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Increasing Capital Flows During the Energy Transition
Our opening session will examine capital flows to renewable projects in an era of ongoing transition in the power sector. A panel of senior officials with leading financial institutions will share their observations on the continued attractiveness of renewable energy and offer insights on how to successfully manage the next few years as tax credits begin to phase out.
How quickly will other sources of capital replace tax equity in capital stacks and how will this affect project returns?
Lowering the overall cost of capital
The role of new investors entering U.S. markets
Keith Martin, Co-Head of Projects, United States, Norton Rose Fulbright (moderator)
Ted Brandt, Chief Executive Officer, Marathon Capital
Catherine Helleux, Head of Transactions, Americas, Director, Infrastructure Equity, Allianz Global Investors
Andy Redinger, Managing Director-Group Head, KeyBanc Capital Markets
Tax equity remains an important source of project finance in 2019. Prominent providers will offer commentary on the market’s trajectory as the sector increases reliance on alternative sources of capital.
Securing tax equity prior to the phasedown of tax credits
Gary Blitz, Senior Managing Director and Co-Practice Leader, AON
Mit Buchanan, Managing Director, Energy Investments, J.P. Morgan
David Levy, Vice President, Tax Advantaged Investments, State Street
GauravRaniwala, Global Renewable Energy Leader, GE Energy Financial Services
DanSiegel, Vice President, Director of Business Development – Renewable Energy Investments, U.S. Bank
12:15 – 1:30 PM
1:30 – 2:15 PM
Getting to $1 Trillion by 2030: How Policy and Market Structures Will Need to Adapt
Grounded in a survey of financial institutions, ACORE has launched a campaign to secure $1 trillion in U.S. renewable energy and enabling grid technology investment between 2018 and 2030. However, policy, regulatory and market barriers may pose challenges for this ambitious target. A fireside chat with strategic players will consider solutions to these hurdles, reflecting on the following questions:
How important are mandates and policies for continued market momentum?
What should we look for in climate policy?
How are states pushing past barriers?
How can we leverage market incentives to increase demand?
David Giordano, Managing Director, Global Head – Renewable Power, BlackRock (moderator)
Tom Festle, Chief Financial Officer/Director of Investment & Risk, E.ON Climate & Renewables North America, LLC
Kathy Weiss, Vice President, Federal Government Affairs, First Solar
Ray Wood, Managing Director- Co-Head: Global Natural Resources Group, Bank of America Merrill Lynch
2:15 – 3:00 PM
A Deep Dive on Power Pricing
This presentation and discussion will offer a detailed look into the trajectory of power prices and the growing competitiveness of renewable energy.
What can we learn from countries without tax credits? Why are markets like Mexico and Alberta seeing lower pricing?
Where do we see power pricing in the context of grid modernization and new technologies?
How will shorter and more discrete contracts affect power pricing?
Will renewables become competitive in merchant markets?
How will tariffs affect power pricing?
Steve Vavrik, Chief Commercial Officer, ApexClean Energy (moderator)
Angelin Baskaran, Executive Director, Fixed Income Division, Morgan Stanley
Evolving Demand from the C&I Sector: New Contracts and Market Incentives
As renewable energy use grows in prevalence throughout the corporate and industrial sector, the profile of offtakers is quickly diversifying. With this growth has come a shift in demand toward renewable energy options that meet the needs of energy users with smaller loads and different appetites. This panel will consider new contracting options and market incentives to accommodate these new players.
The shifting form of C&I PPAs: shorter tenures, smaller offtake agreements and multi-client contracts
The use of proxy generation PPAs to reduce complexity and help manage risks
Scope 3 emissions reduction efforts and renewable value chain initiatives
Ed Zaelke, Partner, Head of Energy, Project Finance Practice, McDermott Will & Emery (moderator)
Emily Williams, Senior Director of Energy Markets and Sustainability, Edison Energy
4:30 – 5:15 PM
The Value of Renewable Energy in ESG Scoring
Corporate and industrial buyers, financial institutions and other publicly traded companies are seeking methods to better align Environmental, Social and Governance (ESG) scoring with their decarbonization strategies. Panelists will examine new efforts to promote standardized and transparent metrics for climate disclosure and renewable energy use, and identify how improved ESG scoring metrics can help grow demand for renewables.
Renewable Energy Owners Redefined: Disruption in the Utility Sector and the Growth of New Power Providers
The energy transition presents opportunities and challenges for both traditional and new owners of renewable projects. Utilities are increasingly adopting “steel for fuel” strategies and introducing new models for storage while confronting other market dynamics. Meanwhile, the emergence of new power providers, such as community choice aggregators, is fueling additional demand and changing regulatory environments. This panel will offer owners’ perspectives on the following questions:
Are the phase-outs of the PTC and ITC an opportunity for increased utility development?
How are utilities changing how they treat renewable assets?
What is the role for new power providers like CCAs, many of which do not have credit ratings, and how are they financing projects?
How are tax reforms and lowered credit ratings affecting utility development?
Jam Attari, Chief Executive Officer, BayWa r.e. Solar Projects (moderator)
Chris Radtke, Co-Head of Power & Renewables – Americas, Credit Suisse
Meghan Schultz, Senior Vice President – Finance & Capital Markets, Invenergy LLC
12:30 – 1:30 PM
1:30 – 2:15 PM
Financing Infrastructure Development
Speakers will identify renewable industry priorities to build the infrastructure required to support higher levels of renewable energy in the nation’s power grid. The discussion will navigate both private and public solutions at the federal and state levels.
Market structure reforms and other ways to support development of the sector
Robinson Kupchak, Head of Americas Infrastructure & Energy Group, Senior Managing Director, Macquarie Capital
Kevin P. Walsh, Senior Operating Partner, Stonepeak Infrastructure Partners
2:15 – 3:15 PM
A Closer Look at Energy Storage Investment
The energy storage sector is soon expected to mirror the fast growth of the renewable sector, but the lack of a robust federal tax incentive and the absence of a common approach for financing projects has hindered capital flows. Panelists will discuss their experience with storage products, detail how they identify potential revenue streams in different markets, address how the sector best approaches project finance, and identify prospects for increased investment.