07
Jan
Tax equity – A new source of capital?
Renewables developers reaped the benefits of tax equity financing in 2023 with a record 95 deals worth USD 12.79bn reaching financial close in 2023, according to Infralogic data. The vast majority of the projects that took advantage of the funding option were solar PV and onshore wind projects but an increasing number of offshore wind and battery storage projects have now accessed funds through this mechanism. Panellists will discuss how proposals to raise capital requirements for banks could stymie the sector’s growth and what the true risk profile for tax equity investments is.
- What types of projects are most suitable for tax equity finance?
- Can we expect to see funds getting involved?
- If the proposed Basel III rules come into play, how will this impact renewable projects?
- Who are the lead providers of tax equity?
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SpeakersWilliam Watts McIvor Vice President, Project Finance Arevon
Sarah Kiriluk Head of Acquisitions, Investments and Advisory ENGIEZachary Rubenstein Managing Director, Sustainable Resource Group Blackstone Credit
Dorian Hunt Partner, Head of Renewable Energy Leo Berwick
Bryan Didier Partner, Managing Director - Renewable Energy Monarch Private Capital
Andrew Vitelli Senior Reporter Infralogic
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Profile to follow shortly.
Sarah Kiriluk is a seasoned finance professional with 20 years of experience, most of which is in the energy sector. She has held various international assignments in Belgium, France, the U.K., the Middle East and in the U.S. In her current role, Sarah leads ENGIE’s acquisitions, investments and financial advisory team which manages valuations and financings for ENGIE North America across the various businesses of the group. ENGIE is a leader in the net-zero energy transition and currently has more than 7 GW of renewable production in operation or construction across the U.S. and Canada as well as a large battery storage portfolio.
Zachary Rubenstein is a Managing Director in the Sustainable Resource Group within Blackstone Credit Insurance. He is involved with investments in the renewable energy and mobility sectors.
Prior to joining Blackstone Credit, Mr. Rubenstein worked at BofA where he was a leader of the Global Sustainable Finance Group focused on structured products within the renewable and infrastructure sectors. Before BofA, Mr. Rubenstein worked in the Alternative Energy Finance group at Citi where he focused on renewable asset finance. Before Citi, Mr. Rubenstein was an early employee at Altus Power, a clean electrification company, where he was a key member of the team responsible for significant growth of the firm.
Dorian Hunt leads Leo Berwick’s Renewable Energy practice.
Dorian has 20 years of experience in tax credit monetization, with clients including renewable energy project developers, tax equity investors, project lenders, insurers and syndicators.
Prior to joining Leo Berwick, he was a leader in the Power and Utilities and Energy Transition practices of a Big 4 firm, where he focused on providing tax consulting services with respect to tax credit-driven project finance across, with a focus on renewable energy.
Dorian is a thought leader in the tax credit space and has authored articles on topics including the potential implications for “direct pay” of renewable energy tax incentives and on the impact of the Tax Cuts and Jobs Act on the US renewable energy industry. He has also presented on these and other similar topics for organizations such as IPED, NARUC, and the Boston Bar Association.
Dorian has experience with myriad energy incentive programs including Treasury 1603 grants, 48C advanced energy manufacturing studies, and the rapidly-developing field of 45Q carbon capture credits.
Bryan Didier is a Partner and the Managing Director of Renewable Energy at Monarch Private Capital. In addition to nearly two decades of legal experience in renewable energy and project finance, Bryan brings over 30 years of leadership experience to his role, including over 20 years of service as an officer in the US Navy.
As part of his responsibilities, Bryan leads and manages Monarch’s renewable energy tax practice, overseeing the origination and closing of transactions, working closely with investors, and serving as the primary point of contact for developers and service providers in the rapidly expanding renewable energy field. Bryan has been a frequent lecturer, speaker, and panelist for industry conferences and CLEs, including most recently on opportunities created by the Inflation Reduction Act.
Prior to joining Monarch, Bryan had been a partner at Leverage Law Group, LLC since 2009, where he developed and led the firm’s renewable energy practice, with a particular emphasis on tax-credit incentivized renewable energy transactions. His diverse client portfolio included tax credit investors, syndicators, renewable energy developers, lenders and non-tax equity investors. Bryan also possesses substantial experience in project finance and corporate governance, having previously served as in-house counsel at a publicly-held utility and a large private chemical manufacturer.
Before and during his civilian legal career, Bryan served for over 20 years on active and reserve duty in the US Navy, retiring with the rank of Commander. Assignments included multiple deployments to the Arabian Gulf as a helicopter pilot, a tour as an Admiral’s aide, and billets in anti-terrorism and domestic casualty response. His military background instilled in him a strong sense of discipline, strategic thinking and leadership, which he now brings to Monarch Private Capital.