07
Jan
Renewables: Has the Inflation Reduction Act accelerated investment into US renewables?
The Inflation Reduction Act (IRA) provides incentives worth billions of dollars for renewable energy projects, but there are still major obstacles to connecting new sources of energy to the grid in many areas. The process of planning, securing funding, and obtaining permits for transmission capacity is still extremely difficult and has posed a significant barrier to efficiently delivering energy to areas in need at the necessary times. Could 2024 potentially be the first year in which the renewable energy industry experiences the complete effects of the legislation? In this panel session panellists will review how the IRA is impacting investment into renewable energy projects as they discuss:
- How is volatility affecting returns and how can investors navigate the turbulence?
- What needs to be done to meet the US Dept of Energy challenge of increasing the buildout of renewable energy capacity in the country?
- What are the most lucrative investment opportunities in the renewables sector amidst the current macroeconomic climate?
- Reviewing the Inflation Reduction Act, has it accelerated investment into US renewables? What are the challenges?
- How does renewable energy production contribute to or hinder energy security?
- Has the higher cost of capital from higher interest rates created winners and losers in renewables investment?
- Is the threat of anti-circumvention tariffs a significant concern for the sector?
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SpeakersDan Abbott Principal Carlyle
Jorge Camina Partner & Head of Sustainable Infrastructure Credit Denham Capital Management
Corey Lewis Managing Director, Transaction Solutions Aon
Teresa Mattamouros Managing Director, Infrastructure Investing Goldman Sachs
Steve Cheng Credit Partner Global Infrastructure Partners
Mary Weisskopf Partner Ember Infrastructure
Elena Rubinov Partner Mayer Brown
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Dan Abbott is a Principal with the Renewable and Sustainable Energy team. He is based in California.
Prior to joining Carlyle, Mr. Abbott was a Senior Manager at Clearway Energy Group, one of the largest renewable energy developers in the United States (formerly NRG Energy’s renewable energy platform). At Clearway, he executed project finance and M&A transactions for projects across Clearway’s utility-scale solar, wind, and community solar businesses. Previously, Mr. Abbott was a Consultant with Alliance Consulting Group, focused on corporate strategy and investment due diligence.
Mr. Abbott received his B.A. from Dartmouth College and his M.B.A. from the UCLA Anderson School of Management.
Mr. Camiña is a Partner and Head of Sustainable Infrastructure Credit. Jorge brings over 20 years experience in project finance and investment management, having held senior positions at both Allianz Global Investors and Santander Corporate & Investment Banking. In his most recent role, as Director of Infrastructure Debt at Allianz Global Investors since 2016, Mr. Camiña was responsible for the origination, structuring and execution of Infrastructure Debt investments in the Americas. He led the execution of a strategic shift towards renewable power across US and Latin America, investing in over three gigawatts of solar and wind assets. He was also member of the Infrastructure Debt investment committee. Jorge received a Bachelor of Science in Business Administration by Deusto Business School in Spain.
Corey Lewis joined Aon's Transaction Solutions team in June 2015, focusing on tax insurance. Prior to joining Aon,Corey was an associate in the International Tax Services: Financial Services/Real Estate division in the New York office of PricewaterhouseCoopers. At PwC, Corey focused primarily on the tax structuring of international real estate investments.
Teresa Mattamouros is a Managing Director in Infrastructure investing within Goldman Sachs Asset Management, where she is responsible for sourcing, underwriting, executing and monitoring energy transition and transportation & logistics infrastructure investments.
Prior to joining Goldman Sachs, Teresa was a managing director at EQT Partners, where she was a member of the board of directors of Kodiak Gas Services (NYSE:KGS) and Voltera Power. Prior to EQT, she was at SCF Partners, an energy focused investment firm, from 2019 through 2022. While at SCF, she served on the boards of Pro Directional and Frontier Tubular Solutions and was the interim CEO of Frontier Tubular Solutions from 2020 through 2021. Teresa was part of Baker Hughes between 2016 and 2017, serving in key positions in the finance and technology organizations and playing a key role in the integration of GE Oil & Gas and Baker Hughes. Prior to Baker Hughes, she was a Vice President of Investment Banking at Goldman Sachs and Morgan Stanley, advising companies in the energy sector in M&A and capital markets transactions.
She has a degree in Architecture from Technical University of Lisbon and a Masters in Business Administration from Jones Graduate School of Management at Rice University.
Steve Cheng is a founding Partner of GIP Credit, Global Infrastructure Partners’ credit investment platform. He is a member of GIP Credit’s Investment Committee, Operating Committee and Valuation Committee and serves on the boards of BrightNight LLC, BrightNight U.S. LLC and BT Generation Holdings. GIP Credit provides custom tailored financing solutions to infrastructure projects and businesses across a breadth of capital needs, including greenfield projects, acquisition finance, liquidity and growth, restructuring and secondary purchases with the ability to transact anywhere in the capital structure except for common equity. Prior to joining GIP in 2012, Mr. Cheng spent 20 years at Credit Suisse, most recently as Co-Head of the Global Project Finance Group and a Managing Director in the Global Energy Group
Mary Weisskopf is a is a Partner at Ember Infrastructure and a member of the Investment Committee.
With over 15 years of experience in energy and infrastructure finance, Mary was previously a Vice President on the investment team of Global Infrastructure Partners’ flagship fund. Prior to her time at GIP, Mary was part of Credit Suisse’s Power and Renewables group within the Investment Banking division. Mary was involved in the execution of a wide variety of M&A, strategic advisory, capital markets, and project financing transactions for developer, corporate, and private equity clients. Mary began her career with Charles River Associates providing economic consulting services in the Energy and Environment Practice.
Mary holds an M.B.A. from the University of Chicago Booth School of Business and a B.S. in Commerce and Economics from the University of Virginia.”
Elena Rubinov is a partner in Mayer Brown's Corporate & Securities practice. She maintains a broad M&A practice, representing public and private companies, including private equity and infrastructure fund clients, in corporate and business combination transactions such as mergers, acquisitions, divestitures, investments, co-investments, joint ventures, recapitalizations, restructurings and bankruptcy sales, among others. She regularly counsels clients in a variety of industries, including energy, infrastructure, media and entertainment, chemicals, financial services and retail. Additionally, she advises on debt and corporate restructurings in connection with equity recapitalizations, rights offerings and 363 sales and acquisitions.