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Renewable Energy Leasing Opportunities
With the increased interest and emphasis on renewable and alternative sources of energy at the federal and state level and with increased consumer demand for “green” energy, opportunities abound for investments in renewable and alternative energy sources, including wind, solar, biomass, and geothermal among others. Congress, through the tax code, has encouraged investment in these energy sources. The best known tax incentives are the production tax credit provided with respect to electricity produced from certain renewable sources under Section 45 and the investment tax credit provided under Section 48 for certain energy property, including solar projects.
Lately there has been increased interest in the use of sale-leasebacks as a financing mechanism for solar projects. While most of the activity to date has involved solar projects, there is no reason that sale-leasebacks could not be used to finance other types of renewable energy or other energy projects eligible for investment tax credits under Section 48, such as fuel cells, geothermal or certain combined heat and power facilities, as well as integrated gasification combined cycle and other advanced coal-based generation projects under Section 48A or gasification projects under Section 48B.
A sale-leaseback, however, is not an efficient or effective means of financing most wind or other facilities where the investor is seeking to receive Section 45 production tax credits. Generally, in order to qualify for PTCs, the facility must be owned by and the production of the electricity must be attributable to the recipient of the credits. In a sale-leaseback transaction, there would be two different entities: One that owns the project (purchaser/lessor) and one to whom production of the electricity is attributable (seller/lessee operator). In such case, neither entity would be able to claim the credits. Thus, Section 45 transactions involving equity investors generally use a partnership flip or other structure.
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
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Identifying Your Practice's Differentiator
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Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.