Presented to ABA RADER Committee/Columbia Law School's Environmental Law Society Symposium INTRODUCTION TO RENEWABLE ENERGY DEVELOPMENT www.velaw.com Becky.

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Presentation transcript:

Presented to ABA RADER Committee/Columbia Law School's Environmental Law Society Symposium INTRODUCTION TO RENEWABLE ENERGY DEVELOPMENT Becky Diffen Vinson & Elkins L.L.P. February 22, 2016

Confidential and Proprietary ©2015 Vinson & Elkins LLP WHAT IS CLEAN ENERGY? Power Generation o Wind o Solar o Geothermal o Hydro o Biomass o Wave/Tidal Transmission Energy Storage Energy Efficiency Biofuels

Confidential and Proprietary ©2016 Vinson & Elkins LLP Wind/Solar Resource Real Estate Power Sales Tax Abatement Interconnection Permitting & Environmental Issues Equipment Financing Construction Operations & Maintenance KEY STEPS FOR DEVELOPING PROJECTS

Confidential and Proprietary ©2016 Vinson & Elkins LLP KEY PROJECT CONTRACTS Power Purchase Agreement (PPA) Engineering, Procurement & Construction Agreement (EPC), Balance of Plant Agreement (BOP), Equipment Supply Agreements Operations & Maintenance Agreement (O&M) Interconnection Agreement Regulatory Approvals & Permits Leases and other real estate agreements

Confidential and Proprietary ©2016 Vinson & Elkins LLP Size of Project Conflicting Surface Uses o Oil & Gas Obstruction & Wake Effect Wind Rights REAL ESTATE CONSIDERATIONS

Confidential and Proprietary ©2016 Vinson & Elkins LLP WATERFALL EFFECT

Confidential and Proprietary ©2016 Vinson & Elkins LLP SALE OF POWER & POWER PURCHASE AGREEMENTS

Confidential and Proprietary ©2016 Vinson & Elkins LLP IMPORTANCE OF TAX Tax Credits Accelerated and Bonus Depreciation The “Flip” Structure Sale-Leaseback Inverted Leases

Confidential and Proprietary ©2016 Vinson & Elkins LLP STATE INCENTIVES Renewable Portfolio Standard (RPS) Renewable Energy Credits (RECs) Tax Credits Tax Abatements

Confidential and Proprietary ©2016 Vinson & Elkins LLP INTERCONNECTION Feasibility Study System Impact Study Facility Study Interconnection Agreement

Confidential and Proprietary ©2016 Vinson & Elkins LLP PERMITTING FAA Construction State/Utility Commission Generator registrations NEPA (federal) EWG/QF

Confidential and Proprietary ©2016 Vinson & Elkins LLP ENVIRONMENTAL Avian Endangered Species Cultural Resources Wetlands

Confidential and Proprietary ©2016 Vinson & Elkins LLP EQUIPMENT Turbines Balance of Plant o Substation & transformer o Electrical gathering system o Roads o Foundations o O&M building o Permanent met towers

Confidential and Proprietary ©2016 Vinson & Elkins LLP FINANCING Development phase Construction loan Tax Equity financing Long-term project financing / debt

Confidential and Proprietary ©2016 Vinson & Elkins LLP CONSTRUCTION

Confidential and Proprietary ©2016 Vinson & Elkins LLP OPERATIONS & MAINTENANCE

Confidential and Proprietary ©2016 Vinson & Elkins LLP Confidential and Proprietary ©2015 Vinson & Elkins LLP Abu Dhabi T Austin T Beijing T Dallas T Dubai T Hong Kong T Houston T London T Moscow T New York T Palo Alto T Riyadh T San Francisco T Tokyo T Washington T THANK YOU 2801 Via Fortuna, Suite 100 Austin, TX