Energy & Utilities Finance & Banking

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FHA Issues Final Guidelines on PACE Assessments

The U.S. Federal Housing Administration (FHA) issued final guidance in the form of Mortgagee Letter 2016-11 regarding the subordination of Property Assessed Clean Energy (PACE) assessments on Tuesday, July 19, 2016. As...more

What is Title Insurance, Really?

All real estate buyers should consider purchasing title insurance. The premium is approximately $4.00 for every $1,000 of the purchase price. Some see this as an added cost to the deal.  But the cost is well worth the value...more

Green Bonds: Green Striping to Fuel China’s Green Economy?

China has become the world’s largest green bond market, with green bonds issued in the first half of 2016 reaching 75 billion yuan (US$11 billion), 33% of the world total. This figure is approximately two percent of the total...more

Renewable Energy Update - August 2016 #2

Renewable Energy Focus - California's regional electricity grid plan on hold - Los Angeles Times - Aug 8 - Governor Jerry Brown’s plan for a regional electricity grid is being put on hold this year, and...more

Tax Law Hampering Airport Improvements, Government Accountability Office Finds

Since 1970, the federal Airport and Airway Trust Fund (referred to as the Aviation Trust Fund) has been an important source of finance for airport improvements. But the fund has dwindled thanks to a 2006 law, passed to quell...more

FY 2017 Sequestration Reduction Percentage for Direct Pay Tax Credit Bonds Set at 6.9 Percent

According to an update released by The IRS Office of Tax Exempt Bonds (TEB), the sequester reduction percentage applied to the payments made to issuers of direct pay bonds in FY 2017 will be 6.9 percent. This percentage will...more

The Small Matter of Bankability: Small-Modular-Reactors and the Financing of Nuclear Projects

The nuclear industry in the UK, and beyond, will warmly welcome EDF’s final investment decision for Hinkley Point C. However, as the UK government mulls over the project fundamentals one last time before committing, it is...more

The Impact of PROMESA on Creditors

On June 30, 2016, the United States Senate passed the “Puerto Rico Oversight, Management and Economic Stability Act” (“PROMESA”) and it was quickly signed into law by President Obama. PROMESA enables the Commonwealth of...more

Mitigating Private Equity Investment Risk in the Oil Patch

Despite the current slump in oil prices, there has been a general uptick in private capital flowing into the oil patch. With the view that the worst is behind us and that prices have settled relatively, many of the biggest...more

The Cost of Clarity: IRS Issues Regulations Addressing Proper Treatment of Code Section 50(d) Income

On July 21, 2016, the IRS issued long-awaited regulations under Section 50 of the Internal Revenue Code (the “Code”) clarifying the manner in which “Section 50(d) Income” is to be recognized in lease pass-through investment...more

FERC Civil Penalties May Be Subject to Full Judicial Review

A Federal District Court recently held that a proposed civil penalty assessed by FERC was subject to a full trial de novo where the respondent elects to forego a hearing before an Administrative Law Judge, a matter of first...more

FERC Goes Back to the Drawing Board on Data Collection Rule

On July 21, 2016, the Federal Energy Regulatory Commission (FERC) proposed a new data collection rule that would require market-based rate (MBR) sellers and entities trading virtual products or holding firm transmission...more

IRS Issues Proposed Rules on Income Inclusion under Section 50(d)(5)

The IRS just published long-awaited temporary regulations under section 1.50-1T governing the section 50(d)(5) income inclusion rules. These rules apply to lessees of investment credit property when the lessor elects to treat...more

FERC Seeks to Enhance Electricity Market Surveillance and Data Collection for Market-Based Rates Sellers and Other Market...

On July 21, 2016, the Federal Energy Regulatory Commission (FERC) issued a Notice of Proposed Rulemaking (July NOPR) to require certain participants in wholesale electric markets to submit “relational databases” to report...more

UK Electricity Market Reform: How far have we come?

In this note (part 3 of a series) we reflect on the Government’s continuing implementation of Electricity Market Reform (EMR), highlight key developments in 2015 and Q1 and Q2 2016, and outline EMR milestones we expect to...more

Wastewater Treatment Becomes Another Area for Public-Private Partnership

The Milwaukee Metropolitan Sewerage District has extended its agreement with Veolia North America to manage and operate its collection and wastewater treatment system under a 10-year, $500 million contract, according to this...more

How to Balance Lender and Contractor Interests on Alternative Energy Construction Projects

Lenders who finance wind and solar farms often require the EPC contractor to consent to the developer’s assignment of the EPC Contract to the lender to secure the developer’s obligations under the loan documents. Such...more

New FERC NOPR Will Have Impacts on the Financial Trading Community

On Thursday, July 21, 2016, FERC issued a new Notice of Proposed Rulemaking on Data Collection and Surveillance, which is to replace the prior Connected Entities and MBR Ownership NOPRs. The new NOPR will apply to: (1)...more

FHA and VA to Expand Coverage to Properties with Certain PACE Assessments

The Federal Housing Administration (FHA) has announced guidance intended to clarify circumstances under which residential properties encumbered by a Property Assessed Clean Energy (PACE) special assessment would be eligible...more

Renewable Energy Update - July 2016 #2

Renewable Energy Focus - California’s biggest utilities break own record for solar power Sacramento Bee - Jul 15 - California’s booming solar industry had a record day last week when the state’s largest utilities...more

BOEM Unveils Tougher Guidelines for Supplemental Bonding on the US OCS

BOEM Unveils Tougher Guidelines for Supplemental Bonding on the US OCS July 21, 2016 The new guidelines restrict the ability of a company to rely on the financial strength of co-lessees to avoid additional supplemental...more

Israel’s Anti-Concentration Law Presents Unique PE Opportunity

In December 2013, Israel introduced new legislation — the Law for the Promotion of Competition and Reduction of Concentration — designed to break the dominance of large corporations and strengthen competition in the country’s...more

CSA Releases Results of Annual Continuous Disclosure Review Program

The Canadian Securities Administrators (CSA) have released CSA Staff Notice 51-346 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016 (Notice), summarizing the results of its members’...more

BOEM Releases Long Awaited New Financial Assurance Notice to Lessees and Operators

The Bureau of Ocean Energy Management (BOEM) released its long awaited new Notice to Lessees and Operators (NTL) updating the procedures and criteria used to determine when and if additional supplemental financial assurance...more

Bureau of Ocean Energy Management Issues New NTL Changing Financial Security Considerations for Offshore Oil and Gas Companies

On July 15, 2016, the United States Department of the Interior Bureau of Ocean Energy Management (BOEM) issued a new Notice to Lessees and Operators (NTL) dramatically changing the way in which BOEM will evaluate the...more

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