzed over $26.9 billion in onshore wind project financing:
Treasury 1603 Cash Grant Program: 251 projects represented only 4.8% of total cash grant recipients, but sector was largest funding recipient. $8.1 billion represented 75% of receipts, inducing over $26.9 billion in total investment.
DOE 1705 Loan Guarantee Program: 4 projects representing 1GW of installed capacity including largest wind farm in the world (Shepherds Flat) Stimulated $2.8 billion in total investment, with installed costs ranging from $2.28 $4.93 / W.
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Scope of Participation by Other Capital Providers Project Sponsors, Strategic Equity, O&Ms, EPCs, etc.
Tax Appetite of Financial Institutions and Development of New Tax Equity Markets. Gearing Ratios (Project Leverage) Equity's Role Becomes More Prominent In DebtEquity Ratios.
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U.S. SUPPLY & DEMAND FORECAST: OBSERVATIONS & ASSUMPTIONS Impact of 1603 Grant Program Expiration:
50% reduction in available financing due to return of tax equity structures. (USPREF)
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MARK J. RIEDY
Member | Mintz Levin
AUDREY LOUISON
Member | Mintz Levin
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JORDAN M. COLLINS
Director of Government Relations | ML Strategies
Served as in-house consultant advising both previous and current Administration officials at U.S. Department of Energy from 2007-2011 in both:
Office of Energy Efficiency & Renewable Energy Office of Policy & International Affairs
Portfolio includes clean energy financing mechanisms, tax policy, federal procurement, market transformation, international trade, legislative analysis, and technology commercialization
Extensive knowledge of existing and proposed clean energy programs, authorities, and initiatives at Federal & State levels
Licensed attorney admitted to bar in District of Columbia and State of Texas
MARK J. RIEDY
Member | Mintz Levin
Represent renewable power generation and biofuel clients in domestic and international matters, including: Project development, debt and equity financing contracts, mergers and acquisitions, technology outsourcing, investment fund structuring, venture capital structuring, and regulatory and legislative issues Founder and/or General Counsel to several significant renewable energy organizations over 35 years including the American Council On Renewable Energy. Admitted to practice in the District of Columbia, and before the D.C. Court of Appeals; the U.S. Court of Appeals, D.C. Circuit; U.S. District Court, District of Columbia; U.S. Court of Appeals, Federal Circuit; the U.S. Court of International Trade; the U.S. Court of Claims; and the U.S. Tax Court. J.D. Georgetown University Law Center ,B.A., summa cum laude University of Michigan
AUDREY LOUISON
Member | Mintz Levin
Power sector project development and finance attorney specializing in all aspects of renewable power generation, including:
Complex Commercial Transactions Mergers & Acquisitions Private Equity Investments Sales & Acquisitions
Client portfolio includes clean energy developers, investors, owners, lenders, utilities, supply companies, trading companies, and manufacturers. J.D. from Boston College, B.S. in Foreign Service from Georgetown University. Admitted to practice in the DC, Virginia, and Massachusetts.
SAHIR SURMELI
Member | Co-chair Energy & Clean Technology Practice | Mintz Levin
Represents emerging growth and established energy and clean technology, life sciences, and information technology companies in public offerings and private financings, as well as, underwriters and issuer clients in traditional energy fields, including oil and gas, pipeline and exploration financings, and mergers and acquisitions. Provides counsel on complex financing structures in a broad range of sectors, including energy and clean technology, telecommunications, information technology, satellite, biotech, aerospace and semiconductor. Admitted to practice in Massachusetts and New York. J.D. University of Chicago Law School , M.B.A., University of Chicago Graduate School of Business