Category Archives: Financing

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Gov. Cuomo Signs Law Extending Real Property Tax Abatement for Solar Power Installation

Governor Cuomo has signed into law a bill that extends real property tax breaks for installing electricity-generating solar panels on New York City buildings effective September 23, 2014. The new law extends the existing incentive program to January 1, 2017.  Further, the new law doubles the possible tax breaks as compared to the existing incentive … Continue reading this entry

IRS Releases New Guidance on Beginning of Construction

The IRS recently released Notice 2014-46 (the Notice) which provides welcome guidance to tax equity investors and developers on the construction of wind, geothermal, biomass, landfill gas and certain hydropower and marine hydrokinetic energy projects for purposes of qualifying for the section 45 renewable electricity production tax credit (PTC), or the section 48 investment tax … Continue reading this entry

IRS Issues New Notice Concerning the Effect of Sequestration’s Haircut on Section 1603 Grant Awards

The IRS issued Notice 2014-39 this week clarifying the effect of sequestration on section 1603 grant awards. Section 1603 of the Internal Revenue Code provides a cash grant of 30 percent of the eligible basis of specified energy property. The purpose of the Section 1603 Program, created by the American Recovery and Reinvestment Act of … Continue reading this entry

New Renewable Power Financing and Investment Opportunities in New York as State Opens Billion Dollar Funding Initiative Through “NY Green Bank”

New York just recently opened the New York Green Bank (“NY Green Bank”), the largest of its kind in the nation. The NY Green Bank is a division of the New York State Energy Research and Development Authority and will have an initial capitalization of $210 million. This amount includes $165 million that was redirected … Continue reading this entry

Deadlines for SCE and SDG&E Renewable RFOs Fast Approaching

California’s investor-owned utilities (IOUs), Southern California Edison (SCE) and San Diego Gas & Electric Company (SDG&E), have issued new requests for offers (RFOs) in order to meet California’s Renewables Portfolio Standard (RPS). The RFOs are for Eligible Renewable Resources that provide both Renewable Energy Credits (RECs) and Energy and REC-only products. Facilities must be at … Continue reading this entry

Energy Bootcamp Series: Bankruptcy and Buying Distressed Assets

Foley & Larder LLP has been hosting a series of energy bootcamp Webinars. The most recent installment in this series was presented on July 18, 2013, entitled  “Bankruptcy and Buying Distressed Assets.” The session was presented by Richard Bernard and Matt Riopelle and moderated by Jeff Atkin. Among other topics, the panelists discussed the following … Continue reading this entry

Crowdfunding Renewable Energy

Direct investment in renewable energy projects has been an anticipated financing option among editorialists and bloggers the past year, and seems to finally be gaining traction in the United States. The idea that individuals would network and pool money for a common goal is not a novel concept. The American Red Cross has long employed this … Continue reading this entry