Currents

Ep46: Solar Revenue Put: One Year Later

January 07, 2019 19:30 - 18 minutes - 18.2 MB

In Episode 23, Richard Matsui of kWh Analytics sat down with us to explain the solar revenue put. One year later, he joins us again to discuss how the market has reacted, the number of deals that have used it, the response to this new innovation and more.

Ep45: Potential Impacts from Wildfires on PG&E

November 30, 2018 19:00 - 21 minutes - 18.2 MB

Bob Shapiro joins us to discuss potential wildfire impacts on PG&E, including potential impacts to PG&E's counterparties. We dive into the relationship between the California legislature and the California Public Utilities Commission, the impact a significant loss to PG&E could have on power generators and more.

Ep44: Post-Election Assessment: US Power Sector

November 19, 2018 01:00 - 1 hour - 40.9 MB

Listen to a discussion among Keith Martin and five veteran Washington lobbyists and power company office heads about how the US mid-term election results are likely to affect the power sector, especially renewable energy.

Ep43: A Master Class on Ratings for Projects

November 14, 2018 02:30 - 32 minutes - 29.7 MB

Greg Remec, Senior Director with Fitch Ratings, joins us to give a master class on ratings for projects, discussing what goes into a rating, how the different players affect the grade and more.

Ep42: Title Insurance for Projects

October 23, 2018 21:15 - 35 minutes - 30 MB

Scott Bank of First American Insurance sat down to discuss all things title insurance; in this episode we go from title insurance 101 and endorsements for project finance projects to how pricing breaks down and where he sees the insurer most often paying out.

Ep41: M&A Due Diligence

October 15, 2018 17:59 - 25 minutes - 20.8 MB

Ken Elser of DNV GL joins us to discuss when a company contemplating an M&A transaction should approach an independent engineer, the different methods DNV GL takes in buy-side vs. sell-side transactions, the top three things that drive the value of an M&A transaction, where he sees the market going in the next six to 12 months, how DNV GL can help, and more.

Ep40: Emerging Energy Infrastructure Opportunities

October 03, 2018 23:10 - 32 minutes - 30.2 MB

Ren Plastina of Investec joins us to talk about energy storage and electric vehicles and how to be a first mover in both markets. He gets into energy storage from standpoint of a lender, what is going in the market and whether lenders are seeing deals that can actually be financed, as well as how the traditional project finance model can be used for EV charging infrastructure, a market that is still in the formative stages.

Ep39: Interview with an Industry Veteran: Steven Greenwald

September 25, 2018 15:00 - 27 minutes - 24.6 MB

Steven Greenwald, senior advisor and former head of project finance with Credit Suisse, reflects on a rich 39-year history in the project finance industry. Steve shares what led him to become an investment banker, the secret to his longevity, how he has seen the business evolve, common mistakes to avoid and more.

Ep38: The Future of Energy Storage

September 17, 2018 21:00 - 38 minutes - 36.2 MB

Michael Kleinberg, head of distributed energy resources and energy storage at DNV GL, joins us to talk all things energy storage. He shares an update on current technology trends of lithium ion, the cost environment, how projects are priced, key players on the manufacturing side and how these technologies are being deployed in the US. The residential market is awakening and Todd asks how much confidence can the project finance industry take from the numbers that the market is currently report...

Ep37: Legal Perspective: Reps and Warranties Insurance

September 11, 2018 20:45 - 26 minutes - 23.4 MB

The representations and warranties insurance (RWI) market is growing rapidly as the insurance expands in scope to cover more types of transactions. David Barrett discusses RWI from a legal perspective: talking about the basics of sell-side and buy-side policies, typical pricing, premiums last year versus this year, the risks that aren't covered, special considerations for energy projects, the claims history and more.

Ep36: CFIUS Legislation Update

August 28, 2018 00:57 - 15 minutes - 13.6 MB

Amanda Rosenberg tells us what the major changes to CFIUS are and how they will affect the energy industry, including details on the new review authority, changes to process, mandatory declarations and when everything comes into effect.

Ep35: PACE Securitization Overview

August 20, 2018 23:00 - 19 minutes - 18.8 MB

Listen in as Patrick Dolan offers a general overview of securitization and then dives specifically into the niche market of property assessed clean energy (PACE) bonds. We cover which states are doing the highest volume in PACE securitizations, a history of the ratings, residential versus commercial and where he sees the future of the program.

Ep34: Legal Perspective: Back-leveraged Loans

August 06, 2018 21:45 - 20 minutes - 18.6 MB

Jim 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.

Ep33: IPPs, PPAs, and Chapter 11

July 30, 2018 23:45 - 27 minutes - 28.4 MB

Bankruptcy 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.

Ep32: Capital Dynamics' View on the Solar Market

July 23, 2018 22:45 - 27 minutes - 26 MB

We 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.

Ep31: CFIUS: A Closer Look

July 18, 2018 18:30 - 18 minutes - 17.1 MB

Join 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.

Ep30: New York: Renewable Energy Incubator

July 09, 2018 20:45 - 27 minutes - 26.8 MB

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.

Ep29: Increasing Regulatory Headwinds

June 25, 2018 14:00 - 15 minutes - 14.4 MB

Keith 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.

Ep28: The M&A Landscape

June 18, 2018 20:15 - 30 minutes - 26 MB

Todd 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.

Ep27: Representations and Warranties Insurance

May 21, 2018 21:45 - 28 minutes - 46.9 MB

Join 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.

Ep26: Tax Credit Insurance for Renewable Projects

May 01, 2018 21:58 - 28 minutes - 46.9 MB

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. We speak with Daniel Schoenberg, Senior Managing Director at Aon Transaction Solutions to learn exactly what is tax credit insurance and how it is used in the renewable space.

Ep25: Energy Storage Drivers & Pitfalls, a Webinar with ICF

March 28, 2018 17:15 - 1 hour - 44.6 MB

Please join us for a webinar from Norton Rose Fulbright and ICF on energy storage. Our own Kat Gamache and Deanne Barrow are joined by Judah Rose and Shankar Chandramowli from ICF to discuss market drivers of storage adoption and potential risks and challenges.

Ep24: Net Metering and Community Solar Update

March 07, 2018 20:24 - 15 minutes - 17 MB

As the community solar market continues to expand, our associate Ana Vucetic joins us to provide an update on the market and takes us through important recent changes in net metering rules across several key states.

Ep23: Solar Revenue Puts with Richard Matsui, KwH Analytics

February 26, 2018 21:30 - 18 minutes - 20.4 MB

Richard Matsui, CEO of KwH Analytics, joins us to discuss the Solar Revenue Put, an innovative new financial product that may change the way many solar projects are financed. While the solar industry faces the potential impact of tariffs, we explore how this product can reduce project costs.

Ep22: Cost of Capital

January 31, 2018 13:30 - 1 hour - 59.8 MB

Please join us for a special episode featuring our 2018 Cost of Capital webinar. Partner Keith Martin moderates and is joined by panelists John C.S. Anderson of Manulife/John Hancock, Jean-Pierre Boudrias of Goldman Sachs, Jack Cargas of Bank of America Merrill Lynch, Ralph Cho of Investec, and John Eber of J.P.Morgan.

Ep21: Interview with a Wind Energy Pioneer: Jacob Susman

January 17, 2018 15:30 - 40 minutes - 37.7 MB

Jacob Susman has been investing and developing projects in renewable energy since 1999. He led OwnEnergy from inception to its sale to EDF Renewable Energy, where he is now VP, Head of Origination. In today's episode, Jacob sits down with Todd to discuss what it takes to build a successful renewable energy startup and offers his insights on opportunities in today's market.

Ep20: Tax Changes Affects on Transactions

December 21, 2017 16:15 - 1 hour - 59.8 MB

Join Keith Martin, David Gillespie and Michael Masri as they take you through over a dozen provisions in the recently enacted tax bill that will affect transactions in the power and broader infrastructure markets. This special episode was recorded live on December 19 starting with an overview of the changes followed by answering audience questions.

Tax Bill's Impact on the US Power Market

December 06, 2017 18:15 - 18 minutes - 18.7 MB

A massive tax-cut tax bill that is in the final stages in Congress has significant consequences for the US power industry, especially renewable energy companies. Keith Martin, partner in the Washington office, joins us to discuss the implications.

Ep18: Mexico Power Auctions

November 28, 2017 22:30 - 33 minutes - 30.8 MB

Dramatic change is underway in Mexico's power sector. Clean energy auctions awarding long-term power purchase agreements have been a great success so far. The results of the third and most recent auction were announced in November, bringing some of the lowest prices for renewable energy in the world. We're joined by Raquel Bierzwinsky, partner in the New York and Mexico City offices, to discuss the auction and the reform of the Mexican renewables sector more broadly.

Ep17: Back-leverage Loans: Trends and Issues

November 14, 2017 21:07 - 27 minutes - 26.9 MB

Back-leverage loans have become the primary way to raise debt for tax equity-funded renewable energy projects in the US. Today, we're joined by Ralph Cho and Mike Pantelogianis, Co-Heads of Power and Infrastructure Finance, North America at Investec, to discuss the state of the back-leverage loan market.

Ep16: Renewable Energy Hedges

October 25, 2017 22:15 - 31 minutes - 29.3 MB

To kick off Season 2 of Currents, we've invited Rob Eberhardt, partner in New York, to discuss financial hedges for renewable energy projects. Rob helped to develop an innovative new wind power hedge last year that attracted considerable attention in the market.

Ep15: Cross-border Energy M&A Transactions

June 30, 2017 15:04 - 23 minutes - 23.6 MB

Mergers and acquisitions activity in the energy sector is on the rise, and cross-border transactions are driving much of this activity. In today's episode, we talk to Marwan Azzi, from our New York office, who gives us an in-depth view of how these transactions work and shares his insight on market trends.

Ep14: Political Risk Insurance: Industry Overview and Trends

June 15, 2017 23:13 - 34 minutes - 33.7 MB

As political uncertainty continues to dominate the news, we take a closer look at political risk insurance: a valuable tool when developing projects in riskier emerging markets. Ken Hansen, partner in our Washington office, joins us to give a breakdown of the industry and major players, and discuss recent developments.

Ep13: Spotlight on LNG-to-Power Projects

May 24, 2017 21:15 - 37 minutes - 35.7 MB

The global LNG industry has seen remarkable growth in a short time. Noam Ayali and Brian Greene, partners in our Washington, DC office, fill us in on the market, how these projects are developed and financed, and some of the hurtles you might face.

Ep12: WIFIA and the US Water Infrastructure Gap

May 12, 2017 16:15 - 35 minutes - 38.4 MB

The Water Infrastructure Finance and Innovation Act, “WIFIA,” is a funding mechanism that was enacted to address the US water infrastructure gap. WIFIA aims to encourage private investment in public water infrastructure projects, and the EPA announced this week that it had received 43 letters of interest in its first round of solicitations. In this episode, we speak with Jake Falk, Counsel in our Washington, DC office, to discuss the WIFIA program.

Bonus: An Interview with Governor Pataki

April 25, 2017 19:35 - 42 minutes - 43.2 MB

In this special bonus episode, Governor Pataki discusses his political views and influences, what motivates him, and his advice for the next generation.

Ep11: Gov. Pataki's Perspective on Energy and Infrastructure

April 25, 2017 19:30 - 30 minutes - 31.4 MB

In this episode, we're joined by the 53rd Governor of New York state, George E. Pataki, to discuss his views on the future of energy and infrastructure under the Trump administration.

Ep10: How US Tax Reform Could Affect Renewables

April 06, 2017 14:15 - 31 minutes - 29.4 MB

As the Trump administration and the Republican Congress continue to work on corporate tax reform, we speak to Keith Martin, partner in the Washington, DC office and co-head of the project finance group, to walk us through some of the proposals and their potential effects on the US renewable energy industry.

Ep9: My Favorite Project, Part One

March 28, 2017 21:15 - 29 minutes - 29.3 MB

Four project finance lawyers talk about their favorite projects in this episode. From racking up frequent flier miles traveling the world, to bringing a project to a war torn country, to only sleeping for 13 hours in an entire week, Todd Alexander, Doug Fried and William Nicholson talk about some of the highlights of their careers.

Ep8: Tax Equity 101

February 23, 2017 20:00 - 27 minutes - 25 MB

Tax equity transactions have been a mainstay of financing renewable energy projects in the US. William Nicholson, associate in the New York office, joins us to give a primer on how these transactions are structured and key considerations that developers and investors should keep in mind.

Ep7: 2017 Renewable Energy Outlook

January 26, 2017 20:00 - 28 minutes - 29.4 MB

The renewable energy industry saw a tremendous amount of success in 2016, but the new year brings some uncertainty, both in the US and abroad. In this episode, we speak to Todd Alexander, partner in Chadbourne's New York office, to discuss why he thinks 2017 will be continue to bring success to the industry.

Bonus: Cost of Capital: 2017 Outlook

January 19, 2017 20:45 - 1 hour - 25.1 MB

It is the start of a new year. The Trump presidency and the likelihood of corporate tax reform have added an element of unpredictability. On January 17, 2017 Chadbourne hosted a webinar among a group of project finance industry veterans about what to expect in the year ahead for tax equity, bank and term loan B debt and project bonds.

Ep6: Africa: Opportunities, Challenges and Effects of Trump

January 05, 2017 19:15 - 23 minutes - 23.7 MB

There is a tremendous amount of opportunity for energy and infrastructure development in Africa. In this episode, we speak to Chadbourne partner Ikenna Emehelu to discuss opportunities, challenges, the future of the Electrify Africa Act, and what a Trump administration means for the African energy and infrastructure market.

Lessons from the SunEdison Bankruptcy

December 14, 2016 15:00 - 23 minutes - 22.8 MB

The bankruptcy of solar power developer SunEdison has been one of the most discussed topics of the US renewable energy market in 2016. Christy Rivera, partner in Chadbourne's bankruptcy group, joins us to discuss outcomes, surprises and lessons learned from SunEdison's bankruptcy filing.

Ep4: US Infrastructure and P3 Opportunities

December 05, 2016 17:45 - 34 minutes - 31.6 MB

President-Elect Trump has positioned US infrastructure investment as a top priority, and the topic was a rare source of bipartisan agreement throughout the 2016 election season. In this episode, we're joined by Chadbourne partner Doug Fried and Mike Parker, US Infrastructure Advisory Leader of Ernst & Young Infrastructure Advisors, LLC to discuss opportunities in the infrastructure sector and how the public-private-partnership ("P3") model is likely to play a role.

Bonus: US Renewable Energy After the November Elections

November 21, 2016 15:00 - 56 minutes - 51.8 MB

The markets are trying rapidly to assess the effects of a Trump presidency on the energy industry. On Thursday, November 10, 2016, Chadbourne hosted a webinar with five experts in Washington who are close to energy and tax policy for an assessment of what the election results mean for renewable energy. The participants were: Keith Martin, Partner, Chadbourne & Parke LLP (Moderator) Richard Glick, General Counsel (minority), Senate Committee on Energy and Natural Resources and former seni...

Ep3: Net Metering Programs and Policy Update

November 07, 2016 23:15 - 29 minutes - 26.9 MB

Chadbourne associate Megan Strand joins us to discuss net metering, an important tool in the continued deployment of distributed solar in the United States. As utilities and developers battle over net metering policy, we explore the different methods states are using to promote - and manage - net metering.

Ep2: The Future of US Offshore Wind, Part 2

October 27, 2016 19:45 - 29 minutes - 27.4 MB

In part two of our discussion on offshore wind development in the United States, Chadbourne counsel Kat Gamache delves into the complex regulations that developers of US offshore wind projects should consider. Topics discussed include the Jones Act, the Public Utility Holding Company Act (PUHCA), and the recent Supreme Court ruling in Hughes v. Talen Energy Marketing. Kat also covers some of the challenges that these projects face when securing long-term, fixed-price power purchase agreements...

Ep1: The Future of US Offshore Wind, Part 1

October 21, 2016 21:33 - 24 minutes - 22.1 MB

Benjamin Koenigsberg and Christine Brozynski take us on a behind-the-scenes tour of the complex financing and construction of the Block Island Wind Farm, the first offshore wind farm in the US. What hurdles did the team clear to make it happen and what does this mean for future projects?

Episode 0: Introduction

October 19, 2016 21:15 - 2 minutes - 1.98 MB

Chadbourne & Parke is excited to announce that we have launched a new podcast featuring in-depth interviews on the latest developments in project finance. Chadbourne Currents talks to key business leaders and policy makers to investigate important trends affecting global energy and infrastructure markets. The diverse topics that we will explore include the future of US offshore, net-metering trends, Islamic finance and much more. We hope you will enjoy listening to Chadbourne Currents. Pleas...

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