Advanced Hedging for Renewables: Risk Appetite & Market Shift - Presented by Infocast

Advanced Hedging for Today's Market Conditions

New power projects are increasingly exposed to a wide variety of power market and other risks, and the most successful developers are turning to increasingly complex hedge structures to manage those risks while still delivering finance-able, profitable and sell-able projects.

To get truly valuable projects across the finish line, project developers must understand their complete risk exposure AND accurately gauge the risk appetites of their offtakers, their hedge counterparties, their lenders, and potential future buyers of their projects. To accomplish all this will require a solid grasp of today’s market conditions as well as a mastery of the full range of the most advanced contractual and hedging structures so they can manage those all those risks at an acceptable price.

This unique course, taught by a variety of active market participants, will prepare attendees to deal with both halves of this double challenge: first, understanding the current conditions in all of the various relevant markets that will motivate and constrain a projects’ risk management strategy, and second, how to utilize today’s most innovative and effective hedging approaches to execute that strategy.

Attend this one-of-a-kind event to learn what types of complex hedges continue to move forward today, and what structures are best in different markets and scenarios. Hear how volatile markets affect hedge provisions and risk appetites, including a look at today's market conditions and how TX has changed the landscape.

CLASS TAKEAWAYS

 

Understand current counterparty risk appetites, enable complex hedge arrangements, handle Texas-sized power market volatility & maximize asset value.  Active market participants will provide:

  • A deep dive into complex hedge agreement structures with different offtakers
  • Techniques for balancing the changing risks in volatile power markets
  • Lessons learned from the Texas extreme weather event and outlooks from every major party to a hedge
  • The latest perspectives on how lenders and tax equity investors consider the impacts of cash flow risks: basis risk, volume risk, shape risk, covariance risk
  • Best practices for handling mandatory prepayment triggers, tracking accounts, reserve accounts, distribution blocks
  • Approaches to assessing collateral assignments, interparty agreements and other collateral matters
  • Impacts of market uncertainty on valuations and what you can do about it
  • Provisioning for adverse events: project construction delays, forced outages, force majeure or other delays

MASTER CLASS FEATURES

 

9+

Hours of Content

Expert-designed, highly-relevant curriculum

20+

Instructors

Learn from industry leaders and key decision makers

Live Participation

Live discussion and Q&A following every session

On-Demand

Participate live or at your own pace from anywhere, up to 30 days

Connect

Expand your professional network

INSTRUCTORS

 

  • Lead Instructor

    John Leonti
    Partner
    TROUTMAN PEPPER

    Contributing Instructors

    Stephanie Armistead
    Sustainability/Program Lead, Energy and Water
    CHICK-FIL-A

    Angelin Baskaran
    Managing Director
    MORGAN STANLEY

    Fritz Bratschie
    Regional Sustainability Manager
    VAIL RESORTS, COLORADO REGION

    Shane Easter
    Director, Renewable Energy & Environmental Finance
    WELLS FARGO BANK

    Anish Hariharan
    SVP, Trading
    EDF TRADING NA

    Jorge Iragorri
    Managing Director,
    Head of Alternative Financing Group

    MORGAN STANLEY


  • Contributing Instructors

    Jared Johnson
    Power Origination
    ENGIE ENERGY MARKETING, NA, INC.

    John Larkey
    Vice President,
    Power Marketing

    NATIONAL GRID
    RENEWABLES

    Sondra Martinez
    Managing Director
    NORD/LB

    Rael McNally
    Director
    BLACKROCK REAL ASSETS | INFRASTRUCTURE



    Tom Minderman
    Vice President
    COMPETITIVE POWER VENTURES (CPV)

    Vaughn H. Morrison
    Partner
    TROUTMAN PEPPER

    Tyler Nielsen
    Director, Utilities, Power & Renewable Energy
    KEYBANC CAPITAL MARKETS

    Rohit Ogra
    Managing Director
    SNAPPER CREEK
    ENERGY ADVISORS, LLC

  • Contributing Instructors

    Harry Singh
    Vice President
    GOLDMAN, SACHS & CO. LLC

    Jamie Stahle
    Senior Managing Director
    CCA CAPITAL GROUP

    Lance Titus
    Managing Director and
    Head of Power Origination
    & Business Development

    UNIPER GLOBAL
    COMMODITIES NORTH AMERICA, LLC

    John Tormey
    Partner
    MAYER BROWN LLP

    Michael Wagner
    ESS Energy Supply
    LOWE'S COMPANIES INC.

    Brandon Wax
    Executive Director
    JP MORGAN

AGENDA

 

Live Q&A and discussion following each session


July 27, 2021 | 8:45 AM - 4:00 PM PDT

Session 1: Hedge Structures, Financeability & Market Uncertainty
Session 2: The Relationship between Hedges, Project Output & Different Offtakers
Session 3: Deep Dive into Collateral Packages for Hedges
Session 4: Lender Perspectives on Dealing with Hedge Risks & Cash Flow Issues
Session 5: Offtaker Risk Appetites & Risk Exposure

July 28, 2021 | 9:00 AM - 3:00 PM PDT

Session 6: Sponsor Perspectives on Today’s Hedge Market
Session 7: Hedge Provider Perspectives & Market Activity
Session 8: Tax Equity Perspectives on Hedge Transactions & Market Fluctuations
Session 9: Roundtable Discussion from All Sides: Interactive Live Zoom Session


Nuanced, up-to-date, forward-looking, and contextually presented, the class expanded the depth of our firm’s competency for financial transactions.

- Greg Poulos, CEO, ArcVera Renewables


The Master Class was very efficient, educational, effective and productive, and I will do more of these regardless of if we are traveling and going to in-person.

- Peter Blood, Founder and Managing Partner, CYCLE

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