July 2019
Renewable Energy
News & Updates
Sherin and Lodgen’s Renewable Energy Group has had a busy year, following industry trends across the nation. Projections were affirmed in April when utility-scale renewable resources in the U.S. generated over 8,000 thousand more megawatt-hours (MWh) of electricity than coal. According to the Institute for Energy Economics and Financial Analysis, the trend is expected to persist through the entire second quarter of the year, which would mark the first time in U.S. history that renewables have outpaced coal-fired generation on a quarterly basis. Official second quarter results are expected to be released at the end of July. 

The totals for April, predicted in May and officially registered two weeks ago by the Energy Information Administration (EIA), were 68,481 thousand MWh of generation from renewables, which includes wind, solar, hydro, geothermal and biomass, and 60,099 thousand MWh for coal. The EIA expects all renewables to produce 18% of U.S. electricity in 2019 and almost 20% in 2020, with wind surpassing hydro as the leading source of renewable electricity in both years.

Read on for the latest industry news from Sherin and Lodgen’s Renewable Energy Group. To learn more about the firm’s practice, visit our website.
Client Successes
Sherin and Lodgen Represents The Provident Bank in Financing of Hydroelectric Dam
Sherin and Lodgen’s Renewable Energy practice group represented senior lender, The Provident Bank, in the financing to Canton Hydro LLC for the construction, rehabilitation, operation and maintenance of the Upper Collinsville Dam, a hydroelectric dam located on the Farmington River in Canton, Connecticut.

Congratulations to Our Client, Kearsarge Energy, on First Solar Grazing Program
Congratulations to  Kearsarge Energy  on announcing its first Solar Grazing program at its 1.9 MW AC solar facility in Great Barrington, MA.

The environmentally friendly program, which began in May 2019, allows Kearsarge to use the natural vegetative growth at the site to feed a herd of 30 lambs for the summer, rather than using gas-powered mowers to keep the flora contained around the panels.

Cambridge Savings Bank's Michael Kuhn Discusses Energy-Efficiency Finance Program
Michael Kuhn, SVP, Senior Corporate Banking Team Leader, Cambridge Savings Bank, discusses in this podcast a new Massachusetts financing program for energy efficiency and renewable energy upgrades for commercial properties in the Bay State.

Thought Leadership
Getting Paid for a New or Existing Energy Storage System on Your Commercial Property – Massachusetts Incentivizes Energy Storage Systems
Published in Renewable Energy World
Commercial property owners with existing energy storage systems, or owners considering implementing an energy storage system, may be able to benefit from a recent  order by the Massachusetts Department of Public Utilities  (DPU) allowing utility companies to pay customers who agree to rely upon their energy storage systems and dispatch the energy during peak events.

Beware the Fine Print:  Old Maxim With Modern Application in the Renewable Energy Industry
In the international, fast paced, ever-changing renewable energy industry, market participants typically focus on essential business terms: price, build quality, delivery dates, delivery destination, etc. and may overlook, at their peril, what they consider to be standard form contractual language.  Supposedly benign contractual headings that usually appear on the last pages of a contract, such as “Choice of Law,” “Dispute Resolution,” or “Remedies,” are sometimes passed over with little consideration of what the provisions mean or how they may place you and your company at risk in the event of a dispute.  

Maximizing the Solar ITC Phaseout: Lessons from Wind
Published in POWER Magazine
Every company invested in our nation’s clean energy transition is aware that 2019 is the last year that solar energy can take advantage of the 30% Investment Tax Credit (ITC) under Internal Revenue Code Section 48.

However, the imminent ITC phaseout may be the first time some are grappling with the safe harbor rules for beginning construction.

Energy-Related Tax Credits and Incentives – What’s Happening in Congress
Congress is paying a lot of attention to renewable energy tax credits lately. With polling suggesting that climate change is among the top issues for voters in 2020, it’s no surprise.

Bethany A. Bartlett Speaks at EUCI Programs on Renewable Energy Projects
Bethany A. Bartlett , Chair of the Renewable Energy Group, presented at two recent EUCI programs.

On June 6th in Providence, Rhode Island, she presented on " REC Project Finance & Contract Options ." In Anaheim, California on June 27th, she discussed financial metrics as part of the " Solar Project Due Diligence " conference.
Sherin and Lodgen Renewable Energy
Sherin and Lodgen’s national renewable energy practice group represents lenders, developers, municipalities, and companies committed to sustainability through solar, wind, hydro, and energy storage initiatives. Clients rely on our experience in financing, development, leasing, environmental, zoning, and permitting to navigate this ever-changing market and accomplish their business goals.