Renewable Energy Project Valuation
MASTER CLASS OVERVIEW
The renewable energy boom shows no signs of abating, and neither do the long-term risks for developers, investors and portfolio owners. The competition to acquire projects and the shortening tenor for utility and corporate power purchase agreements (PPAs) is causing the profitability of projects to depend more on non-contracted revenue and the merchant tail. The success of investment decisions and project financings in the current market relies on accurately evaluating market and project risk over a long horizon—an increasingly challenging task that can create tension between sponsors, regulators, and debt and equity investors.
The Renewable Energy Project Valuation Master Class will conduct a deep dive into valuation approaches in today’s market, and how to use them to meet IRS, investor and regulatory requirements. It will step through the rigorous application of valuation approaches, helping develop a depth of understanding and appreciation of how to incorporate market volatility in valuations that rely on varying forward energy price projections provided by competing market sources and often spotty market transaction data. It will:
- Provide information and perspectives on current market conditions, M&A activity, financier sentiment and investor risk appetite. The course will provide a discussion of how each of these is affecting the value and bankability of various classes of projects
- Step through the rigorous application of valuation approaches, discussing their strengths, weaknesses and common pitfalls in their use
- Discuss how legal and IRS requirements affect cost segregation, and how to avoid changes in depreciated value that can reduce revenue flows
- Examine how to assess the value of projects that depend on non-contract revenue and sources of yield beyond energy
- Show how to incorporate risks frequently encountered in both BTM and utility-scale projects, including interconnection issues, construction delays, VPPAs, curtailment and basis risk, hedges, and site control
- Discuss how to reconcile the sometimes-disparate results coming from different valuation approaches and methods of modeling market volatility to reach the most accurate conclusion possible
This Master Class will be taught by senior renewable energy project valuation professionals from Marshall & Stevens, a recognized leader in valuation services, including over $50 billion of renewable energy projects valued over the past 10 years. The class will also feature presentations by highly-respected renewable energy project attorneys and top industry investors to provide their perspectives of asset valuation in the current market.
MASTER CLASS FEATURES
Relevant & Timely Content: 10+ hours of in-depth, highly-relevant content and interactive learning conducted by knowledgeable and respected industry leaders as your class instructor. Bring your toughest problems for expert advice!
Competitive Advantage: Get tangible outcomes for immediate use and application!
- Get up-to-date information on current market conditions (economic, power market, renewable project deal flow and pricing) and insights on the current perspectives of all players: offtakers, developers, financiers, investors
- Understand how to effectively assess renewable asset values even while dealing with incomplete and indeterminate market data
- Learn how to avoid the valuation pitfalls that can create legal difficulties and reductions in revenues
- Reconcile the results of competing models and estimates to develop more accurate valuations and create maximum project value
Virtual Office Hours
- Exclusive access to the Lead Instructor one week after the conclusion of the Master Class
- Receive personal attention from the Lead Instructor for questions unique to you
Live Discussion and Q&A
- Engaging and interactive live discussion and Q&A after each session
- Live participation: submit questions and comments in real-time for our expert Instructor
On-Demand Access
- Attend remotely from wherever you are – from home or at the office
- Full access to all premium class content, recordings and presentations
Class Outline
The curriculum has been designed to allow attendees to tackle today’s most important topics for developers and investors, including:
- Gain an in-depth understanding of market, cost and income-based valuation approaches and how to apply them to renewable energy asset financings and investments
- Hear how the legal issues creating tensions between regulators, developers and investors can be addressed
- Avoid the cost segregation pitfalls in valuations that can reduce revenue flows in tax equity investments
- Learn how to incorporate the revenue stream complexities of renewable projects to effectively model income: residual values after expiration of offtake contracts, economic useful life, contracted vs uncontracted revenue streams, and more!
- Incorporate project and market risk considerations in renewable asset valuations
- Learn how to deal with potential limitations in forward price estimates, transaction and cost data
- Reconcile the findings of various types of models to deliver the most accurate valuation possible and create maximum project value
Darleen Armour. ASA
Darleen Armour is a Managing Director for the Financial Valuation and Consulting practice. She is responsible for leading complex financial analyses and multidisciplinary valuation assignments for public and private companies. Ms. Armour leads the Technical Committee for the national Financial Valuation and Consulting practice.
Ms. Armour has been in the valuation business since 1987. Her experience includes the preparation of Fairness and Solvency Opinions and the valuation of businesses, intangible assets, and securities for buy/sell consideration, financial reporting, personal and corporate tax reporting, and shareholder dispute. Prior to joining Marshall & Stevens, Ms. Armour has served as a Director of BDO’s Valuation and Business Analytics practice, a Senior Vice President at FMV Opinions, Inc., and as a Senior Vice President at Houlihan Lokey Howard & Zukin, Inc.
Ms. Armour has earned an MBA from University of California, Los Angeles and a BA from California State University, Fullerton. She is an Adjunct Professor at California State University, Fullerton teaching graduate level Business Valuation/Mergers & Acquisition course. She holds the designation of Senior Accredited Appraiser of the American Society of Appraisers and leads the Business Valuation Committee for the Los Angeles ASA Chapter.
Steven LaMantia, ASA
Mr. LaMantia is a Managing Director in the Structured Finance / Leasing Valuation Practice at Marshall & Stevens, Inc. He is responsible for performing and managing business and asset valuation projects for mergers, acquisitions, and divestitures, financing/recapitalizations, financial accounting, tax reporting and consulting purposes.
Mr. LaMantia has more than 30 years of valuation consulting experience. His experience base includes senior staff positions at large independent international valuation consulting firms. Mr. LaMantia’s experience includes the valuation of the debt and equity securities and tangible and intangible business assets of closely held and public corporations, partnerships, and individuals.
Mr. LaMantia holds a Bachelor of Commerce degree with a Concentration in Finance from DePaul University (Chicago, Illinois). Mr. LaMantia holds an ASA designation from the American Society of Appraisers, he is also an Accredited Senior Appraiser – Business Valuation. He is a member of the Equipment Leasing Association Business Valuation Association
Anthony Vu
Anthony Vu is a Director, Cost Segregation for Marshall Stevens Mr Vu has been active in the construction and valuation industry since 2004 He performs cost segregation studies, fixed asset scrubs, capitalization of tangible property studies, and provides opinions of value of machinery, equipment, vehicles, furniture, fixtures, land improvement and buildings His analyses are used for financial reporting (purchase price allocation), personal and corporate tax planning and reporting, Investment Tax Credit ( and Production Tax Credit ( filings for renewable energy generation projects, insurance placement, and property tax reporting
Mr Vu’s cost segregation engagements consist of new construction, acquisitions and retroactive studies Property types valued include automotive dealerships, hospitals and clinics, hospitality and gaming, manufacturing, multifamily, office, renewable energy generation, restaurants and retail, warehouse and distribution facilities Prior to joining Marshall Stevens, Mr Vu was a member of the Cost Segregation practice at Moss Adams, LLP, CB Richard Ellis, Inc and Grant Thornton, LLP He has direct construction experience having served as a project engineer for a General Contractor
Mr Vu has earned a B S Construction Engineering and Technology, from California State Polytechnic University, Pomona and has earned his General Contractor’s license
John Geraghty
John Geraghty is a Director in the Structured Finance Practice for Marshall & Stevens Incorporated. Mr. Geraghty leads the East Region Structured Finance team in the valuation of solar and wind projects in all stages of development.
Mr. Geraghty joined Marshall & Stevens in 2018. Before Marshall & Stevens, he served as Director of Strategic Partnership Development for Strata Solar’s design/build C&I. Prior to that, he was the Senior Vice President of Structured Finance for Vanguard Energy Partners, the construction arm of Vanguard, and Managing Director of Vanguard Energy Capital, the capital procurement/asset management side of Vanguard. Earlier in his career, Mr. Geraghty worked at AT&T Capital for 14 years as head of Business Planning, a deal team leader for its Structured Finance unit and finally the unit’s Managing Director. He executed his first solar project financing in 1989’s closing of SEGS VIII, an 85MW $235 million leveraged lease with three equity partners. At the time, SEGS VIII was the largest solar electric generation system constructed to date.
He earned an M.B.A., Northeastern University, and B.S., Accounting from Montclair State University.
Laura Ellen Jones
Laura focuses her practice on tax equity financing of renewable energy projects, including solar, wind and biomass facilities.
With over 20 years of experience, Laura has a keen ability to navigate the tax code and provide her clients with a forward-thinking approach to their business needs. She brings insightful and practical advice to clients on transactions involving tax incentives including the Investment Tax Credit (ITC) and Production Tax Credit (PTC) for the development, financing, purchase and sale of renewable energy projects.
Laura has deep-rooted relationships throughout the renewable energy industry and “knows most of the players in the solar space so she can give insights into trends in the sector” (Chambers Global, 2016)
Additionally, Laura is well-versed in the Opportunity Zone program and is currently helping several clients through the process of structuring and investing in qualified properties and vehicles.
She is highly regarded as a leader in the field, often serving as a moderator, panelist and speaker at industry conferences and seminars around the country. Laura is on the Board of Directors for the Solar Energy Industries Association (SEIA) where she serves as Vice Chairman of the Solar Services & Consumers Division. She also serves on the Board of Managers for the Solar Energy Trade Shows (SETS), the company behind Solar Power International, North America’s largest solar industry show.
Jim Nutter, ASA
James Nutter, ASA is Director in the Structured Finance Practice and national leader of the Machinery & Equipment Practice for Marshall & Stevens Incorporated. Mr. Nutter leads the Midwest Structured Finance team in the valuation of traditional and renewable energy generation and distribution assets and facilities for debt, leasing, sale leaseback and tax equity financings as well as allocation of purchase price, impairment testing and repowering analyses.
Mr. Nutter joined Marshall & Stevens in 2009. His experience includes valuation of assets in a wide range of industries such as agriculture and food productions, data networking and communications infrastructure, energy generation and distribution, manufacturing and distribution, media broadcast, and transportation. Prior to Marshall & Stevens, he served in multiple roles for Micor Media Group, a firm specializing in the valuation of professional audio and video assets.
Mr. Nutter earned a B.A., History and Political Science, Loyola University Chicago. He is an Accredited Senior Appraiser (ASA), Machinery & Technical Specialties, American Society of Appraisers. He is Chair of the Chicago Chapter of the American Society of Appraisers.
Rubiao Song
Bio coming soon...
Keith Martin
Bio coming soon...