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:
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.
Virtual Office Hours
Live Discussion and Q&A
The curriculum has been designed to allow attendees to tackle today’s most important topics for developers and investors, including:
Live Q&A and discussion following each session
September 21, 2020 | 8:30 AM - 2:25 PM
|Session 1: State of the Industry: What’s Hot and What’s Not
|Session 2: Valuations for Renewable Project Finance: Understanding Market and Cost-based Approaches
|Session 3: Cost Segregation and IRC 1060 Analysis
|Session 4: Valuation Caselaw: An Attorney’s Viewpoint
|Session 5: The Income Approach: Valuation of Renewable Projects Based on Contracted and Merchant Revenue Flows
September 22, 2020 | 9:00 AM - 1:55 PM
|Session 6: Incorporating Project Risks in Renewable Energy Project Valuations
|Session 7: Reconciling the Results of Multiple Valuations and Valuation Methods
|Session 8: Investor Viewpoint on Valuationn
|Session 9: Project Valuation for Other Purposes
Click here to view the full agenda
(Agenda subject to revisions)
Ralph Consola is a Principal, Executive Managing Director and Member of the Board of Directors of Marshall & Stevens Incorporated. He leads the West Region for Marshall & Stevens and is responsible, nationally, for all business development and marketing.
He assist clients with planning, negotiating and reporting of mergers, acquisitions, and divestitures, corporate tax restructurings, financings/recapitalizations, estate tax planning and reporting, insurance placement, and shareholder dispute. Services provided include Fairness and Solvency Opinions and the valuation of businesses, debt and equity instruments, tangible and intangible assets to public and private corporations, shareholders, directors and trusted advisors in a wide range of industries. Mr. Consola joined Marshall & Stevens in 1999. He led the national Structured Finance Practice from 2017 through 2019.
He earned a B.S., Mathematics and M.B.A., Finance, Loyola Marymount University.
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MARSHALL & STEVENS, INC.
Laura Ellen Jones
HUNTON ANDREWS KURTH
NORTON ROSE FULBRIGHT US LLP
Jim Nutter, ASA
MARSHALL & STEVENS, INC.
J.P. MORGAN ENERGY INVESTMENT
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 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.
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.
Bio coming soon...
Bio coming soon...
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