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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Energy

Date & Time
  • event Date

    Tuesday, March 30, 2021

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

$347.00
CLE
ALL

This CLE course will guide renewable energy counsel on overcoming challenges in developing renewable energy projects on federal land. The panel will discuss key issues in using federal lands and facilities for solar and wind energy and new IRS extensions and guidance for continuity safe harbors. The panel will also discuss the beginning of construction requirements under Section 45 and 48, assessing and protecting against liability exposure, and other key items to ensure regulatory compliance.

Faculty

Jon G. Neal
Partner
Mcguire Woods LLP

Mr. Neal advises businesses and their owners on a broad range of corporate, partnership and international tax planning and transactional matters, including cross-border mergers, joint ventures, acquisitions, divestitures, restructurings and financings.

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Durham C. McCormick
Partner
Mcguire Woods LLP

Mr. McCormick focuses his practice on tax structuring for renewable energy transactions, with a particular emphasis on production tax credits (PTC), investment tax credits (ITC) and Section 1603 Treasury Grants. His renewable energy experience includes project developments, joint ownership arrangements, power purchase agreements, transmission agreements, turbine supply agreements, balance of plant contracts, financings, acquisitions, divestures and operational matters. He also has significant experience representing clients with their mergers and acquisitions, finance ventures, capital raises and general governance.

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David J. Lazerwitz
Partner
Farella Braun & Martel LLP

Mr. Lazerwitz focuses his practice on federal and state environmental and natural resource laws, permitting and land use matters. He advises public and private clients on issues arising in the renewable and traditional energy, electrical transmission, manufacturing, water services and agricultural sectors. His compliance and permitting practice focuses on water quality, wetlands, environmental impact analysis, endangered species, hazardous waste and federal public lands issues, and responding to agency inspections and administrative enforcement actions. He has extensive experience in all aspects of project and site development, including overall permitting strategies and securing individual permits and approvals.

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Description

Developing renewable energy on federal land requires strict compliance with federal regulations and exceptional knowledge of specific requirements and administrative proceedings. Counsel must recognize key issues in using federal lands and facilities and implement methods to minimize obstacles in the financing, development, and operation of renewable energy projects on federal lands.

Generally, for purposes of Sections 45 (production tax credit) and 48 (investment tax credit), the "beginning of construction" requirement can be satisfied if physical work has commenced or the taxpayer has paid or incurred five percent or more of the total cost of the facility. Both require continuous progress toward completion once construction has begun. However, the COVID-19 pandemic has delayed such progress, jeopardizing many energy projects.

On Dec. 31, 2020, the IRS issued Notice 2021-05, extending the continuity of safe harbor to 10 years for renewable energy projects constructed on federal land. It modifies the prior notice, notably related to the "beginning of construction" requirements providing relief for the impact of delays on qualified facilities and energy projects being constructed offshore or on federal lands.

Although IRS Notice 2021-5 provides some relief for renewables, counsel must still effectively navigate complex regulatory, financing, and operational challenges for developing projects offshore and on federal lands.

Listen as our panel discusses the necessary and most practical processes for using federal lands for renewable energy projects, protecting against liability exposure, financing options, and other key items.

Outline

  1. IRS Notice 2021-5
  2. Project requirements and compliance challenges
    • Beginning of construction
    • Physical work test
    • Safe harbors
    • PTC/ITC
  3. Financing options and allocation risks

Benefits

The panel will review these and other key issues:

  • What are the key factors to consider before developing renewable energy projects on federal lands?
  • What are the key provisions of the recent IRS Notice 2021-5?
  • How can developers and investors limit their liability exposure?
  • Financing structures for renewable energy projects
  • Requirements for qualifying for the ITC and PTC and pitfalls to avoid
  • Key issues of the IRS "beginning of construction" guidance