Track C — Capital & Structure
ITC/PTC transferability changed renewable project finance. Most operators haven't updated their capital structure to match.
The Inflation Reduction Act's transferability provisions created a liquid market for energy tax credits. This fundamentally changes how renewable infrastructure platforms should be capitalized — what changes about JV economics, anchor customer terms, and exit timing. Walk through the new structure operators should be using by now and most aren't.
Forthcoming
This essay is in progress. It will be published when it is something Tom is willing to defend in person.
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