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Inflation Reduction Act
Treasury Department and IRS Release Guidance on the Advanced Energy Project Credit Allocation Program Under Internal Revenue Code Section 48C(e)
On February 13, 2023, the Treasury Department and the Internal Revenue Service (the IRS) released Notice 2023-18 (the Notice), which established the program (the Allocation Program) to allocate $10 billion of advanced energy project credits (AEPCs) pursuant to section 48C(e)...
Treasury Department and IRS Release Guidance With Respect to the Sustainable Aviation Fuel Credit
On December 19, 2022, the Treasury Department and the IRS released Notice 2023-6 (the Notice), which provides guidance with respect to the credit for sustainable aviation fuel (SAF). The Inflation Reduction Act of 2022 (the IRA) enacted Section 40B of...
BOEM Proposes to Modify its Offshore Renewable Energy Regulations
On January 12, 2023, the U.S. Department of the Interior’s Bureau of Ocean Energy Management (“BOEM”) announced a proposed rule (the “Modernization Rule”) to modernize its regulations for renewable energy development on the U.S. Outer Continental Shelf (“OCS”). The announcement...
Co-location, Co-location, Co-location
UK grid constraints and delays to new grid connections are forcing sponsors to look at maximizing existing grid connections via BESS and renewables project co-location. Bracewell’s Ro Lazarovitch, Nicholas Neuberger and Sam Phillips outline the corporate structures being employed in co-located projects and their pros and cons to bankability.
Commerce Unveils Preliminary Findings of Solar Tariff Probe
On December 2, 2022, the U.S. Department of Commerce unveiled the highly anticipated, preliminary findings of its solar tariff anti-circumvention investigation. The Commerce Department found that four leading Chinese solar cell and solar module manufacturers (BYD Hong Kong, Canadian Solar...
PRG Pulse 2022 Post-Election Analysis
CONTENTS The Big Picture Congressional Overview White House Response Congressional Oversight The Key Issues Clean Energy & IRA Implementation Hydrogen Offshore Wind and Solar Carbon Capture & Storage Critical Minerals Oil & Gas Permitting Reform and Energy Infrastructure Energy...
ICLG: UK Renewable Energy 2023
Bracewell’s Oliver Irwin, Robert Meade, Nicholas Neuberger and Kirsty Delaney authored the United Kingdom Q&A analysis chapter in the third edition of International Comparative Legal Guides – Renewable Energy 2023: Practical Cross-Border Insights into Renewable Energy Law.
East Coast Turns Focus to Offshore Wind Transmission
Many east coast states procuring offshore wind are now pivoting towards tackling the difficulties of interconnecting this significant resource. While some states, like New Jersey and New York, are working independently to address how to interconnect offshore wind projects efficiently...
General Overview of the Inflation Reduction Act of 2022
On Tuesday, August 16, President Biden signed the Inflation Reduction Act of 2022 (the Act ) into law, which includes material changes to various sections of the Internal Revenue Code of 1986, as amended (the Code ). The following is...
California Sets Ambitious Offshore Wind Planning Goals
California’s updated planning goals for offshore wind: between 2 to 5 GW by 2030 and 25 GW by 2045. The California Energy Commission (“CEC”) formally adopted the foregoing planning goals pursuant to its obligations under Assembly Bill No. 525 (“AB...
A Cloudy Forecast?
Renewables has become the buzz word in the energy and infrastructure space like no other. Certainly 2021 closed out with record procurements across the Gulf and the Middle East more broadly, signalling an entrenched energy transition which few would call...
Re-shaping the UK Energy Regime in an Uncertain Political Landscape
Introduction The UK’s Energy Security Bill, first promised in 2021 and introduced to Parliament on 6 July 2022, contains a wide variety of measures which the UK Government claims will address the energy trilemma of environmental sustainability, security and affordability...
Solar, Hydrogen and Storage: A Heady Mix for the Middle East
The Middle East’s oil and gas has put the region at the heart of the energy sector the last 100 years. These resources, plus plentiful sunshine, will see it continue to play a major role into the energy transition —...
Knock-for-Knock Indemnities: Risk Allocation in Offshore Energy Contracts
What are knock-for-knock indemnities? A knock-for-knock clause is a reciprocal agreement to apportion liability for certain losses (usually, death or injury to personnel and damage to property) between contracting parties, supported by mutual indemnities. A knock-for-knock regime replaces the fault-based...
Merchant Risk and the Energy Transition: Tensions in the Capital
Debt vs. Equity As part of the series of articles on the expansion of merchant risk in the traditional project finance market and its interplay with the energy transition, this article will explore the tensions between equity and debt providers...