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Andre
w P
ate
rson
Princip
al,
CM
CP
/ V
erd
igri
s C
apita
l
Washin
gto
n,
DC
619 /
807-3
267
adpate
rson@
gm
ail.
com
1
Fin
an
cin
g C
lean
En
erg
y P
roje
cts
un
der
the R
ein
ve
stm
en
t A
ct
of
2009
OP
EN
ING
--
GL
OB
AL
PE
RS
PE
CT
IVE
S &
DR
IVE
RS
NV
CA
/ D
elo
itte
20
09
Glo
ba
lV
C S
urv
ey
2
…fr
om
a c
om
pre
he
nsiv
e a
nnual surv
ey w
ith 7
25 r
esp
onses
Cle
an
Tech
Glo
bal
Driv
ers
3
Glo
bal
Driv
ers
4
5
2008
6
7
8
9
en
erg
y
10
En
erg
yGlo
bal
Driv
ers
IEA
: “
Pri
ce
of
Ca
rbo
n E
mis
sio
ns
Mu
st
Ris
e”
--8 J
une 2
009 –
The p
rice o
f carb
on e
mis
sio
ns m
ust
ris
e to U
S$180 a
metr
ic ton b
y 2030 to m
eet gre
enhouse g
as
reduct
ion targ
ets
, th
e e
xecutive
directo
r of th
e Inte
rnational E
nerg
y A
gency
said
. "A
n e
nerg
y re
volu
tion is n
ecessary
," N
obuo T
anaka s
aid
at th
e A
sia
n O
il &
Gas
Confe
rence in K
uala
Lum
pur.
Euro
pean U
nio
n c
arb
on d
ioxid
e a
llow
ances for
Decem
ber
traded U
S$18.8
2 a
ton today
on the
Euro
pean C
limate
Exc
ha
ng
e in L
ondon.
United N
ations s
cie
ntist
s say
gre
enhouse-g
as
outp
ut should
peak b
y 2015 o
r te
mpera
ture
s m
ay
rise m
ore
than 2
deg
rees
Ce
lsiu
s
above
pre
-industr
ial le
vels
, addin
g to the r
isk o
f dro
ug
hts
and f
loodin
g fro
m c
limate
chang
e. W
orld e
nerg
y dem
and w
ill e
xpa
nd 4
5%
betw
een n
ow
and 2
030 a
t an a
vera
ge r
ate
of 1.6
% a
year,
with c
oal acc
ounting for
more
than a
third o
f th
e o
vera
ll in
cre
ase, T
anaka s
aid
to
day.
Deve
lop
ing
nations o
uts
ide the O
rganiz
ation for
Econom
ic C
oopera
tion a
nd D
eve
lopm
ent w
ill a
ccount fo
r 97%
of th
e in
cre
ase
in
carb
on e
mis
sio
ns b
y 2030, he s
aid
. G
overn
men
ts m
ust
make a
six
-fo
ld in
cre
ase in
sp
en
din
g o
n r
en
ew
ab
le v
en
ture
s r
ela
tive t
o
recen
t eco
no
mic
sti
mu
lus t
o m
eet
IEA
's450 p
art
s p
er
millio
n c
arb
on
scen
ari
o, T
an
aka s
aid
.
11
Glo
bal
Driv
ers
CB
O:
Big
pri
ce
ta
g o
n e
mis
sio
ns
pla
n -
-$
84
6B
Tu
esd
ay,
Ju
ne 9
, 2
009
When
th
e H
ou
se E
ne
rgy
and
Co
mm
erc
e C
om
mitte
e a
pp
rove
d a
clim
ate
bill
last
mo
nth
to r
edu
ce g
ree
nho
use
-ga
s e
mis
sio
ns,
Re
pub
lica
ns -
an
d a
fe
w D
em
ocra
ts
-p
redic
ted
th
at it w
ou
ld im
po
se h
ug
e c
ost
s o
n th
e A
me
rica
n e
con
om
y. A
cco
rdin
g
to t
he
Co
ng
ress
ion
al B
udg
et O
ffic
e, th
ey
we
re r
igh
t. T
he
CB
O,
the
off
icia
l,
no
npa
rtis
an s
co
reke
ep
er
of
Co
ng
ress,
has d
ete
rmin
ed
in a
ne
w a
na
lysis
th
at
the
so
-ca
lled
"ca
p-a
nd
-tra
de
" sys
tem
in t
he
bill
wo
uld
co
st
Am
erica
n c
orp
ora
tions,
pu
blic
util
itie
s a
nd t
he o
il a
nd
ga
s in
dustr
y $
84
6 b
illio
n o
ver
10
ye
ars
. T
he
bill
is
the
ce
nte
rpie
ce o
f P
resi
den
t O
ba
ma
's e
ne
rgy
str
ate
gy.
Mo
st
of
tha
t m
one
y -
all
bu
t $
24
bill
ion
-w
ou
ld flo
w b
ack
ou
t fr
om
the
g
ove
rnm
en
t co
ffe
rs in
th
e fo
rm o
f re
ba
tes o
f va
riou
s k
ind
s to
aff
ecte
d ind
ust
ries,
loca
l po
we
r co
mp
anie
s a
nd
re
fine
rie
s, a
mo
ng o
the
rs.
Be
twee
n $
61
bill
ion a
nd
$
83
bill
ion
wo
uld
be
re
turn
ed
to
lo
we
r-in
co
me
fam
ilies in
pa
rtic
ula
r, a
cco
rdin
g to
th
e C
BO
and
the
co
ng
ress
iona
l Jo
int
Co
mm
itte
e o
n T
axa
tio
n,
tho
ugh
tha
t nu
mbe
r is
su
bje
ct t
o r
evi
sio
n w
he
n th
e H
ou
se W
ays
an
d M
ea
ns
Co
mm
itte
e g
ets
its
ch
an
ce t
o a
lte
r th
e m
ea
sure
's ta
x p
rovi
sio
ns t
his
sum
me
r.
12
Glo
bal
Driv
ers
Ma
y 26: G
lobal b
usin
ess le
aders
ass
em
ble
d in
Copenhagen a
t th
e a
t th
e
World B
usin
ess S
um
mit
on C
limate
Change M
ay
24-2
6 2
009, conclu
ded
their m
eetin
g c
alli
ng f
or
what th
ey
sa
y is
"am
biti
ous, glo
bal a
ctio
n o
n
clim
ate
change."
The b
usin
esses a
nnounced that a n
ew
glo
bal c
limate
tr
eaty
must set bold
targ
ets
for
em
issio
ns r
eductio
ns b
y 2020 a
nd 2
050,
limitin
g the g
lobal a
vera
ge r
ise in
tem
pera
ture
to a
maxim
um
of
2°C
com
pare
d to p
re-industr
ial l
eve
ls. T
he
y said
this
requir
es im
media
te a
nd
substa
ntia
l actio
n le
adin
g to
an a
bate
ment of
aro
und 1
7G
t ve
rsus
busin
ess-
as-u
sual b
y 2020 a
nd a
50%
reductio
n in
gre
enhouse
gases o
ver
1990
leve
ls b
y 2050. T
he b
usin
ess le
aders
indic
ate
d in
their r
ecom
mendatio
ns,
refe
rred to a
s "
The C
openhagen C
all,
" f
orm
s the b
asis
of a c
oncis
e
sta
tem
ent, w
hic
h s
ets
out th
e e
lem
ents
busin
ess b
elie
ves a
re r
equired f
or
an e
ffectiv
e n
ew
glo
ba
l clim
ate
tre
aty
to b
e f
org
ed.
13
Dif
feri
ng
Ele
ctr
icit
y M
ix b
y R
eg
ion
(E
EI)
, 2
00
5
Nati
on
al
avera
ges
mask v
ery
sh
arp
reg
ion
al d
iffe
ren
ces
on
GH
Gs
an
d
ele
ctr
icit
y f
ue
l
so
urc
es.
Non
-Hyd
ro
Rene
wa
ble
sH
ydro
PA
C:
8%
44
%M
TN
: 2
%10
%W
SC
: 4
%1
%W
NC
: 3
%3
%E
SC
:2
%5
%E
NC
:2
%<
1%
SA
T:
3%
1%
MA
T:
2%
6%
NE
G:
7%
6%
http://w
ww
.ee
i.org
/
61
%
76
%70
% 55-6
5%
co
al
Reg
ional
Confli
cts
An
aly
sis
of
Sen
ate
Vo
tes f
or
Clim
ate
bill -
2009
Ra
nk
ed
: le
ast
lik
ely
to
vo
te f
or
CO
2 C
ap
:
#S
tate
Sta
te P
res
Vo
te 2
00
8
Sta
te P
res
Vo
te 2
00
4
Vo
te o
n M
cL
bil
l (2
00
3)
SE
NA
TO
R (
All D
em
s)O
bse
rva
tio
n
Ne
xt
ele
ctio
n
1A
KR
R--
M.
Be
gic
hN
ew
ly e
lect
ed
fo
ssil
sta
te s
en
ato
r (o
ve
r S
teve
ns)
20
14
2A
RR
RN
OB
. Li
nco
lnC
oa
l u
se s
en
ato
r w
orr
ied
ab
ou
t co
sts,
20
10
2010
3A
RR
RN
OM
. P
ryo
rC
oa
l u
se s
en
ato
r w
orr
ied
ab
ou
t co
sts
20
14
4LA
RR
NO
M.
Lan
dre
au
Fo
ssil s
tate
se
na
tor
wo
rrie
d a
bo
ut
cost
s2
01
4
5M
OR
R--
C.
McC
ask
ill
Co
al u
se s
en
ato
r w
orr
ied
ab
ou
t co
sts
20
12
6M
TR
R--
J. T
est
er
Co
al so
urc
e s
en
ato
r w
orr
ied
ab
ou
t e
con
om
y2
01
2
7M
TR
RN
OM
. B
au
cus
Co
al so
urc
e s
en
ato
r w
orr
ied
ab
ou
t e
con
om
y2
01
4
8N
DR
RN
OK
. C
on
rad
Co
al u
se s
en
ato
r w
orr
ied
ab
ou
t e
con
om
y2
01
2
9N
DR
RN
OB
. D
org
an
Co
al u
se s
en
ato
r w
orr
ied
ab
ou
t e
con
om
y2010
10
NE
RR
no
t vo
tin
gB
. N
els
on
Fo
ssil u
se A
g s
en
ato
r w
orr
ied
ab
ou
t co
sts
20
12
11
WV
RR
NO
R.
Byrd
Co
al so
urc
e s
en
ato
r w
orr
ied
ab
ou
t e
con
om
y2
01
2
12
MI
DD
NO
C.
Levin
Ru
st b
elt
se
na
tor
wo
rrie
d a
bo
ut
eco
no
my
20
14
13
WV
RR
YE
SJ.
Ro
cke
fell
er
Co
al so
urc
e s
en
ato
r w
orr
ied
ab
ou
t e
con
om
y2
01
4
14
CO
DR
--M
. B
en
ne
tN
ew
co
al u
se s
en
ato
r w
orr
ied
ab
ou
t 2
01
02010
15
IND
RY
ES
E.
Ba
yh
Co
al so
urc
e s
en
ato
r w
orr
ied
ab
ou
t 2
01
02010
16
NC
DR
--K
. H
ag
en
Ne
w c
oa
l u
se s
en
ato
r w
orr
ied
ab
ou
t co
sts
20
14
17
NM
DR
YE
SJ.
Bin
ga
ma
nC
om
mit
tee
ch
air
pre
fers
Cli
ma
te b
ill
20
12
18
VA
DR
--J.
We
bb
Co
al so
urc
e s
en
ato
r w
orr
ied
ab
ou
t e
co
no
my
20
12
19
VA
DR
--M
. W
arn
er
Co
al so
urc
e s
en
ato
r w
orr
ied
ab
ou
t e
con
om
y2
01
4
20
MI
DD
--D
. S
tab
en
ow
Ru
st b
elt
se
na
tor
wo
rrie
d a
bo
ut
eco
no
my
20
12
21
MN
DD
--A
. K
lob
uch
ar
Co
al u
se s
en
ato
r w
orr
ied
ab
ou
t co
sts
20
12
22
PA
DD
--B
. C
ase
yC
oa
l so
urc
e s
en
ato
r w
orr
ied
ab
ou
t e
con
om
y2
01
2
23
WA
DD
YE
SM
. C
an
twe
llS
hip
pin
g t
rad
e s
en
ato
r w
orr
ied
ab
ou
t co
sts
20
12
24
WA
DD
YE
SP
. M
urr
ay
Sh
ipp
ing
tra
de
se
na
tor
wo
rrie
d a
bo
ut
20
10
2010
25
WI
DD
YE
SR
. F
ein
go
ldC
oa
l u
se s
en
ato
r w
orr
ied
ab
ou
t co
sts
2010
26
WI
DD
YE
SH
. K
oh
lC
oa
l u
se s
en
ato
r w
orr
ied
ab
ou
t e
con
om
y2
01
2
14
31 Y
es
vote
s fo
r usin
g R
econcili
ation t
o p
ass
a C
limate
bill
(com
pare
to those w
ho v
ote
d for
McC
ain
-Lie
berm
an in 2
003).
+26 If a
ll D
em
senato
rs s
witched: 5
7 v
ote
s; n
ot enoug
h for
60 n
eeded to in
voke c
lotu
re (
very
unlik
ely
all
26 w
ou
ld s
witch).
+ 2 If F
ranken a
nd K
ennedy
(or
repla
cem
ent)
vote
d Y
ES
: then
59 p
oss
ible
Dem
ocra
tic
vote
s are
ava
ilable
(w
ith 2
Indie
s)
+ 3? D
em
ocr
ats
mig
ht gain
3-4
senate
seats
in 2
010 (
FL, N
H, M
O, O
H, LA
?),
whic
h w
ou
ld p
ush them
ove
r 60 v
ote
s in
2011.
After
losses
in 2
006 a
nd 2
008, ju
st a
few
Republic
ans r
em
ain
to v
ote
for
Clim
ate
bill
: M
E (
2),
PA
, A
Z, IN
(?).
Auto
sta
te r
ust
belt
Dem
ocra
ts a
re a
lso a
toug
h “
YE
S”
vote
to g
et on a
Clim
ate
bill
if th
e e
conom
y continues to lang
uis
h.
Dem
ocra
ts v
oti
ng
Ap
ril 1 t
o p
roh
ibit
use o
f B
ud
get
Reco
ncilia
tio
n b
ill
as v
eh
icle
fo
r a
Clim
ate
bill.
(wo
uld
mo
ve v
ote
need
ed
fro
m 6
0 t
o
just
51)
Tough “
yes”
vote
s to g
et
Easie
r “y
es”
vote
s to g
et
An
aly
sis
by
An
dre
w P
ate
rso
n
Reg
ional
Confli
cts
“Inconven
ient
polit
ical r
ealit
ies…
”
Iss
ue
s f
or
the
Da
y
�C
lea
n E
nerg
y P
roje
cts
are
in v
ogue…
with g
loba
l drivers
�W
hat
is g
ett
ing
done ?
an
d in N
ew
Eng
lan
d ?
�W
here
are
so
me o
f th
e b
est
em
erg
ing o
ppo
rtunitie
s ?
W
hic
h f
acto
rs?
�T
he R
ecovery
Act
put
ne
w f
inancin
g m
echa
nis
ms in p
lay,
so:
�H
ow
mig
ht
these t
ools
best
be p
ut
to u
se ?
R
estr
ictions ?
�Loan g
uara
nte
es, T
ax
cre
dits,
Sta
te p
rogra
ms
�H
ow
are
RG
GI
funds b
ein
g d
eplo
yed b
y sta
tes in N
ew
En
gla
nd ?
�E
BC
: H
ow
do e
nviro
nm
enta
l fa
cto
rs influence p
roje
ct
succe
ss ?
�Land u
se,
wate
r re
sourc
es,
air
pollu
tion s
avin
gs,
RG
GI, o
ffse
ts
�N
atu
ral re
sourc
e p
olic
ies:
ag
riculture
, tim
be
r, f
ossil
fuel ext
raction
�H
ow
are
lend
ers
and o
ther
investo
rs a
daptin
g t
o A
RR
A m
echanis
ms ?
�W
hat
is o
ur
curr
ent
read o
f th
e R
ecovery
…a
nd t
he e
ffects
of
AR
RA
?
15
Ag
en
da
7:3
0 a
.m.
Regis
tratio
n a
nd N
etw
ork
ing / C
ontin
enta
l B
reakfa
st
8:0
0 a
.m.
Welc
om
e –
Danie
l K. M
oon
, P
resid
ent E
BC
Intr
od
ucti
on
-A
ndre
w P
ate
rson, S
enio
r A
dvi
sor
-C
MC
P/V
erd
igri
s C
apita
l
8:1
0 a
.m.
Th
e O
pp
ort
un
ity:
Up
date
on
Ren
ew
ab
le E
nerg
y M
ark
et
Tre
nd
s
•Jud
y C
hang, T
he B
rattle
Gro
up
8:4
0 a
.m.
Majo
r A
RR
A P
rovis
ion
s f
or
Pro
ject
Fin
an
cin
g
•F
inancin
g P
rovis
ions -
Will
iam
Hew
itt, P
art
ner
-P
ierc
e A
twood
•T
ax
Implic
atio
ns -
Forr
est M
ilder,
Sen
ior
Tax P
art
ner
-N
ixon P
eabod
y LLP
•S
tate
Pers
pectiv
e -
Viv
ek M
ohta
, P
h.D
. -
Directo
r, E
nerg
y M
ark
ets
, M
assach
usetts
Depart
ment of
Energ
y R
esourc
es
10:0
0C
OF
FE
E B
RE
AK
10:3
0 a
.m.
Th
e D
OE
Lo
an
Gu
ara
nte
e P
rog
ram
: A
Fra
mew
ork
fo
r S
uccess
•W
alte
r H
ow
es, V
erd
igri
s C
apita
l
11:0
0 a
.m.
Ro
un
dta
ble
Dis
cu
ssio
n -
Makin
g D
eals
Hap
pen
This
modera
ted r
oundta
ble
dis
cussio
n w
ill illu
str
ate
key
pro
visio
ns a
nd financin
g s
tructu
res a
nd d
iffere
ntia
te b
etw
een s
tate
and
federa
l agency
tools
for
energ
y pro
jects
. In
additi
on the p
art
icip
ants
will
off
er
pers
pectiv
es o
n r
isk s
haring.
Modera
tor:
John G
ulli
ver,
Pie
rce A
twood
Part
icip
ants
(pre
vio
us s
peakers
, plu
s):
•S
cott B
row
n, N
ew
Energ
y C
apita
lF
rank G
rave
s, T
he B
rattle
Gro
up
•R
ecep K
endircio
glu
, John H
ancock
Fin
ancia
l Serv
ices
Lid
dy
Kart
er,
Industr
ial S
ymbio
sis
Part
ners
, L.P
.
•John M
osk
al,
US
EP
A –
Re
gio
n 1
/ N
ew
Engla
nd
David
Sie
ver,
Capita
l Technolo
gy,
Inc.
•Joseph B
ato
r, E
aste
rn B
ank
12:0
0 p
.m.
Clo
sin
g / W
rap
-up
/ N
etw
ork
ing
12:3
0A
DJO
UR
N
16
Intr
od
uc
e J
ud
y C
ha
ng
, B
ratt
le G
rou
p
17
Wh
y F
ed
era
l In
cen
tives, W
hy N
ow
?
Cu
rre
nt
La
nd
sc
ap
e:
Ch
all
en
ge
s t
o F
ina
nc
ing
1.
The c
redit c
risis
deeply
dam
aged p
roje
ct
fin
ance (
no b
ala
nce s
heet)
, but
at
least
inte
rest
rate
s a
re lo
w…
for
no
w.
2.
Import
ed e
nerg
y ag
gra
vate
s t
he t
rade d
eficit a
nd d
olla
r curr
ency
insta
bili
ty.
3.
The f
ossil
price r
olle
r coaste
r in
2008 incre
ases r
evenu
e u
ncert
ain
ties,
and a
revers
al in
oil
and g
as investm
ent
could
trigger
more
vola
tilit
y.
4.
Vola
tile
reven
ues (
mark
et
prices)
make d
ebt
financin
g e
xtre
mely
difficult .
5.
Man
y altern
ative t
echnolo
gie
s h
ave n
ot
ach
ieved s
cale
yet.
6.
Inte
rmitte
nt
natu
re o
f som
e r
ene
wa
ble
energ
y options p
ose
s p
hys
ical lim
its
7.
Conve
ntion
al fo
ssil-
based s
ourc
es w
ield
a v
ast,
alread
y de
pre
cia
ted c
apital
investm
ent
advanta
ge –
but
face e
xpansio
n p
roble
ms.
8.
Regio
na
l diffe
rences o
n e
nerg
y are
severe
, fu
rther
fragm
enting m
ark
ets
9.
Sta
te b
udgets
are
in d
eficit a
nd w
ill n
ot
rebou
nd s
oon,
ham
pering o
ptions.
10.
The d
epth
of
the f
edera
l d
eficit d
em
ands t
hat
som
e s
ubsid
ies b
e r
epaid
.
�F
inancin
g d
om
estic-b
ase
d e
nerg
y r
esourc
es w
ith U
.S. (v
s. fo
reig
n)
debt
is
one o
f th
e b
est
hedges t
he c
ountr
y c
an m
ake.
18
Sc
en
ari
os
of
Re
co
ve
ry…
or
?
A.
Bott
om
ing n
ow
, jo
ble
ss t
o 1
0%
, w
eak r
ecovery
in 2
01
0 (
like 1
981-8
2)
B.
Pro
tracte
d r
ecessio
n into
201
1 w
ith n
ag
gin
g u
nem
plo
yme
nt
(EU
in 1
990s)
C.
Bankru
ptc
ies s
pre
ad,
deflatio
n f
orc
es r
estr
uctu
ring (
clo
ser
to 1
930s)
D.
Ext
ern
al shock a
nd c
urr
ency
devalu
atio
n (
like A
sia
in 1
998;
Mexi
co 1
99
5)
19