September 26, 2020

Volume X, Number 270

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September 23, 2020

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Five Takeaways: An In-Depth Look at the Federal Legislative Game Plan to Support Renewables

On Thursday May 14, McDermott was joined by Gregory Wetstone, president and chief executive officer of the American Council on Renewable Energy (ACORE) to discuss the latest market updates on the severe disruption and uncertainty brought on the renewables industry by COVID-19.

Five takeaways from this week’s webinar below:

  1. There is no clear insight yet into what a congressional relief package regarding renewable energy might look like, despite the fact that congress is discussing its fifth COVID-19-related response bill.

  2. Even though the outlook was already pessimistic, clean energy job loss has been worse than expected; there has been a loss of 94,000 jobs in the renewable sector between March and April and 600,000 additional unemployment claims across the clean energy sector.

  3. Renewables have a great potential to continue to be part of the nation’s economic recovery; two of the fastest growing job categories in the nation have been wind turbine technicians and solar panel installer.

  4. Senior Department of Energy officials have reassured that the recent bulk power executive order is a continuation of existing policies regarding transmission corridors and is not targeted at renewables, which are recognized as valuable for national security. See the Office of Electricity’s Q&A and contact email for a response to President Trump’s signed Executive Order, “Securing the United States Bulk-Power System."

  5. The commerce department is undertaking an investigation which could lead to the imposition of additional tariffs, particularly in regards to transformers; the timing for these tariffs (if enacted) is likely right before the election.

Listen to the full webinar.

© 2020 McDermott Will & EmeryNational Law Review, Volume X, Number 136

TRENDING LEGAL ANALYSIS


About this Author

Edward Ed Zaelke Energy Lawyer McDermott Will
Partner

Edward (Ed) Zaelke is the head of the Firm’s Global Energy Project Finance group. He focuses his practice on project finance and private equity in renewable energy transactional matters. With more than 30 years of experience, he advises clients on all elements of alternative energy development and finance, including equity and debt financing, merger and acquisition transactions, equipment purchase and sale agreements, power purchase agreements, siting and other real property issues, governmental approvals, and engineering, procurement and construction (EPC) contracts....

310 788 4147
Partner

Christopher Gladbach counsels clients in energy M&A, project development, tax equity and project finance transactions.

Chris works with energy clients in structuring complex equity and debt investments, advises both buyers and sellers in the power sector in mergers and acquisitions, and joint ventures, and on the development of large-scale energy projects. He assists his clients in mitigating and allocating risk associated with these transactions in conjunction with achieving their primary business and financial objectives.

Chris has extensive experience advising clients pursuing opportunities involving the development and financing of United States Department of Defense (DoD) energy projects. He counsels developers, purchasers, lenders and tax equity investors in government contracts and structuring project development and financing arrangements to account for unique risks.

In addition, Chris represents market-leading private equity funds and institutional investors in power asset transactions, and understands the unique challenges and opportunities that these clients face.

Chris is recognized nationally for his client work in the energy sector. He was awarded the honor of “Rising Star” by the National Law Journal, demonstrating “success on the highest stages” in managing transactions for clients. Chris was also commended by the Financial Times in their Innovative Lawyers Report in the category of “Driving Value” for clients. He has been recognized by the Legal 500 for his work in project finance and has served for three years running on Law360’s Project Finance Editorial Board. Chris also serves on the American Council on Renewable Energy’s (ACORE) Leadership Council.

Chris is a frequent speaker and writer on topics related to M&A, private equity and institutional investments in power assets.

202 756 8240
Seth B. Doughty Associate Los Angeles Corporate & Transactional  Energy  Renewable Energy
Associate

Seth Doughty focuses his practice on transactional matters in the energy industry. He has in-house experience at one of the largest Southern California utility companies. There, he gained experience drafting and negotiating a large variety of contracts, amendments and consents for supply and power procurement agreements.

In the power procurement area, Seth has drafted and negotiated a wide variety of power purchase agreements and other purchase and sale agreements, including for energy, capacity, energy efficiency and distribution deferral products. He is also experienced in...

310-788-6001