Currents

Benoit Allehaut, managing director at Capital Dynamics, joins us to discuss the state of the market and what the company has been up to lately. We go over what he views as the current state of the M&A, tax equity and debt markets, how investors are handling the merchant curve when valuing projects, the company’s new joint venture with Sol Systems, exposure to the PG&E bankruptcy, and more.

Gary Blitz, co-CEO, and Matthew Heinz, managing director, of AON M&A and Transaction Solutions, join us to discuss the reps & warranty and tax insurance markets. We get into how they are being affected by COVID-19, how R&W insurance can help in distressed transactions, how specialty products like tax insurance and litigation buyouts are being used, and much more.

Brian Warshay, principal consultant for distributed energy resources and energy storage at DNV GL, joins us to discuss merchant storage. We discuss the evolving energy storage value stack, how developers are managing the risk involved with merchant storage projects, the difference between merchant storage and merchant power plants, whether lenders are comfortable with merchant storage, the current size of the energy storage market, three questions clients should be asking and more.

Luke Lindberg, senior vice president of external engagement for the Export-Import Bank of the United States (EXIM), joins us to discuss EXIM’s reauthorization after Chairman Reed’s confirmation last May. We go into what the bank’s priorities are, the changes Congress made to its charter during reauthorization, the markets that EXIM is focused on, how they work with other government agencies and more.

Keith Martin, partner at Norton Rose Fulbright in Washington, joins us to unpack the $2.2 trillion economic relief bill that cleared Congress on Friday -- the CARES Act -- and what it means for companies in the project finance market. We get into the handful of things it does for companies, the prospects for more targeted relief for renewables, what we are seeing currently in the market and more.

Tax equity for renewable energy was expected to be a US$15 billion market this year, and interest rates on bank debt had dropped to 125 to 137.5 basis points over LIBOR – before the coronavirus hit. Is financing still available for power and infrastructure projects? Has there been any change in availability or cost of tax equity, bank debt, B loans and project bonds? How have asset valuations been affected?Six key market participants talked about these questions and more. They are John C.S. Anderson, global head, corporate finance and infrastructure at Manulife, Ted Brandt, CEO of Marathon Capital, Jack Cargas, managing director at Bank of America, Ralph Cho, co-head of North American power and infrastructure at Investec Bank, Yale Henderson, managing director at J.P.Morgan and Max Lipkind, managing director and head of energy and power leveraged finance at Credit Suisse.

This was expected to be a peak year in new capacity additions for wind and solar projects – before coronavirus hit. How has the outlook changed? Is work continuing on projects that are already under construction? Are new projects still able to secure financing? How are utilities faring? What issues are companies facing that will require a government response?Six power company CEOs joined us to talk about these questions and more. They are Michael Garland, CEO of Pattern Energy, Paul Gaynor, CEO of Longroad Energy, Miguel Prado, CEO of EDP Renewables North America, James Torgerson, CEO of Avangrid, Guy Vanderhaegen, CEO of Origis Energy, and Tom Werner, Chairman and CEO of SunPower Corporation.

Dan Shreve, head of global wind energy research at Wood Mackenzie, joins us to discuss the future of the wind market. We take a look back at 2019, the outlook for 2020, the risks to the supply chain due to coronavirus and the potential effect on deployment, the impact of the PTC extension, the competition in the US between wind and solar, and more.

Sue Wang, Ben Koenigsberg and Keith Martin join us to discuss the impacts of coronavirus on the renewable energy industry. We discuss how coronavirus is affecting daily life in Wuhan, the effect on loans, what sponsors should do after receiving force majeure notices, what might happen to renewable energy projects that are up against deadlines to start or finish construction to qualify for tax credits, how the M&A market is being affected, and more.

Claire Edwards, knowledge counsel with Norton Rose Fulbright in London, joins us to discuss the upcoming move away from LIBOR, the London Interbank Offered Rate. We discuss the basics of LIBOR, its importance to the industry, why it is being replaced, what types of rates people can expect to see in place of it, the difficulties around getting people to accept a new standard rate and much more.