Wind Project Development, M&A, & Repower Due Diligence
May 12-13, 2021 | Online :: Central Time
“Great meeting. As an engineer focused on technical aspects of due diligence, the conference was a learning opportunity for other topics such as tax/financial issues.” – Senior Energy Consultant, Sargent & Lundy
“Great sessions, great speakers, looking forward for the next one” – Senior Principal, Terracon
This specialized symposium is designed to provide a holistic coverage of legal, financial, and technical due diligence items as they relate to:
- General wind project development
- Wind repowering & retrofit projects
- Valuation of wind transactions/acquisitions
It will review critical items for due diligence for the different types of wind projects at their various stages of development, evaluating potential exposures to unknown costs. In addition, it will also explore what elements wind asset sellers must address to attract the attention of renewable energy asset buyers and financial entities, providing specific guidance, metrics and case studies for establishing a common denominator between the buyers and sellers to transact wind projects under various stages of development.
There will be a special focus on identifying the most bankable and risk-adverse wind development and repower projects, emphasizing business strategies with consideration to project qualification for the Production Tax Credit (PTC) and Investment Tax Credit (ITC). The program will also highlight key due diligence items related to land use, regulatory, permitting, and environmental considerations.
Learning Outcomes
- Identify key trends in the U.S. wind market for investment and acquisition
- Identify key trends in U.S. wind repower market and the role of the growing repowering movement
- Assess key legal, financial, and technical due diligence items for:
- Wind project development
- Wind repowering & retrofit projects
- Valuation of wind transactions/acquisitions
- Assess tax issues and qualification for wind development projects, repowering projects, and structured transactions
- Review IRS guidelines for various types of wind projects and qualification for project development timelines
- Review financial metrics to determine most bankable wind project and repower opportunities & opportunities to increase overall profitability
- Discuss project developers case studies who are undergoing or have completed a wind repower project
- Assess key due diligence related to regulatory, permitting, and environmental considerations
- Review common issues related to land title permitting and insurance
Wednesday, May 12, 2021 : Central Time
8:45 – 9:00 a.m. :: Log In
9:00 a.m. – 4:00 p.m. :: Program Timing
9:00 – 10:30 a.m. :: Wind Development, Acquisitions, & the Repowering Market Landscape – Evaluating Bankable Project Opportunities
- Major trends in the wind project development landscape – U.S. and international
- Greenfield vs. later stage projects
- Mergers & acquisitions
- Repower & retrofit projects
- Wind market economic update in the U.S.
- Policy and regional market drivers
- Supply and demand outlook
- Wind pricing mechanisms
- Investor opinion on funding different stages and types of wind development projects
- Wind repowering & retrofit landscape
- Types of wind repowering & their benefits
- Financial benefits
- Overview of due diligence items for wind development and repowering projects
- Deal structures & financial due diligence for wind project transactions
- Project economics – evaluating bankable wind project opportunities
Moderator: Jim Duffy, Partner, Nixon Peabody LLP
Carter Atlamazoglou, Senior Director – Global Clean Energy, FTI Consulting
Fernando Sosa, Director – Valuation & Advisory, Cushman & Wakefield
Jarek Stopczyk, Manager, Long Term Operations, RWE Renewables Americas, LLC
10:30 – 10:45 a.m. :: Morning Break
10:45 a.m. – 12:15 p.m. :: Key Tax Considerations for Wind Project Transactions & Repower Projects
Maximizing the benefits of tax incentives is vital in any renewable energy transaction. This session will provide an overview of key tax terms and issues involved in the development and structure of wind energy projects. It will address how tax equity financings get done and apply to project deals, as well as give special consideration to tax issues for wind repower projects.
- Wind tax equity update
- Tax code overview
- Understanding depreciation for project development timelines
- Production Tax Credit (PTC)
- Investment Tax Credit (ITC)
- State, local and transactional considerations
- Diligence and tax equity structures
- Tax equity trends in M&A
- Tax equity transactions
- Transaction and target type
- Overall structure considerations
- Diligence and tax equity structures
- Transaction effect on tax equity structure
- Debt equity and financing equity interactions
- What investors are looking for in a deal
- Surety of payment
- Credit worthiness of off taker
- No problems on permits up front
- Turbine liability
- Repower projects – special tax issues & qualification of projects
- Understanding IRS guidelines for combining old and new assets
- How to qualify for project development timelines
- Understanding depreciation for project development timelines
Jim Duffy, Partner, Nixon Peabody LLP
Shariff Barakat, Partner, Nixon Peabody
12:15 – 1:15 p.m. :: Break for Lunch
1:15 – 2:45 p.m. :: Financial Modeling for Wind Project Development, M&A, and Repower Projects
- Review of financial metrics for different types of wind projects
- Wind projects (greenfield vs. later development stages)
- Mergers & Acquisitions
- Repower projects
- Financial modeling & metrics for wind project development potential – approaches to value
- Identification of most profitable wind project opportunities
- Key financial due diligence considerations:
- Power purchase agreements (PPAs)
- Energy assessment & asset valuation
- Grid interconnection
- Balance of plant
- Tax credit qualification
- Pre-installation of balance of plant
- Transmission rights
- Repowering – special considerations for financial analysis
Fernando Sosa, Director – Valuation & Advisory, Cushman & Wakefield
2:45 – 3:00 p.m. :: Afternoon Break
3:00 – 4:00 p.m. :: Developer Perspective: Lessons Learned on Wind Project Repowering
- Evaluating repowering as an option to increase profitability of wind farm assets
- ON North America’s wind project repowering process
- Types of repowers and OEM options
- Overview of developmental aspects & due diligence
- Project construction process
- Overall lessons learned
- Pitfalls and challenge areas
Jarek Stopczyk, Manager – Long Term Operations, RWE Renewables Americas, LLC
Thursday, May 13, 2021 : Central Time
8:45 – 9:00 a.m. :: Log In
9:00 a.m. – 12:00 p.m. :: Program Timing
9:00 – 10:00 a.m. :: State Approaches to Wind Development & Repower Projects – Permitting, Environmental Review & Project Applications
- Variations in state regulations and rules – what to be aware of in state of operation
- Environmental review and permitting process
- Establishing contacts within all appropriate agencies
- Building a successful developer – regulator relationship for project approval
- Issues and areas of concern for regulatory approval for wind development projects
- Noise modeling
- Property owner participation
- Wildlife and permitting
- Issues and areas of concern for regulatory approval specific to wind repower projects
- Tips for developer due diligence for regulator review of repower projects
- GIS/maps
- Surveys
- Processes and timelines
- Input from developer partners
- Biologists
- Lawyers
- Who should you bring to the table?
Richard Davis, Environmental Review Manager, Minnesota Department of Commerce
10:00 – 10:15 a.m. :: Morning Break
10:15 – 11:00 a.m. :: Energy Assessment Review for Wind Projects
- Wind resource assessment – best practices
- Site suitablity engineering review
- Reliability engineering review
Jessica O’Connor, Engineer & Wind Data Analyst, ArcVera Renewables
11:00a.m. – 12:00 p.m. :: Understanding Land Title Search and Insurance Issues in Project Development & Asset Values
- Basic principles of title insurance in the energy context
- The impact of title insurance on project finance
- Insurable land rights and valid real property contracts
- Encroachments, crossing agreements and enforced removal
- Locating and insuring severed mineral interests
- Mechanics’ lien principles
- The importance of transmission rights
John Agle, Counsel – Energy Specialist, Stewart Title Guaranty Co
12:00 p.m. :: Program Adjourns
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John Agle, Counsel – Energy Specialist, Stewart Title Guaranty Co
-
Carter Atlamazoglou, Senior Director – Global Clean Energy, FTI Consulting
-
Shariff Barakat, Partner, Nixon Peabody
-
Richard Davis, Environmental Review Manager, Minnesota Department of Commerce
-
Jim Duffy, Partner, Nixon Peabody LLP
-
Jessica O’Connor, Engineer & Wind Data Analyst, ArcVera Renewables
-
Fernando Sosa, Director – Valuation & Advisory, Cushman & Wakefield
-
Jarek Stopczyk, Manager – Long Term Operations, RWE Renewables Americas, LLC
We will be using Microsoft Teams to facilitate your participation in the upcoming event. You do not need to have an existing Teams account in order to participate in the broadcast – the course will play in your browser and you will have the option of using a microphone to speak with the room and ask questions, or type any questions in via the chat window and our on-site representative will relay your question to the instructor.
- IMPORTANT NOTE: After November 30 you will not be able to join a Teams meeting using Internet Explorer 11. Microsoft recommends downloading and installing the Teams app if possible. You may also use the Edge browser or Chrome.
- You will receive a meeting invitation will include a link to join the meeting.
- Separate meeting invitations will be sent for the morning and afternoon sessions of the course.
- You will need to join the appropriate meeting at the appropriate time.
- If you are using a microphone, please ensure that it is muted until such time as you need to ask a question.
- The remote meeting connection will be open approximately 30 minutes before the start of the course. We encourage you to connect as early as possible in case you experience any unforeseen problems.
Please Note: Confirmed speakers do not need to register and are encouraged to participate in all sessions of the event. If you are a speaker and have any questions please contact our offices at 1.303.770.8800
Please Note: This event is being conducted entirely online. All attendees will connect and attend from their computer, one connection per purchase. For details please see our FAQ
If you are unable to attend at the scheduled date and time, we make recordings available to all registrants for three business days after the event
| Event | Standard Rate | Attendees | |
|---|---|---|---|
| Single Connection - Wind Project Development, M&A, & Repower Due Diligence | US $ 1195.00 | ||
| Pack of 5 connections | US $ 4,790.00 | ||
| Pack of 10 Connections | US $ 8,365.00 | ||
| Pack of 20 Connections | US $ 14,340.00 | ||
| Call us at 303.770.8800 if you have any specific questions on the volume discounts | |||
| * all other discounts do not apply to license packs | |||
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