IRS Releases Updated Guidance Further Clarifying ‘Beginning of Construction’ for Renewable Energy Facilities
On March 11, 2015, the Internal Revenue Service (IRS) issued Notice 2015-25, which updates its prior guidance to reflect the extension of the beginning of construction deadline for the PTC and ITC made by the Tax Increase Prevention Act of 2014 (TIPA). TIPA extended the deadline from January 1, 2014, to January 1, 2015. Industry participants have been anxiously awaiting the IRS guidance since TIPA became law in late 2014.
Notice 2015-25 updates Notice 2013-29, Notice 2013-60, and Notice 2014-46 to reflect the extended deadline. Prior guidance had allowed a facility to be deemed to satisfy the continuous construction test or the continuous efforts test if a taxpayer had begun construction on the facility before January 1, 2014, and places the facility in service before January 1, 2016. Quite helpfully, Notice 2015-25 extends this special rule and clarifies that a facility will be deemed to satisfy the continuous construction test or the continuous efforts test if a taxpayer begins construction on the facility before January 1, 2015, and places the facility in service before January 1, 2017.
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March 13, 2015 Comments Off
For a 2nd year now, TS Energy Partner John Leonti has been named to Law 360 Project Finance Editorial Advisory Board. As a member of this group, John will offer feedback on Law360’s coverage and to provide insight as an expert in the field on how best to shape future coverage. John was a member of Project Finance Editorial Advisory Board in 2014.
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March 11, 2015 Comments Off
Earlier this month, the White House announced a Clean Energy Investment Initiative in an effort to spur $2 billion in private sector investments aimed at addressing climate change and reductions in carbon pollution. The Department of Energy will look for ways to partner with private investors to pursue clean energy solutions. Read more about it here.
February 23, 2015 Comments Off
On January 29, 2015, the Department of Energy (“DOE”) announced more than $59 million in funding for solar energy technologies and projects. DOE further clarified that the funding will be divided into two project categories – $45 million for solar manufacturing technologies that can be brought to market, and $14 million for community-based, multi-year deployment plans. DOE also noted that the funding will help support the White House’s effort to double renewable energy generation by year 2020. [Read more →]
February 2, 2015 Comments Off
Energy Partner Justin Boose authors “Renewable Financing: A Closer Look at YieldCos” in North American Clean Energy
New York Energy Partner Justin Boose explains why YieldCos are increasingly becoming an option as a cheaper source of financing for renewable energy as well as conventional energy assets in the January/February issue of North American Clean Energy. Incoming associate Patrick Ryan assisted with the article. Read the full article here.
January 16, 2015 Comments Off