Agenda
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A multi-gigawatt renewables tender is on the cards for New York State with the announcement that NYSERDA is planning a minimum of 2GW of large-scale energy storage, solar and wind. Eligible projects will see 20-year subsidy contracts from the state. This pushes the state closer to its goal of 70% of power from carbon-free sources by 2030 and will see almost $3bn in fresh investment.
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- In an inflationary environment, how are investors and lenders viewing the industry?
- How are investors and lenders keeping up with evolving technologies?
- If aspects of projects need to be renegotiated (e.g. supply agreements or PPAs) what impact is this having on the cost of capital and investor appetite?
- How is the tax equity landscape changing?
- Which emerging opportunities are investors ready to back in the USA and why?
- Is it time to move beyond the project-by-project approach to project finance?
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- How has the Inflation Reduction Act been received by investors?
- How quickly will we see the impact of the IRA?
- At what point will imports and markets return to normal deal flows?
- What further policy is required to meet net zero targets? How to build domestic supply chains for renewable energy?
- What tax credits, if any, will make it through the senate? How might the direct pay option change the market?
- What will renewable energy policy for 2023 look like post midterm elections?
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- The impact of decentralized energy resources and ESG on global specialty insurance markets
- The dramatically increasing demand for advocacy as opposed to agency models of insurance risk capital distribution
- Identifying actionable changes in project development, project finance and due diligence processes which leaders have already implemented and laggards need to consider to be successful.
Sponsored by Marsh
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The event will split into three streams and, in addition to the content represented on this site, attendees will also be able to attend the collocated Solar & Storage Finance Summit.
Sponsored by Marsh
(A) Wind Power Finance & Investment
(B) Energy Storage
- Which states are providing the best opportunities for future developers?
- How are state incentives influencing investment decisions?
- What states are leading the way for offshore or onshore wind?
- Which regions have the best capacity factors?
- Onshore, offshore, floating…new avenues for US wind power
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As the Director of Portfolio Analytics at Ascend Analytics, Mr. Sahay regularly interfaces between project financing, project sponsors, and offtake. In this session, Mr. Sahay will describe current and emerging financial structures that are employed by equity and debt providers for hybrid and standalone storage financings. Mr. Sahay will provide overviews of typical financing “quilts” inclusive of 7×16 block structures, insurance-secured asset finance products, forward retail hedges, and the respective revenue components securitizing debt inclusive of Energy, RECs, and Resource Adequacy.
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- Benefits and drawbacks of a standalone tax credit
- How else might storage be supported by government/federal policy?
- Can storage realistically flatten the duck curve?
- How might an alternative to tax credits look in order to get the most from storage assets
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(A) Wind Power Finance & Investment
(B) Energy Storage
In 2021, the total value of M&A transactions in the global wind space almost doubled; from $106 billion in 2020 to $210 billion. How did 2022 compare?
- What drove deals in 2022 and will we match 2021’s volumes?
- Utilities, SPACs, Sovereign Wealth Funds…Are new investors coming to the table in greater numbers to meet ESG and decarbonization goals?
- How accurate are valuations?
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Overview with current battery storage procurement, pricing, and commercial trends.
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- Will we see a future of wind co-located with storage?
- What other investments make sense with wind?
- What risk is involved with hybrid wind projects, how would the project finance look?
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- Why storage cannot reach its highest and best use as a supporting asset
- The importance of forward-thinking siting
- How intelligent optimization can make or break profitability
- How to incorporate merchant exposure into your asset portfolio
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Clean power producers lose up to 30% of revenue from curtailed energy they can’t sell back to the grid. The Inflation Reduction Act will add an unprecedented amount of renewable energy to the grid, but our transmission and storage capacity will lag far behind. While we wait for transmission build-out, flexible demand from data centers offers an immediately available and scalable solution to increase revenue for wind projects and prevent clean energy from going to waste.
This talk will give an overview of batchable computing and what benefits it can bring to wind farms.
- How can data centers serve as a flexible route-to-market for wind developers?
- What is batchable or flexible computing, and how does it differ from battery storage as a demand response solution?
- How much revenue does the average wind project lose due to forced curtailment?
- How does co-locating a data center impact the insurance and bankability of a project?
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- What does the financier look for when investing?
- Meeting regulatory requirements of capacity §
- What are the economics of load supply and development costs vs sharing facilities
- Using current investment tax credits to your advantage
Overview of current battery storage procurement, pricing and commercial trends.
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(A) Wind Power Finance & Investment
(B) Energy Storage
- How are banks and investors viewing the pros and cons in offshore development?
- What are the turn-ons and turn-offs to financing offshore, and where’s the capital coming from?
- Barriers to entry for wind financiers: are the current project finance models sufficient considering the scale of the projects?
- How to make projects still viable given rising costs and supply chain constraints?
- How does tax equity for offshore wind work
- Modeling the impact of changing CAPEX
- How long-term are power price fluctuations?
- Should extra time be banked into projects to allow for supply challenges and increased equipment costs?
- With the above in mind, how can you make storage pencil out and which use-cases are most attractive?
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- Are we on track to have 30GW of offshore wind deployed by 2030?
- What further support is necessary, at state and federal levels?
- Which states are providing the best opportunities to meet this goal?
- How can we solve for the unknown costs associated with grid connection?
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As we see a shift in renewable power revenue models, there has been an emergence of novel approaches expanding access to new players. We have seen investor appetite grow with institutional investors much more willing to back projects at an early stage now than previously. We’ve also seen M&A activity as investors targeted a range of company types, sometimes avoiding assets exposed to power price risk. What’s next? To sustainably scale in this industry, revenue models must evolve to both account for growing demand and to future-proof against dynamic variables including fuel pricing, supply chain challenges, policy changes and local resistance. Hear from a panel of experts from across the spectrum who will challenge the audience to think about how to evolve their business models to build in more resiliency and show why business as usual won’t get the industry to the next stage.
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Shared drinks reception with attendees from the collocated Solar & Storage Finance Summit
Share a drink with us, build relationships and meet new partners with an opportunity to discuss the day’s events and digest the information delivered by speakers.
(C) Wind Power Finance & Investment
(D) Energy Storage
New Jersey has ambitious targets for 7.5 GW of offshore wind by 2035 as part of the state’s masterplan to transition to 100% clean power by 2050. With major companies such as Ørsted and PSEG already working in New Jersey, developing the 1.1 GW Ocean Wind 1 project, and Ocean Wind 2 fast on its heels, we examine the investment opportunity in New Jersey.
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A focus on the ongoing work involved in green hydrogen in New York State.
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- Which offtake markets make the most sense for Green Hydrogen?
- How close are we to an electolyzer market with capacity to scale?
- How can you incorporate both solar/wind and green hydrogen in your investment portfolio?
- What’s the appetite from the debt market and cost of capital?
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Offshore wind is the fastest-growing renewable power segment and is widely known as a proven source of energy. Yet the journey to becoming commercially viable was faced with challenges including high operating costs, strict environmental standards and immature construction techniques. These challenges have played an important role and provided valuable lessons learned when implementing onshore wind projects. Today’s panel will discuss best practices developed during offshore wind’s journey to maturity that can be applied to the onshore wind sector.
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New York is becoming increasingly attractive for both onshore and offshore investment in solar, wind, green hydrogen and energy storage. A multi-gigawatt onshore renewables tender is on the cards for New York State with the announcement last week that NYSERDA is planning a minimum of 2GW of large-scale energy storage, solar and wind. Eligible projects will see 20-year subsidy contracts from the state. This pushes the state closer to its goal of 70% of power from carbon-free sources by 2030 and will see almost $3bn in fresh investment.
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Real Estate is more than a physical space and is now an active participant in the energy market as a producer, consumer, and grid services provider. Significant investment is required in energy infrastructure but is no longer about building energy bill savings but survivability.
- How will developers, real estate owners and tenants develop multi-decade power plans?
- Who will finance the infrastructure?
- Who and how to take advantage of opportunity and who will be loose?
- How electrification is not a building amenity but critical to the future of investment?
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(C) Wind Power Finance & Investment
(D) Energy Storage
- How are supply chain disruptions impacting project timelines?
- What’s the effect of inflation and exchange rate on contracts?
- How are offtake structures evolving?
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- How to find a balance for co-location and get a good site choice for power producing asset & battery
- Explanation of project design based on constraints and aims of the developer
- Intermission and grid connection decisions
- Which factors are being considered in greener investments? (Carbon footprint of technology, life-cycle analysis)
- How are banks and investors evaluating their portfolios?
- What are the priorities for banks in 2022?
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- What can alternatives offer that lithium ion cant?
- What are the possibilities for better grid management and co-location with wind projects?
- Which utilities are looking at long duration, how would the market change with long duration capabilities?
- Where is fast ramping and inertia more favourable from a long duration asset?
- Are electrochemical batteries the best options for long duration currently?
- What needs to happen before long duration is commercially viable?
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As the energy storage market grows, this panel will unveil some of the features to look for when you’re investing in or lending to an energy storage project. Market experts from across the board will discuss the questions you should ask yourself and the red flags you should seek to avoid.
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- What are the newest innovations in project finance?
- How is buying, selling and funding adapting to different sized developers?
- What financial structures can we borrow from other energy industries?
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- When does collocation of assets make sense?
- Optimal design of wind/solar hybrids
- Ownership models
- Are hybrids the future?
- What additional considerations are needed to finance these projects?
- How does the sale of energy and PPA structures change?
