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Currents

Updated 2 months ago

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Currents is a podcast published by Norton Rose Fulbright that features in-depth discussions on the latest developments in project finance. The podcast is hosted by partner Todd Alexander, who interviews key business leaders and policy makers to investigate important trends affecting the energy and infrastructure space.

Read more

Currents is a podcast published by Norton Rose Fulbright that features in-depth discussions on the latest developments in project finance. The podcast is hosted by partner Todd Alexander, who interviews key business leaders and policy makers to investigate important trends affecting the energy and infrastructure space.

iTunes Ratings

64 Ratings
Average Ratings
57
5
2
0
0

Great insights

By Unhappy Daily user - Jul 05 2019
Read more
Best way for a quick update of the trends and issues in the energy business. Very nicely unpackaged by the very knowledgeable moderator.

Excellent

By Harrington_ER - Oct 27 2016
Read more
Great dialogue and insight from a reputable source, looking forward to upcoming topics.

iTunes Ratings

64 Ratings
Average Ratings
57
5
2
0
0

Great insights

By Unhappy Daily user - Jul 05 2019
Read more
Best way for a quick update of the trends and issues in the energy business. Very nicely unpackaged by the very knowledgeable moderator.

Excellent

By Harrington_ER - Oct 27 2016
Read more
Great dialogue and insight from a reputable source, looking forward to upcoming topics.
Cover image of Currents

Currents

Latest release on Aug 03, 2020

Read more

Currents is a podcast published by Norton Rose Fulbright that features in-depth discussions on the latest developments in project finance. The podcast is hosted by partner Todd Alexander, who interviews key business leaders and policy makers to investigate important trends affecting the energy and infrastructure space.

Rank #1: Ep23: Solar Revenue Puts with Richard Matsui, KwH Analytics

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Richard Matsui, CEO of KwH Analytics, joins us to discuss the Solar Revenue Put, an innovative new financial product that may change the way many solar projects are financed. While the solar industry faces the potential impact of tariffs, we explore how this product can reduce project costs.

Feb 26 2018

18mins

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Rank #2: Ep64: Thermal Power Hedging

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Noam Berk of Dean Street Capital Advisors joins us to discuss interesting developments in thermal power hedging as well as key hedge products. We get into the details of tolls, HRCOs, RPOs, spark spread swaps, gas netbacks and more.

Jun 03 2019

30mins

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Rank #3: Ep47: Cost of Capital: 2019 Outlook

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It is the start of a new year. Interest rates are headed up in the broader market. Economists are split on where the US and global economies are headed. Share prices on world bourses took a beating at the end of 2018. On January 11, we had a conversation among a group of project finance industry veterans about what to expect in the year ahead for tax equity, bank and term loan B debt and project bonds.

Jan 14 2019

1hr 14mins

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Rank #4: Ep42: Title Insurance for Projects

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Scott Bank of First American Insurance sat down to discuss all things title insurance; in this episode we go from title insurance 101 and endorsements for project finance projects to how pricing breaks down and where he sees the insurer most often paying out.

Oct 23 2018

35mins

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Rank #5: Ep78: Financing Renewable Energy: Present & Future

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Live from the Wharton Energy Conference, Manish Kumar, managing director at The AES Corporation, Jackson Lehr, operating partner, infrastructure at Energy Impact Partners, Martin Torres, managing director at BlackRock and Peter Zhu, senior vice president at Macquarie Capital, sit down with Todd Alexander to cover financing renewable energy. The lively panel discusses everything from traditional PPAs and tax equity to the latest trends the panelists are seeing in the industry.

Dec 03 2019

49mins

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Rank #6: Ep33: IPPs, PPAs, and Chapter 11

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Bankruptcy lawyer Howard Seife sits down to talk about what happens when a power purchaser files for bankruptcy, using the recent Chapter 11 filing by First Energy Solutions as a case study. As we see more power projects financed based on projected cash flows from corporate PPAs, IPPs need to understand the credit risk presented by a potential bankruptcy of their counterparty.

Jul 30 2018

27mins

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Rank #7: Ep76: FERC's Proposed Changes to PURPA

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Bob Shapiro, partner in Norton Rose Fulbright’s Washington office, discusses FERC’s proposed changes to PURPA. We go over what PURPA is and why it was created, its relevance today, the most significant changes that FERC is proposing and how those changes will affect the market.

Oct 24 2019

19mins

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Rank #8: Ep32: Capital Dynamics' View on the Solar Market

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We sat down with Benoit Allehaut, director on the clean energy infrastructure team at Capital Dynamics, fresh off the heels of its acquisition and privatization of 8point3 Energy Partners LP. Benoit shares his views on how much appetite there is currently in the market for solar, the effects of the new solar tariffs, PPAs, the future of energy storage and more.

Jul 23 2018

27mins

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Rank #9: Ep58: Energy Storage PPAs

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Kat Gamache, senior counsel at Norton Rose Fulbright, joins us to discuss all things energy PPAs. We go into the biggest differences between traditional renewable PPAs and PPAs with storage, how pricing is handled, the types of batteries she is seeing in the market, lifespan terms in combined resource projects and more.

Apr 16 2019

20mins

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Rank #10: Ep95: An Investor's View of the Market Today

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Benoit Allehaut, managing director at Capital Dynamics, joins us to discuss the state of the market and what the company has been up to lately. We go over what he views as the current state of the M&A, tax equity and debt markets, how investors are handling the merchant curve when valuing projects, the company’s new joint venture with Sol Systems, exposure to the PG&E bankruptcy, and more.

Apr 27 2020

30mins

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Rank #11: Ep67: The M&A Landscape for Renewables

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Ted Brandt, CEO and founder of Marathon Capital, joins us again to discuss his overall perspective on how active the M&A market is for renewables right now and what he sees in the next six months. We discuss the shift in clients on the buy side, the market’s reaction to the influx of new products, how people are currently looking at the California market and more.

Jul 08 2019

17mins

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Rank #12: Ep57: BayWa's Innovative PPA Approach and Market Overview

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Jared Quient, Executive Vice President and General Counsel at BayWa r.e., joins us to discuss the innovative PPA structure the company recently used to finance its 100 MW solar deal in North Carolina, from there we expand the discussion to the environment for solar development in the US.

Mar 26 2019

25mins

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Rank #13: Ep24: Net Metering and Community Solar Update

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As the community solar market continues to expand, our associate Ana Vucetic joins us to provide an update on the market and takes us through important recent changes in net metering rules across several key states.

Mar 07 2018

15mins

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Rank #14: Ep93: Merchant Storage: A New Frontier

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Brian Warshay, principal consultant for distributed energy resources and energy storage at DNV GL, joins us to discuss merchant storage. We discuss the evolving energy storage value stack, how developers are managing the risk involved with merchant storage projects, the difference between merchant storage and merchant power plants, whether lenders are comfortable with merchant storage, the current size of the energy storage market, three questions clients should be asking and more.

Apr 06 2020

25mins

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Rank #15: Ep77: Solar + Storage: A Look at the Market

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Fleming Ray, senior project manager, due diligence at DNV GL, joins us to discuss all things solar plus storage. We get into the federal and state policies surrounding the market, the outlook for the next five years, the core technical due diligence focus areas, the integration of battery testing results including DNV GL’s recently published Battery Scorecard, and more.

Nov 25 2019

22mins

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Rank #16: Ep34: Legal Perspective: Back-leveraged Loans

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Jim Berger discusses back-leveraged loans from a legal perspective, going over the big picture of project structures as well as the most negotiated points in these transactions, the breakdown of benefits for sponsor members and tax equity investors, security packages, cash sweeps and more.

Aug 06 2018

20mins

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Rank #17: Ep66: Tax Market Update

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David Burton, partner in our New York office, joins us to for an update on recent headlines in the tax market. We discuss the recent opinions of the US Court of Federal Claims in Bishop Hill Energy, LLC and California Ridge Wind Energy, LLC; what is driving the recent increase in repowerings from a tax perspective; and finally safe harboring panels: why people are doing it, how they are structuring their deals and more.

Jul 01 2019

17mins

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Rank #18: Ep90: Taking Stock:Tax Equity, Debt and M&A

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Tax equity for renewable energy was expected to be a US$15 billion market this year, and interest rates on bank debt had dropped to 125 to 137.5 basis points over LIBOR – before the coronavirus hit. Is financing still available for power and infrastructure projects? Has there been any change in availability or cost of tax equity, bank debt, B loans and project bonds? How have asset valuations been affected?
Six key market participants talked about these questions and more. They are John C.S. Anderson, global head, corporate finance and infrastructure at Manulife, Ted Brandt, CEO of Marathon Capital, Jack Cargas, managing director at Bank of America, Ralph Cho, co-head of North American power and infrastructure at Investec Bank, Yale Henderson, managing director at J.P.Morgan and Max Lipkind, managing director and head of energy and power leveraged finance at Credit Suisse.

Mar 26 2020

1hr 2mins

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Rank #19: Ep96: DNV GL on COVID-19 and the Renewables Industry

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Ken Elser, senior vice president for project finance and M&A at DNV GL, joins us to discuss how independent engineers are seeing COVID-19 affect renewable energy projects. We talk about how the pandemic has affected the execution of deals already in progress, what DNV GL has seen in terms of force majeure claims, its insights into supply chain issues, how the pandemic is affecting how IEs work, how deal flow would change in the event of some form of tax credit extension and more.

May 04 2020

19mins

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Rank #20: Ep79: PTC Extension Legislation Update

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Keith Martin, with Norton Rose Fulbright, joins us from Washington to discuss the likelihood that Congress will pass a tax extenders bill at year end and what tax changes of interest to the renewable energy industry are potentially in play.

Dec 06 2019

11mins

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Ep114: COVID-19's Effect on Utilities

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Robert Mudge, principal at The Brattle Group, joins us to go over the company’s report on the impact COVID-19 is having on utilities. We go over how electric load has been affected, how effects vary among different types of utility customers, how they are expected to change over time and by region, the financial consequences for utilities, how states are responding, commodity pricing and more.

Aug 03 2020

22mins

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Ep113: Condition of the Tax Equity Market

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Many developers report trouble raising tax equity this year for renewable energy projects. This is the third in a series of calls since late March with different tax equity investors to test the current condition of the market. Keith Martin, partner in Washington, is joined by Robert Capps, managing director at SunTrust Robinson Humphrey, Eric Cohen, group head – renewable energy finance at Fifth Third Bank, Eric Heintz, director of energy finance at M&T Bank, B. Scott McClain, executive vice president and managing director at First Horizon Bank and Yonette Chung McLean, managing director at RBC Capital Markets.

Jul 28 2020

48mins

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Ep112: Solar Risk Assessment Report 2020

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Richard Matsui, CEO and co-founder of kWh Analytics, and Dana Olson, solar segment leader at DNV GL, are back to discuss the second annual "Solar Risk Assessment" report in which they, along with industry experts from eight other companies, share their quantitative insights on solar production risk. We get into the trends that are being seen in the market, the underperformance that is being found, what is causing it and much more.

Jul 27 2020

29mins

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Ep111: Lessons Learned from PG&E's Bankruptcy

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PG&E is on its way out of bankruptcy, and there are many lessons to learn from the largest American utility’s second trip through bankruptcy. We briefly cover the political and regulatory issues lurking in the background and then dive into the lessons learned from people who were affected by the bankruptcy, cover what they would do differently if it were to happen again, address how to price bankruptcy risk and discuss how the industry is approaching projects with PG&E offtake contracts and California in general. Jim Berger and Christy Rivera, partners with Norton Rose Fulbright, are joined by Kevin P. Malcarney, senior vice president and general counsel at Clearway Energy, Paul Pace, senior vice president and team leader at KeyBank, and Pascal Uttinger, managing director, project finance in the Americas, at MUFG.

Jul 22 2020

1hr

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Ep110: Behind-the-Meter Storage

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Brian Warshay, principal consultant, DER and energy storage at DNV GL, joins us to discuss opportunities in behind-the-meter storage. We get into how companies can make money in BTM solar and storage, how the projects are financed, how companies are changing their business models to adapt to the evolving market, additional entities that can get involved in BTM storage, how customer data can be used to increase value to energy providers and customers, what he is currently seeing in the community storage market and more.

Jul 20 2020

23mins

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Ep109: What's New in the Market

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Another economic stimulus bill is expected in August. A refundable tax credit proposal has gotten traction among Republicans. Tax equity is harder for many developers to find this year. A key motion being argued before a federal court in Washington this month could affect contest rights in tax equity deals. Keith Martin, partner in Washington, gives a lively half-hour update on what is new in the market.

Jul 16 2020

39mins

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Ep108: Making C&I Solar Attractive to Institutional Investor

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Steve Cunningham, managing partner of Madison Energy Investments, joins us to explain the details of investing in C&I solar. We discuss what C&I means in the context of size, offtaker and style, why it exists and what the benefits are versus utility-scale solar, what makes C&I attractive for investors, the specific risks in C&I, how site control is handled, the benefits of scaling and much more.

Jul 13 2020

20mins

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Ep107: Energy Storage in ERCOT

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Caitlin Smith, vice president, and Matthew Berend, co-founder, of AB Power Advisors, and Sam Porter, senior counsel at Norton Rose Fulbright, join us to discuss energy storage projects in ERCOT. We discuss what storage projects have been done so far in ERCOT, the regulatory background, ancillary service opportunities for storage, how much storage is currently in the queue, what incentives there are to build storage, who might be interested in these projects and more.

Jul 06 2020

29mins

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Ep106: Brightmark on Renewable Natural Gas

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Bob Powell, founder and CEO of Brightmark, joins us to discuss his company and the important environmental problems it is solving. He discusses the projects on which the company is working in renewable natural gas, how he decided to get into the RNG space, how the arrangements are typically structured, the value for offtakers, the company’s work in advanced plastics recycling and where he sees the next big opportunity.

Jun 29 2020

24mins

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Ep105: Distributed Generation's Reaction to COVID-19

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Richard Dovere, managing member of C2 Energy Capital, joins us to discuss how COVID-19 has affected the distributed generation sector. We discuss factors that are coming into play on resiliency and the role of DG, the current appetite for new PPAs, how the pandemic is affecting project returns, how the tax equity and debt markets are responding to market conditions and more.

Jun 22 2020

25mins

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Ep104: Clean Energy Associates on Supply Chain, QA and IE

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Andy Klump, CEO of Clean Energy Associates, joins us to discuss trends the company is seeing in quality assurance and independent engineering work globally since COVID-19 became a pandemic. He discusses the type of work the company is still able to do amidst shutdowns, the trends it sees in the supply chain, where energy storage is headed, lessons learned that the storage industry should consider, his prediction for how the renewables industry will emerge post-pandemic and more.

Jun 15 2020

28mins

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Ep103: Hawaiian Electric and EVs

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Aki Marceau, director of electrification of transportation, and Yoh Kawanami, director of customer energy resources, operations at Hawaiian Electric, join us to discuss Hawaiian Electric’s efforts to electrify transportation on the islands. We talk about the unique position that the utility is in, how it has been affected by COVID-19, the utility’s demand response department, its EV charging program with Enel X and more.

Jun 08 2020

21mins

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Ep102: Tax Equity and Carbon Sequestration

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How should carbon sequestration transactions be structured in light of proposed regulations the IRS issued on May 27 about claiming section 45Q tax credits? The IRS has disallowed over half the tax credits claimed so far. Keith Martin, David Burton and Amanda Rosenberg talk about three ways to structure such transactions and more.

Jun 03 2020

50mins

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Ep101: State of Tax Equity

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Many developers report that the tide appears to be flowing out on tax equity. At the same time, the two largest tax equity investors say it is business as usual for them. We talked to Peter Cross, managing director at Credit Suisse Securities, Jorge Iragorri, head of the alternative financing group at Morgan Stanley, George Revock, head of alternative energy and project finance at Capital One, and Darren van’t Hof, managing director of environmental and community capital at US Bank, about the current state of the market.

May 22 2020

46mins

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Ep100: Energetic Insurance: Removing the Risk in Solar

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James Bowen, co-founder of Energetic Insurance, joins us to discuss his company’s story and the problems that its insurance policy solves. We get into who should consider using the product, the value proposition, who benefits, how the policy helps when there is a lack of tax equity, if it can enable securitizations or other capital market transactions and more.

May 20 2020

16mins

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Ep99: Enel X on EV Charging and the Renewable Grid

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Giovanni Bertolino, head of e-mobility at Enel X, joins us to discuss the rapidly evolving electric vehicle sector and the potential impact on the renewable grid. We discuss Enel X’s role in energy and transportation, some of the broader impacts of COVID-19, how government incentives encourage sales of EVs and installation of charging infrastructure, how increased EV adoption might affect the energy grid, smart charging strategies that utilities are using today and more.

May 13 2020

19mins

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Ep98: Uncertain Times: The Role of IFIs

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In times of economic and financial crisis, commercial lending and private sector investment into emerging markets – even for projects or opportunities with sound economics and credit fundamentals – often dry up. Development finance institutions and export credit agencies are often called upon to step into the breach. While aggregate investment declines, IFIs, in effect, see a larger piece of a smaller pie. In these unprecedented times of global pandemic and meltdown of the world economies and markets, DFIs and ECAs are able to take a longer view beyond the immediate crisis and play a leading role in getting emerging markets back on track. A panel of senior representatives of leading IFIs join us to discuss what their institutions are doing to tackle the crisis.
Sarah Devine and Ken Hansen, partners at Norton Rose Fulbright, moderate a panel including Tony Bakels, director of credit and special operations at FMO, Georgina Baker, vice president, Latin America and the Caribbean, and Europe and Central Asia at International Finance Corporation, Koffi Klousseh, director of project development at Africa50, Luke Lindberg, senior vice president of external engagement, The Export-Import Bank of the United States, Hristo Stovkov, head of growth capital and innovation finance at European Investment Bank and Tracey Webb, vice president structured finance and insurance at U.S. International Development Finance Corporation.

May 11 2020

58mins

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Ep97: Trump's Executive Order Banning Equipment

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Keith Martin, partner in Washington, joins us to discuss the recent executive order banning equipment provided by companies in foreign adversary countries. We get into what the ban covers, which power projects are affected, how it will work in practice, when it will take effect and how it might affect equipment already installed. We also cover the recently launched investigation that may lead to tariffs on imported electrical transformers and their components.

May 06 2020

12mins

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Ep96: DNV GL on COVID-19 and the Renewables Industry

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Ken Elser, senior vice president for project finance and M&A at DNV GL, joins us to discuss how independent engineers are seeing COVID-19 affect renewable energy projects. We talk about how the pandemic has affected the execution of deals already in progress, what DNV GL has seen in terms of force majeure claims, its insights into supply chain issues, how the pandemic is affecting how IEs work, how deal flow would change in the event of some form of tax credit extension and more.

May 04 2020

19mins

Play

Ep95: An Investor's View of the Market Today

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Benoit Allehaut, managing director at Capital Dynamics, joins us to discuss the state of the market and what the company has been up to lately. We go over what he views as the current state of the M&A, tax equity and debt markets, how investors are handling the merchant curve when valuing projects, the company’s new joint venture with Sol Systems, exposure to the PG&E bankruptcy, and more.

Apr 27 2020

30mins

Play

iTunes Ratings

64 Ratings
Average Ratings
57
5
2
0
0

Great insights

By Unhappy Daily user - Jul 05 2019
Read more
Best way for a quick update of the trends and issues in the energy business. Very nicely unpackaged by the very knowledgeable moderator.

Excellent

By Harrington_ER - Oct 27 2016
Read more
Great dialogue and insight from a reputable source, looking forward to upcoming topics.