Tax equity is here to stay! The most recent ITC and PTC extensions guarantee more projects will need to secure higher volumes for years to maximize their returns. This master class will provide a detailed, in-depth and up-to-the minute discussion and analysis of how the very latest legal and financial structures designed to optimize the use of tax incentives are being applied in today’s renewable projects, as well as the tax equity investment ecosystem which is essential to making those incentives work.
Group rates available
Relevant & Timely Content: 9.5 hours of in-depth, highly-relevant content and interactive learning conducted by knowledgeable and respected industry leaders as your class instructors. Bring your toughest problems for expert advice!
Competitive Advantage: Get tangible outcomes for immediate use and application!
Expand Your Network: Connect with Instructors and other attending professionals facing the same challenges and seeking solutions via private messages or through the Networking Lounge.
Live Discussion and Q&A
The curriculum has been designed to allow participants to fully grasp today's most important topics:
Live Q&A and discussion following each session
March 3, 2021 | 8:30 AM - 2:55 PM PST
|Session 1: Understanding Federal Tax Incentives and the Situation Now
|Session 2: Partnership Rules and a Focus on Capital Accounts
|Session 3: Understanding and Implementing Capital Structures for Renewables Partnership Flip
|Session 4: Walkthrough of Partnership Flip Models
|Session 5: Understanding and Implementing Capital Structures for Renewables Inverted Lease
|Session 6: GAAP/IFRS Financial Accounting
March 4, 2021 | 8:30 AM - 2:35 PM PST
|Session 7: Tax Equity Documentation
|Session 8: Appraisals for Projects that Generate ITCs
|Session 9: Understanding “Begun Construction” and an Update on Safe Harbor Rules and Strategies
|Session 10: Hybrid Projects: Handling Tax and Structuring Issues with Solar + Storage Projects
|Session 11: Tax Insurance
|Session 12: Office Hours: Interactive Live Zoom Session
Shariff Barakat is a project finance attorney focused on domestic infrastructure and renewable energy projects. He represents developers, sponsors, tax-equity investors, lenders and other stakeholders in the acquisition, development and financing of power generation projects.
Shariff focuses on representing clients involved in the acquisition, development and financing of renewable energy power generation projects, with a particular focus on tax equity financing. He handles due diligence review, drafting and negotiating primary transaction documents and providing tax advice and opinions, as well as overall project management. His experience spans billions of dollars in closed and funded investments supporting gigawatts of renewable energy, including large and small utility-scale solar and wind projects, large and small residential solar portfolios, community solar projects, C&I solar projects, geothermal and biomass projects.
Prior to joining Nixon Peabody LLP, Shariff worked at a large consulting firm where he provided tax advice and opinions, financial modeling services and valuation services in connection with renewable energy projects. He has also provided tax advice and opinions on a number of large M&A and tax-advantaged leasing transactions.
Click on an instructor's photo to view their bio!
NIXON PEABODY LLP
DELOITTE TAX LLP
Michael J. Goldman
Partner, Project Finance, Infrastructure & Real Estate Department Head
NIXON PEABODY LLP
Partner, Audit and Assurance Services
DELOITTE & TOUCHE LLP
Senior Vice President, Energy Storage
STRATA SOLAR, LLC
Senior Vice President,
Tax Insurance Practice Leader
Bio coming soon...
Jim Duffy concentrates his practice on structuring and closing transactions involving federal income tax credits and other significant federal and state income tax incentives.
I primarily work on financing matters that use tax credits and other tax incentives (including Production Tax Credits for wind and other forms of renewable energy and Energy Investment Tax Credits for solar and certain other forms of renewable energy) to develop renewable energy production facilities. I’ve represented numerous developers, investors, syndicators and lenders in structuring and closing these transactions, including representing the lead tax equity investor in the Nellis Air Force Base solar installation, the largest solar PV installation in the United States at the time.
I also assist clients as they use the new markets tax credits, historic rehabilitation tax credits, and low-income housing tax credits in housing and community development projects. Sometimes the matters I work on involve two or more of these financing tools at the same time.
I am a frequent speaker on tax-oriented investment structures at renewable energy industry events, including conferences sponsored by the American Wind Energy Association (AWEA), the Solar Energy Industries Association (SEIA), the Environmental Business Council of New England (EBC), Power-Gen, the American Bar Association (ABA) and others.
I have served as the chair of the Equity Finance Committee of the Real Estate Section of the Boston Bar Association and as a member of the Real Estate Steering Committee of the Boston Bar Association.
Entrepreneurial senior executive presenting a formidable record of developing new business opportunities and building finance/accounting departments for Fortune 500 companies, national public accounting firms and startup companies. Experienced in raising capital to fund business growth and project development, as well as structuring complex transactions to efficiently monetize investor benefits while minimizing tax implications. Recognized for ability to create process efficiencies, resulting in reduced labor costs and increased compliance with internal controls requirements.
Ellen Friedman is a project finance attorney focused on domestic and international infrastructure and energy projects. She counsels a wide variety of clients, including project developers and sponsors, tax and equity investors, commercial lenders, underwriters and buyers and sellers of projects with respect to project development, transaction structure, risk assessment and due diligence, financing, purchase and sale arrangements and partnership/joint venture matters.
Energy projects are complex. Transaction counsel must appreciate and address all of the risks presented by such projects, including uncertainty or variability in revenue stream, construction and operating risks, permitting, real estate considerations and, increasingly, political risk. Having represented parties in a variety of roles over many years of practice allows me to anticipate the key issues likely to be raised by counterparties and to proactively craft creative solutions and strategies, helping our clients to execute more effectively and efficiently.
Over the past decade, transactions involving renewable energy projects have become a major portion of my practice, including in connection with solar, wind and biomass project development; debt and tax equity financings; and acquisition transactions. The rapid growth of this sector, fueled by increased interest from domestic and foreign investors, corporates and financiers; the addition of new players in the space such as community choice aggregators; and the introduction of creative financing structures, virtual power sales and hedging strategies and state and local governmental mandates, has been tempered by anticipated and unanticipated challenges, including the forthcoming step-down of federal energy tax credits, new CFIUS legislation, international tariff regimes involving solar components, litigation involving state and regional green initiatives and pricing pressures. It is a very exciting time for me and my colleagues to be practicing in this dynamic sector.
I am involved in bringing traditional project finance structures and discipline to international energy projects.
Jatin is a Managing Director with Rubicon Capital Advisors (“Rubicon”) and is based in the New York office. His focus within the firm ranges from structured finance, corporate finance and M&A to equity investment and tax equity advisory across the renewable energy and infrastructure sectors in North America.
Jatin has over 15 years of combined experience in corporate finance, M&A, principal investing, venture capital, project finance and tax equity across the infrastructure and energy industries. Prior to joining Rubicon, he was a senior member of the investment team within the Renewable Energy Group at GE Energy Financial Services (GE EFS) responsible for principal equity and tax equity investments across the renewable sectors including wind, solar and hydro. During his tenure at GE EFS, Jatin led over USD $5 billion of investments across the energy spectrum including midstream oil & gas, renewable and thermal generation in the US, Canada and Europe. He has extensive experience across the energy life cycle including development, operating portfolio acquisitions, asset syndications and portfolio management. Earlier in his career at GE EFS, Jatin helped establish the energy venture capital practice and drove investments in early to mid-stage renewable, oil and gas and transportation technologies.
Prior to GE EFS, Jatin worked in GE’s corporate development and investor relation teams focusing on corporate financings, M&A, and restructuring across the energy, healthcare and aviation sectors. At investor relations, he worked with the equity team focusing on Asia-Pacific investors and others seeking socially responsible investments.
Jatin earned a Bachelor’s Degree in Business Administration at George Washington University and a MBA from Columbia Business School.
Michael Goldman is a transactional lawyer and trusted advisor who primarily counsels clients in connection with structuring, negotiating and closing investments that generate federal and state tax credits.
My practice is concentrated in the fields of energy tax credits (ETCs), new markets tax credits (NMTCs) and historic rehabilitation tax credits (HTCs).With respect to my work in the ETC space, I primarily work with investors, syndicators and developers in connection with the financing of solar facilities throughout the country. Additionally, I have assisted clients with the financing of wind, biomass and fuel cell facilities. In a number of instances, we successfully negotiated financings that combined ETCs with NMTCs.
With respect to my work in the NMTC space, I work with investors, lenders, community development entities and “qualified active low-income community businesses” to leverage NMTC financing and support community revitalization efforts nationwide. I have worked on a wide range of transactions that have benefitted dozens of low-income communities throughout the United States with investment dollars building businesses and physical structures including educational facilities, grocery stores, hospitals, theatres, retail centers, for-sale housing, museums, rehabilitation centers, and solar and wind farms.
Chris Roetheli works in the areas of community and economic development for US Bancorp Community Development Corporation. As a Business Development Officer in the Tax Credit Syndications Group, Chris focuses his time developing relationships with third party investors interested in partnering with USBCDC to make tax equity investments. Prior to his work in the Syndications Group, Chris served for 7 years in various Finance roles including Sr. Analyst, Assistant Controller and Director of Finance. He received a Bachelor of Science degree in Business Administration with an emphasis in finance from Southeast Missouri State University and an MBA in finance from St. Louis University. In the community Chris serves as President of the Board of Directors of Habitat for Humanity St. Louis.
Joshua Rogol serves as Vice President of Energy Storage at Strata Solar, responsible for origination and development for stand-alone and solar plus storage projects across the US. Prior to Strata Solar, Joshua was VP of Sales at ViZn Energy, where he developed the company′s first behind the meter, micro-grid, and utility scale energy storage projects. Previous experience includes VP of Business Development for Urban Green Energy (UGE), managing a global development team focused on commercial and industrial solar and micro-grid deployment in China, Panama, Philippines, and the USA. He was a founding member of PHOTON Consulting, where he acted as a strategic advisor to leading manufacturers, developers, and financiers across the PV and energy storage industry.
Matt Shanahan is a Managing Director at Marathon Capital and leads the firm’s tax equity practice. He has over 25 years of experience in structuring, syndication, and management of large, complex corporate finance transactions.
Since joining Marathon in 2010, Mr. Shanahan has closed over $3 billion of tax equity-related transactions in the solar and wind sectors including partnership flips, sale-leasebacks, and tax-advantaged restructurings. Key clients include Innogy, Invenergy, Coronal, Tyr Energy, IGS Solar, Santander, NRG, Rockland Capital, and Edison Mission Energy.
Before joining Marathon Capital, Mr. Shanahan held senior investment banking positions at The CIT Group, Newcourt Credit Group, Bank of America Leasing and Capital Group, and The Deerpath Group. In those positions, he was responsible for structuring and syndicating U.S. domestic tax leases, U.S. project finance leveraged leases, U.S. and U.K. cross-border tax leases, partnership financings, and structured debt financings. Throughout his career, Mr. Shanahan has focused on tax-based financings in the energy and transportation sectors including those for hydroelectric, geothermal, natural gas, solar, wind, coal generation facilities, Section 29 tax credit monetization, rail operating leasing partnerships, and corporate and commercial aircraft.
Mr. Shanahan received a BA in Economics from Kenyon College and an MBA from the Kellogg Graduate School of Management at Northwestern University. Mr. Shanahan holds his Series 7, 24, and 63 licenses.
Jordan B. Tamchin, Esq. is a Senior Vice President and leader of the Tax Insurance Practice. Jordan specializes in delivering innovative and unique insurance solutions for the most complex tax risks. He brings technical tax expertise, market experience and business acumen. Jordan is a leader in the tax insurance industry and continues to play an instrumental role in its dynamic growth and acceptance among insurance carriers, corporations and private equity funds.
Prior to joining CAC Specialty, Jordan was Vice President, Tax Insurance Counsel for Concord Specialty Risk, a part of Ryan Specialty Group’s RSG Underwriting Managers, where he underwrote a wide range of tax risks for corporations and private equity funds. Prior to that, Jordan was a tax attorney at Simpson Thacher & Bartlett LLP, where he represented multinational corporations and private equity funds on the tax aspects of mergers and acquisitions, joint ventures, spin-offs, and capital market transactions. In addition, Jordan was a tax advisor in the M&A tax group at PricewaterhouseCoopers LLP, where he performed tax due diligence and structuring on behalf of his private equity and corporate clients.
Jordan graduated with honors from the University of Michigan – Ann Arbor where he received a Bachelor of Arts degree in economics and psychology. Jordan received his Juris Doctorate and Master of Laws in Taxation from New York Law School, where he graduated cum laude.
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An application requesting MCLE credit for this Master Class is pending approval from the State Bar of California.