Sponsored Content

As we delve into the currents of progress, the US offshore wind sector has found itself somewhat lost at sea. Despite strong tides provided by a collective commitment to combat climate change and favorable tax incentives, many of the multi-billion-dollar projects have stalled or terminated.

To download the full report as a PDF, click here.

To download the full report as a PDF, click here.

To download the full report as a PDF, click here.

To download a PDF version of this Q&A, click here.

To download the full report as a PDF, click here.

To download the full report as a PDF, click here.

NordLB's Sondra Martinez, CohnReznick Capital's Conor McKenna, Convergent Energy + Power's Frank Genova and Kirkland & Ellis's Brian Greene discuss the latest developments in the energy storage market.

In February, for the first time, Power Finance & Risk brought together representatives of the bank loan, private placement, term loan B and tax equity markets with a project sponsor to discuss the state of project finance, how they coped with the Covid-19 pandemic and what is in store for 2021.

Last year, solar ABS faced its first major test in the form of economic disruption wrought by the Covid-19 pandemic. To discuss how the market weathered the storm, PFR brought together a panel of market participants, including both issuers and investors.

In order to deepen our understanding of the benefits and the pitfalls of advanced hedging and offtake strategies, PFR brought together a group of experienced market participants to share their perspectives and insight.

The US offshore wind industry is on the cusp of lift-off. To discuss the path forward, PFR and McDermott Will & Emery brought together a group of professionals at the forefront.

As Latin America's power sector grapples with the consequences of the pandemic, PFR has brought together a diverse panel to share their perspectives on how the market will move forward.

For private placement investors, pandemic-related disruption created opportunities as well as headaches. To discuss this, PFR brought together a diverse panel to share their perspectives. Sponsored by Fitch Ratings and MUFG.

Andy Redinger and Dan Brown, managing directors at KeyBanc Capital Markets, discuss the surge in demand for US renewable energy assets and what global investors need to consider when evaluating opportunities in this sector.

In July, PFR brought together CoBank's Brian Goldstein, Matthew Wade of IFM Investors, Clearway Energy Group's Johana Afenjar and Sean Yovan from Innergex Renewable Energy to look back on a tumultuous - and memorable - six months in the Midyear Review 2020 roundtable.

Ares Management's Keith Derman, John Drake of Osaka Gas USA, and Daniel Englander from Panamint Capital take you through the latest trends in US gas-fired project finance on PFR's Thermal Power Roundtable 2020.

Power Finance & Risk brought together experts to discuss energy storage, one of the hottest topics in the infrastructure investing and project finance world. If you are interested in the future of financing energy storage – and who isn’t? – you will not want to miss it.

Experts in distributed solar finance discussed tax equity, the impact of Covid-19, the emerging community solar model and much more.

A panel of solar securitization experts gathered in December to discuss the progress of the solar ABS market and what the future holds for this emerging asset class. Sponsored by Credit Suisse.

In October, Power Finance & Risk brought together a group of project finance officials and a partner from Allen & Overy to discuss the latest opportunities and challenges in financing power and renewables across Latin America.

In September, Power Finance & Risk brought together a panel of project finance officials at insurance companies, asset managers and Fitch Ratings to discuss how U.S. private placement debt investors are viewing the latest innovations in power and renewable energy finance.

In August, PFR hosted a panel discussion on the challenges facing sponsors seeking to finance U.S. wind repowerings.

In July, Power Finance & Risk teamed up with Bracewell to host a panel on the key project finance trends we saw in the first half of the year. Experts from Capital Dynamics, CohnReznick Capital and NextEra Energy also laid out what the market can expect in the next six months.

Power Finance & Risk brought together a panel of experts to talk through the changing dynamics of California’s sun-soaked power market and the impact for project financiers. Leaders from Strata Solar, CleanCapital, Capstone Headwaters and Solar Frontier Americas talked through PG&E’s restructuring, pricing of battery storage debt and much more.

In May, PFR brought together three developers, a private equity investor and a lender for a fascinating and frank discussion about financing battery storage finance.

Andy Redinger and Daniel Brown, managing directors at KeyBanc Capital Markets, discuss residential solar finance, including the latest trends in M&A and the future of the sector.

C2 Energy Capital’s Rich Dovere, Doran Hole from ReneSola, Mike Roth from Ares Management and Soltage cfo Sripradha Ilango joined PFR reporter Shravan Bhat to drill down into the intricacies of financing commercial and industrial solar projects.

Kirkland & Ellis attorneys Kelann Stirling and Robert Fleishman, Novartis’ Jim Goudreau, Citi’s Brian Anast and Goldman Sachs’ Cindy Quan joined PFR reporter Shravan Bhat to talk through the challenges and opportunities facing corporate buyers of renewable energy.

CoBank’s Brian Goldstein, KeyBanc Capital Markets’ Andy Redinger and Morgan Stanley’s Michael Kumar joined PFR editor Richard Metcalf in January to review 2018 in power project finance and look ahead to 2019. Check out what they had to say.

In October, PFR teamed up with Fitch Ratings and Orrick to host a candid discussion on the challenges and opportunities for financing America’s nascent offshore wind industry. Experts covered everything from debt pricing to offtake structures and the full report is in this week’s issue.

In September, PFR and Mayer Brown teamed up to bring together a panel of tax equity experts to review the latest developments and innovations in this fascinating area of renewable energy finance, as well as the outlook for the coming years. Check out the full transcript.

In the third and final part of this exclusive interview, Nick Knapp, president of CohnReznick Capital, discusses co-advisory mandates, emerging areas of activity in renewables and the state of the project finance market with PFR reporter Fotios Tsarouhis.

In the second part of this exclusive interview, Nick Knapp, president of CohnReznick Capital, discusses opportunities in restructuring, M&A market dynamics and how the firm competes for advisory mandates with PFR reporter Fotios Tsarouhis.

Nick Knapp, who took over as president of CohnReznick Capital in January, discusses the latest changes at the firm and his outlook for project finance and M&A activity with PFR reporter Fotios Tsarouhis.

MUFG's Matt Odette, director in project finance, and Frederick Echeverria, executive director on the private placement desk, discuss the trend toward financing projects in the bond market in the second part of this exclusive interview.

Matt Odette, director in project finance, and Frederick Echeverria, executive director on the private placement desk, discussed the trend toward financing projects in the bond market with Richard Metcalf, editor of PFR, in this exclusive interview.

Shortly after the International Trade Commission's momentous September ruling in a Section 201 trade case concerning solar panel imports, PFR assembled a power and utilities banker, two developers, a project finance attorney and an asset manager who focuses on energy infrastructure debt to discuss the impact of the case and all the latest trends in solar finance.

Rabobank's Gregory Hutton discusses the bank's project finance strategy in the rapidly evolving U.S. renewables sector, touching on non-utility offtakers, community solar and biomass, in the second part of this exclusive interview with PFR's Fotios Tsaoruhis

Gregory Hutton, managing director and head of project finance for the Americas in Rabobank’s New York office, discusses the renewables landscape, project finance pricing and deal flow and the impact of the Suniva trade case in the first part of an exclusive interview with PFR reporter Fotios Tsarouhis.

In June, officials from KeyBanc Capital Markets, Prudential Capital Group, Voya Investment Management and BlackRock discussed the latest trends U.S. renewable project finance with PFR.

Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), discusses the latest trends in project finance and gives his view on the state of yieldco equities.

Mike Garland, ceo of Pattern Development and president and ceo of its yield company, Pattern Energy Group (PEGI), gives his view on trends in the availability and pricing of power purchase agreements, the competitiveness of offshore wind and the latest developments in the tax equity market in the first part of this exclusive interview with Richard Metcalf, editor of PFR.

In the second part of this exclusive interview, PFR’s managing editor, Olivia Feld, speaks with Josh Goldstein, senior v.p., finance and capital markets, at Recurrent Energy, about tax equity, market dynamics in Texas and Recurrent’s strategy regarding distributed generation and power hedges.

In this exclusive interview Recurrent senior v.p., finance & capital markets, and PFR finance official of 2015, Josh Goldstein, discusses the project finance landscape.

In the second part of this exclusive interview, Kevin Walsh, managing director and group head of renewable energy at GE Energy Financial Services, talks with PFR reporter Fotios Tsarouhis about what is driving development of renewables both in the U.S. and abroad, and what markets GE’s project finance arm is focusing on.

In the first part of this exclusive interview, Don Kyle, senior managing director at GE Capital Markets, and Tim Howell, m.d., power and development, at GE EFS, discussed the firm’s investment targets and strategy for conventional generation in a shifting U.S. power market with PFR reporter Fotios Tsarouhis.

In the second part of this exclusive interview, PFR’s managing editor, Olivia Feld, speaks with Daniel Brown of Keybanc Capital Markets about bank market capacity for gas-fired debt in PJM, why he thinks the yieldco market is only facing a temporary setback, and what that means for asset valuations.

In the first part of this exclusive interview, PFR’s managing editor, Olivia Feld, speaks with Daniel Brown of Keybanc Capital Markets about the bank's appetite for deals, the state of the residential solar market and how low oil and gas prices are affecting the growth of renewables.

In the second half of this exclusive interview, Pablo Otin, v.p, of emerging markets at 8minutenergy Renewables, talks to PFR managing editor Olivia Feld about the sponsor’s plans to finance its expansion into Latin American and engage with local developers and financiers.

PFR’s managing editor, Olivia Feld, speaks to Pablo Otin, v.p., emerging markets, at 8minutenergy, about the solar developer’s plans to expand, particularly into Brazil and Mexico.

PFR editor Richard Metcalf catches up with Steven Nichols, capital markets manager at Southern Co., after its subsidiary Southern Power issued its debut green bond.

In the second half of this exclusive interview, Santosh Raikar, m.d., renewable energy investments at State Street, talks to PFR managing editor Olivia Feld about the planning for the ITC step down, competition with corporates for tax equity deals and appetite for renewables outside of wind and solar.

In this exclusive interview, Santosh Raikar, m.d. at State Street Bank, speaks with PFR managing editor Olivia Feld about finding financeable projects amid a lack of suitable deals and an influx of new players. Raikar leads a team that originates and executes tax equity deals, in addition to managing the performance of existing investments.

In the second half of this exclusive interview, Jean-Pierre Boudrias, v.p. and head of project finance at Goldman Sachs, talks to PFR managing editor Olivia Feld about the investment bank's plans to finance more projects in Latin America and how contagion from the energy market is affecting pricing.

Jean-Pierre Boudrias, v.p. and head of project finance at Goldman Sachs, sat down with PFR managing editor Olivia Feld in New York to discuss Goldman’s appetite for deals, the impact of recent market volatility on terms and pricing and the rush to get renewable financing sealed before the expiration of tax credits. Boudrias has worked with Panda Power Funds on a succession of deals, most recently the term loan B backing the Hummel project.

Conergy’s regional head of the Americas, Yann Brandt, speaks to PFR editor Richard Metcalf about the aspirant solar independent power producer's plans to grow its portfolio in the U.S., Brazil and Mexico, how it will finance that growth, and long term financing options such as securitization and yield companies.

Having established itself as a significant player in tax equity, earlier this year U.S. Bancorp launched its first renewable tax equity syndications. Chris Roetheli, v.p in U.S. Bancorp’s tax equity syndication department, spoke to PFR about the need for more sources of tax equity and the bank's plans to expand its footprint in the market.

Brad Nordholm, the ceo and managing director of Starwood Energy, and Himanshu Saxena, managing director, talk about the appeal of transmission assets, the evolution of the debt finance market, the prospects for mergers and acquisitions in PJM, the emergence of non-utility offtakers in the renewables space, and the impact of President Obama’s Clean Power Plan.

This week, Mexican energy infrastructure developer Fermaca's cfo Sergio Camacho spoke to Richard Metcalf, editor of PFR, about the Mexican project finance market, the recent financing of the El Encino-La Laguna gas pipeline and Fermaca’s long-term financing plans for the project.

In the second part of this exclusive interview, Mona Dajani, a partner in the banking and finance practice at Baker & McKenzie’s Chicago and New York offices, talks to PFR about the sustainability of the yieldco business model and the consequences of high levels of liquidity in a credit market pepped up by new entrants.

In this exclusive interview with PFR, Mona Dajani, a partner at Baker & McKenzie’s banking and finance group sheds light on how the ongoing transformation of the power industry is driving corporate restructuring in the context of industry consolidation, and a potential uptick in M&A activity.

Brian O’Connor and Paul Colatrella, managing directors at Ares Management, talk exclusively to PFR's Nischinta Amarnath about strategies within the company’s direct lending group, their approach to borrowers, the Panda deals, the burgeoning market for mezzanine debt, and more.

In this exclusive, David Giordano, managing director at BlackRock discusses the company’s role in M&A transactions, the benefits of its partnership with EDF Renewable Energy, its burgeoning interest in greenfield renewable project investments, and the risks facing project finance players in parts of Latin America.

In the second installment of this PFR exclusive, Michael Allison, senior managing director at Macquarie's renewables group discusses his views on the potential for yieldcos coming to market, challenges involved in securing tax equity investments and more.

Michael Allison, senior managing director of Macquarie Capital’s renewables group, sat down with Managing Editor Nischinta Amarnath to discuss the bank’s approach to clients, M&A transactions and capital markets activities. In the first instalment of this exclusive, Allison also offers insights into the bank’s measures to minimize the risks involved in providing development capital for renewable projects.

SolarCity is considering multiple ABS issuances in 2015, Marco Krapels, senior v.p. of structured finance and strategy at SolarCity, says in the second instalment of this PFR exclusive by Senior Reporter Olivia Feld.

The San Mateo, Calif.-based pioneer of asset-backed rooftop solar securities continues exploring new financial structures under its latest hire, Marco Krapels, senior v.p. of structured finance and strategy. In the first instalment of this PFR exclusive, Krapels spoke to Senior Reporter Olivia Feld about SolarCity’s expansion plans and asset class growth.

Larry Kellerman, former ceo of Quantum Utility Generation is poised to grow his new venture, Twenty-First Century Utilities as he looks to wed utilities to the latest technology. In this exclusive, Senior Reporter Olivia Feld spoke to him about his company's plans for acquisitions and his take on the future of the utility model.

As executive v.p. of North America utility and global wind for SunEd, Paul Gaynor is looking to leverage the new wind business over SunEd’s existing global reach. Senior Reporter Olivia Feld sat down with Gaynor to discuss his new role and strategy for wind projects at SunEd.

In the second installment of this PFR Exclusive, Andrew Platt, head of project finance Americas at BNP Paribas sits with Senior Reporter Olivia Feld to discuss the bank's take on deal flow in Latin America, and trends in M&A and LNG export facility financing.

Andrew Platt, head of project finance in the Americas for BNP Paribas, sits down with Senior Reporter Olivia Feld to discuss the bank’s structure and strategy in North and South America.

In the second installment of this exclusive Q&A, John Foster, president and ceo of Southwest Generation, discusses the state of the M&A and financing markets and the company’s ideal profile for potential asset acquisitions.

Denver-based Southwest Generation recently wrapped a refinancing and an asset sale that ultimately put it on its current path to growth. “The new objective, as agreed with our shareholders, is to create a diversified, sustainable, self-funding power generation platform in North America,” John Foster, president and ceo, tells PFR in an exclusive interview.

AMP Capital raised $1.1 billion for its global Infrastructure Debt Fund II, surpassing its $1 billion target. PFR Senior Reporter Olivia Feld spoke to Andrew Jones, global head of infrastructure debt at AMP Capital headquarters in Sydney, about M&A driving lending activities and how the shop sources its deals.

AMP Capital raised $1.1 billion for its global Infrastructure Debt Fund II, surpassing its $1 billion target. PFR Senior Reporter Olivia Feld spoke to Andrew Jones, global head of infrastructure debt at AMP Capital headquarters in Sydney, about investor response to fundraising and what the shop looks for in investments.

Partnering with regional developers and focusing on financing, O&M and EPC activities are imperative to Conergy’s strategy for North America in the near-term. “We really feel that our global experience and bankability and readily available development capital provides the support that these partners need to successfully bring these projects forward,” Jared Donald, president of Conergy tells PFR Editor Sara Rosner in the second part of this exclusive interview.

Jared Donald, president of Conergy Americas, tells PFR Editor Sara Rosner in an exclusive interview about the company's plans to buy solar assets in Ontario.

Carlos Domenech, ceo and president of TerraForm Power, sat down with Managing Editor Holly Fletcher on his trip to New York to ring the bell at NASDAQ, anointing the public arrival of SunEdison’s maiden yield company.

Frank Napolitano, global head of power and utilities at Credit Suisse, talked with Managing Editor Holly Fletcher from the road to talk about why corporate M&A will drive asset-based M&A.

Frank Napolitano, global head of power and utilities at Credit Suisse, talked with Managing Editor Holly Fletcher from the road to talk about who is active in M&A and why hedge funds are making a return as asset owners.

A slew of gas-fired projects are slated for development in the next 12-18 months, however, several factors will decide which projects make it through financial close.

Don Kyle, senior managing director of GE Capital Markets, and Carl Peterson, head of debt origination at GE EFS sat down with PFR Editor Sara Rosner to discuss the market for structuring and financing gas-fired generation.

Managing Editor Holly Fletcher talked with Bank of America’s Suzanne Buchta managing director and global co-head of green debt capital markets, and Jeff Kulik, managing director in the global energy and power group, about NRG Yield’s landmark green bond issuance and what it means for the U.S. market.

Editor Sara Rosner spoke with Frank DeRosa, chief commercial officer, and Ryan Bennett, head of North America project finance, about the SunEdison’s growth and development strategy, the impact of its yieldco and its take on the markets.

Emeka Onukwugha, managing director and co-head of Babson Capital’s private placement group, spoke with Managing Editor Holly Fletcher about what the firm has discovered about the power industry in the two years since it hired a trio of bankers to expand its power lending team.

Arno Harris, ceo of Recurrent Energy, talked with Managing Editor Holly Fletcher about the shop’s activity in Texas, the budding merchant solar market and why a boom in the state points to solar generation going mainstream.

Kevin Walsh, director and group head of power and renewables at GE EFS, talks with Editor Sara Rosner about the growth of distributed generation and why photovoltaic solar is still best for achieving economies of scale.

Despite the expiration of the production tax credit, wind is set to have a solid year of project financings, according to Kevin Walsh, managing director and group head of power and renewables at GE EFS.

Bill Sutherland, senior managing director of project finance at Manulife Financial Corp. in Toronto, spoke with Senior Reporter Holly Fletcher about the lifeco’s strategy for choosing deals, pricing and the Canadian landscape of project finance lenders in the second and final installment of this Q&A.

Bill Sutherland, senior managing director of project finance at Manulife Financial Corp. in Toronto, spoke with Senior Reporter Holly Fletcher about what the lifeco likes to see in projects in the second and final installment of the Q&A.

Bill Sutherland, senior managing director of project finance at Manulife Financial Corp. in Toronto, spoke with Senior Reporter Holly Fletcher about why the Canadian renewables market—a hotbed of project finance deals in recent years—is expected to cool and where the shop plans to spend its dollars in 2015.

Manfred Ernst and Anastasia Pozdniakova, managing directors at boutique investment bank Fieldstone Private Capital Group in New York, caught up with Senior Reporter Holly Fletcher about how access to information has commoditized the generation sales process and if peakers will get a run for their money from a new combined cycle technology.

Kurt Adams, executive v.p. and chief development officer at First Wind, caught up with Senior Reporter Holly Fletcher on why the company decided its wind development expertise is instrumental to building out a solar development platform. The company recently broke ground on its debut solar projects totaling 17 MW in Massachusetts.

Power industry players are increasingly looking south of the border for projects and deals, as a booming middle class drives up demand under a compelling regulatory regime.

PFR Managing Editor Sara Rosner sat down with Ted Brandt, Gregg Elesh, Terry Grant, and Wendy Carlson to get the Marathon Capital team’s perspective on buying and selling assets in today’s market.

PFR Managing Editor Sara Rosner sat down with Marathon Capital’s Ted Brandt, Gregg Elesh, Terry Grant and Wendy Carlson to discuss the shop’s take on wind, solar and thermal trades in the second installment of this Q&A.

In a sector packed with project finance and M&A giants from Europe and Wall Street, Marathon Capital stands out as an independent advisory shop that continues to net business with power industry heavyweights.

Ray Wood, managing director and head of U.S. power & renewables at Bank of America Merrill Lynch, caught up with Senior Reporter Holly Fletcher ahead of the American Wind Energy Association’s Wind Energy Finance & Investment Seminar. Wood, the program chair of the event, discussed the undercurrents behind wind activity, how institutional investors value tax equity and why there is a rise in direct investments.

In a rare interview, Michael Polsky, founder of Chicago wind shop Invenergy, and Jim Murphy, coo and cfo, sat down with PFR Executive Editor Peter Thompson to discuss the market, as well as Invenergy’s solar strategy and why an IPO is not in the cards.

In a rare interview, Michael Polsky, founder of Chicago wind shop Invenergy, and Jim Murphy, coo and cfo, sat down with PFR Executive Editor Peter Thompson to discuss a range of issues including debt structures, lender relationships, the prospects for solar and wind and why an IPO is not in the cards.

In the second installment of this Q&A, Jonathan Lindenberg, head of project finance in the Americas at Bank of Tokyo Mitsubishi-UFJ discusses liquefied natural gas project landscape, prospects for renewables and potential challenges in project finance. Senior Reporter Nicholas Stone sat down with Lindenberg at the bank’s office in New York.

In the post-crisis world, Bank of Tokyo Mitsubishi-UFJ has emerged as arguably the top shop for power financing.

MidAmerican Energy Holdings’ subsidiary Solar Star Funding upsized its 144A bond offering backing the 579 MW Antelope Valley solar facility to $1 billion from $700 million on strong investor appetite last week.

Ralph Cho and Michael Pantelogianis started as co-heads of power in North America at Investec earlier this year.

Ralph Cho and Michael Pantelogianis started as co-heads of power in North America at Investec earlier this year after nine years working together at WestLB. Cho and Pantelogianis sat down with Senior Reporter Nicholas Stone to discuss their first few months with the bank, where they are seeing opportunities in the market and what they are looking to achieve.

Kirk Edelman, ceo of the project and structured finance energy business at Siemens Financial Services, leads its power and energy investing activities worldwide.

Hannon Armstrong listed the industry’s first mortgage real estate investment trust with sustainable and renewable energy characteristics on the New York Stock Exchange.

Federal subsidies are reshaping deals this year, as the power industry copes with the expiration of the U.S. Department of Treasury’s cash grant program and a decreasing confidence in the long-term viability of the production tax credit, Mike Lorusso, managing director and group head of CIT Energy in New York, told PI in an exclusive interview.

Mike Lorusso is managing director and group head of CIT Energy in New York. He sat down with Sara Rosner, PI’s managing editor, to discuss the lender’s growth strategy, financing merchant power and the changing landscape of project finance lenders.

Harry Clark has spent more than two decades working on government contracting.

Latin America is bustling with opportunities for project development and M&A, according to Pedro Barriuso, ceo of Blackstone’s new power and energy development company Fisterra Energy.

Andrew Redinger is managing director and group head of utility, power and renewable energy at KeyBanc Capital Markets. He sat down with Sara Rosner, PI’s managing editor, to discuss the lender’s strategy and what lies ahead for power project finance and M&A in North America.

Michael Smith, senior v.p. of green initiatives for Constellation Energy’s retail business in Baltimore, Md., spoke with PFR about how the company is choosing to grow its 60 MW portfolio.

Jonathan Silver is the executive director of the U.S. Department of Energy's loan program office in Washington, D.C.