Serving the energy industry for over 30 years
By - Jon Brown

Renewable Energy Opportunity Zones
November 13-14, 2019 | New Orleans, LA

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This program will spell out the provisions and nuances of the OZ tax incentive.  It will then examine the relevant tax structuring elements associated with the various financing vehicles for optimizing the ITC associated with solar project development.  Finally, it will detail what investors and project developers need to know to line up their ITC investments with OZs and satisfy the benefit deadline.

What started as an amazing, real estate-dominant tax break has found its way to the renewable energy investment community.  Under tax code Section 1400Z-2, investors can defer capital gains tax on the profits they invest in state-designated opportunity zones (OZ) for eight years, and see some of it forgiven if they hold onto the investments for at least five years, a perk that grows after seven years.  Retain the investment for a decade and its appreciation is tax-free.  In the past year, the U.S. has issued two sets of proposed regulations that addressed how the new tax incentives will work for operating businesses, including for capital-heavy industries like clean energy.  Project finance strategies and the significance of this treatment, when combined with the Investment Tax Credit (ITC) on a solar project, can be especially powerful.

But to take best advantage of this new incentive, investors and project developers must satisfy the ITC “beginning of construction” requirement by Dec 31st of this year: something that solar investors are already attuned to.  So, then — assuming that a solar project’s arrangements are shaping up to hit the end-of-year mark — what is further required to earn the bonus benefits from being in an OZ project?

Learning Outcomes  

Attendees at this symposium will:  

  • Discuss the principles behind the formation of the opportunity zone (OZ) tax incentive
  • Assess the attractiveness and applicability of OZ in the context of renewable energy development
  • Examine how the OZ can be used in concert with the investment tax credit (ITC) and production tax credit (PTC) incentives
  • Evaluate OZ/ITC documentation and filing requirements
  • Identify what investors and project developers need to know to line up their investments with OZs and satisfy the Dec 31 date for maximum ITC benefit



EUCI has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET).  In obtaining this accreditation, EUCI has demonstrated that it  complies with the ANSI/IACET Standard which is recognized internationally as a standard of good practice. As a result of their Authorized Provider status, EUCI is authorized to offer IACET CEUs for its programs that qualify under the ANSI/IACET Standard.

EUCI is authorized by IACET to offer 1.0 CEUs for this event.


Instructional Methods

PowerPoint presentations and test cases will be used to present course information.

Requirements For Successful Completion Of Program

Participants must sign in/out each day and be in attendance for the entirety of the course to be eligible for continuing education credit.


Wednesday, November 13, 2019

7:45 – 8:15 a.m. :: Registration and Continental Breakfast

8:15 – 8:30 a.m. :: Overview and Introductions

8:30 a.m. – 12:00 p.m. :: Opportunity Zones (OZ) Overview

Includes 15 min break

  • Opportunity Zones (OZ) Overview
    • Background and goals
    • Investor opportunities
    • Benefits
      • 3 tax incentives
    • Qualified OZ Tax Incentives Examined
      • Census tracts and OZ eligible areas and coverage
      • Qualified opportunity fund requirements and process
      • Investment types
      • Timing requirements and timelines
      • Fund differentiation and selection
      • Fund plan structure and documentation
        • Deal structure
        • Direct vs indirect ownership
        • Written plan

12:00 – 1:00 p.m. :: Group Luncheon

1:00 – 5:00 p.m. ::  OZ + Renewable Energy

Includes 15 min break

  • Overview of Tax Incentives and Transaction Structures for Renewable Energy
    • Who can benefit and how
    • ITC and PTC combinations
    • Tax elements and characteristics
    • Solar “flip” financial model review
    • Typical lease pass-through financial model
  • Combining OZ with renewable energy tax incentives
    • Dealer treatment
    • Membership interest sales
    • Sale into partnership flips
  • Overlay of OZ w/Solar and Wind Resource Areas
  • OZ Renewable Energy Project Development Scenarios
  • Case Studies and Examples
    • Fund sponsor (investor)
    • Renewable developer(s)

5:00 p.m. :: Program Adjourns for Day

Thursday, November 14, 2019

7:45 – 8:15 a.m. :: Continental Breakfast

8:15 – 11:45 a.m. :: Key Decisions for Optimizing OZ + Renewable Energy Investments

Includes 15 min break

  • OZ/ITC Documentation and Filing
    • Section 1231 Gains
    • Ninety Percent Deadline
    • Depreciation Recapture
    • Gains eligible for deferral
    • Related party leases
    • Service provider interests
    • Property contributions
  • Cash Flow Allocation and Buyout Provisions
  • ‘Inclusion Event’
  • How to Safe Harbor the 30% Solar ITC
  • GAAP, HLBV, Consolidation and Accounting for Tax Credits
  • Secondary Market for Interests in QOF Investments
  • Individual Investment Possibilities
  • Anticipating Future Regulations
  • Relationship and Conformity with State Law(s)
  • What Must Happen Between Now and Dec 31?

11:45 a.m. :: Program Concludes


Tom Boman, Partner, Novogradac & Company LLC

Thomas Boman is a partner in the St. Louis office of Novogradac & Company LLP. He joined the St. Louis office in 2013 as a tax partner. Before joining the firm, he served as a senior vice president of tax for a private equity firm in St. Louis. He has more than 30 years of experience as a tax consultant to a variety of companies with a focus on pass-through entities. Mr. Boman has significant experience with the new markets tax credit (NMTC) at both the federal and state levels. He also worked for 17 years in public accounting, primarily with the Big Four firms. He participates in the Partnership and LLC Committee of the American Bar Association and is a member of the American Bar Association, the American Institute of Certified Public Accountants and the Missouri Society of Certified Public Accountants. He has juris doctor and master of business taxation degrees from the University of Minnesota. Mr. Boman served as an adjunct instructor at the law school at Washington University in St. Louis, where he taught federal partnership taxation for 16 years.

James Duffy, Partner, Nixon Peabody LLP

James F. Duffy is a partner in the Boston office of the national law firm, Nixon Peabody LLP.  He serves as the Co-Chair of the firm’s Renewable Energy Tax Credit Team and concentrates his practice on structuring and closing transactions involving federal income tax credits and other significant federal and state income tax incentives, including Production Tax Credits and Investment Tax Credits for renewable energy.  His practice also covers New Markets Tax Credits.  He has represented numerous developers, investors, syndicators and lenders in structuring and closing renewable energy and other transactions.  He serves on the Board of Directors and is the Secretary of the Distributed Wind Energy Association (DWEA), as well as the Board of Directors of Windustry.  He is a graduate of the University of Rhode Island, B.A. and The Harvard Law School, J.D.

Tony Grappone, Partner, Novogradac & Company LLC

Tony Grappone is a partner in the Boston, Mass. office of Novogradac & Company LLP, where he specializes in providing accounting, tax and consulting services to developers, syndicators and investors of projects that qualify for federal and state tax credits such as the low-income housing tax credit, historic rehabilitation tax credit, new markets tax credit and renewable energy tax credits. Mr. Grappone is a frequent speaker at various renewable energy and other tax credit industry events and has contributed several articles on renewable energy to the Novogradac Journal of Tax Credits and serves as a technical editor of the firm’s Renewable Energy Tax Credit Handbook. Prior to joining Novogradac & Company LLP, Mr. Grappone worked at Ernst & Young LLP specializing in partnership taxation within the affordable housing industry and servicing many of the nation’s largest tax credit syndicators and investors. In addition, he served several leading venture capital firms as well as commercial real estate developers and investors. Mr. Grappone serves as a member on the Northeastern University Undergraduate Accounting Group Advisory Board and is on the board of directors of the Women’s Institute for Housing and Economic Development. He received a bachelor’s degree from Northeastern University in Boston, Mass.

Matt Kelley, Principal, Novogradac & Company LLP

Matt Kelley is a principal in the Andover, Mass., office of Novogradac, where he specializes in the opportunity zones (OZ) incentive and other state tax credits and incentives. Mr. Kelley has supported clients in technical tax planning with a focus on tax and non-tax incentives for 12 years. He works with both real estate developers and operating businesses on complex OZ transactions. Mr. Kelley earned a juris doctorate from Western New England University.

Forrest Milder, Partner, Nixon Peabody LLP

Forrest David Milder is a partner in the Boston office of Nixon Peabody LLP.  He has more than 30 years’ experience in the tax aspects of project finance, particularly renewable energy (including solar, wind, geothermal, and biofuels), housing, historic rehabilitations, and new markets, as well as many other related fields, including partnerships and limited liability companies; tax-exempt organizations and unrelated business income; business formation, operation, and disposition; executive compensation; and tax-exempt bonds and other structured financial products.

Rod Eckhardt, Partner, Seminole Equity Partners, LLC

Rod Eckhardt is a Partner at Seminole Equity Partners, LLC, which focuses on financing renewable energy projects as well as multifamily developments around the country. He has worked extensively with tax incented investments from both an equity and debt perspective. His experience includes legal, underwriting, structuring, asset management, fund management, origination and syndication of investments representing more than $2 billion dollars. Mr. Eckhardt has worked on behalf of tax credit syndicators, lenders, investors, developers and the United States Department of Energy. He earned his B.A. from Colorado State University and his J.D. from Gonzaga School of Law.

Fernando Sosa, Director – Machinery & Equipment (“M&E”) Valuation & Advisory Practice, Cushman & Wakefield

J. Fernando Sosa is a Director in the Machinery & Equipment (“M&E”) Valuation & Advisory practice for Cushman & Wakefield. He is an accredited senior appraiser (“ASA”) designated in the discipline of machinery and technical specialties with the American Society of Appraisers and a member of the Royal Institution of Chartered Surveyors (“MRICS”). With nearly two decades of experience, Mr. Sosa specializes in appraisals of tangible assets in both domestic and international valuation projects. These appraisals are performed for a variety of purposes, including asset-based financing, purchase price allocations, cost segregation, insurance purposes, personal property tax appraisals, federal tax compliance, managing and financial reporting, mergers and acquisitions, feasibility study, and litigation support.


Hilton Garden Inn New Orleans Convention Center

1001 South Peters Street

New Orleans, LA 70130

Reserve your room:

please call 1-504-525-0044

Room Block Reserved For:

Nights of November 12 – 13, 2019

Room rate through EUCI:

$109.00 single or double plus applicable taxes
Make your reservations prior to Novemer 4, 2019.


Event Standard RateAttendees

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