Energy & Sustainability

In a May 21 letter to Treasury Secretary Steven Mnuchin, three Republican senators—Senator Lisa Murkowski (R-AK), Senator Susan M. Collins (R-ME), and Senator Thom Tillis (R-NC)—have requested that Treasury modify existing Internal Revenue Service (“IRS”) guidance on “start of construction” to provide production tax credit (“PTC”) and investment tax credit (“ITC”) relief to wind and solar projects affected by COVID-19 related disruptions.

Today the Small Business Administration (SBA) issued additional guidance with respect to the “necessity” certification required under the CARES Act in connection with the Paycheck Protection Program (PPP). The relevant guidance appears in FAQ 46, and it is very good news for borrowers who received PPP loans under $2 million (together with PPP loans to affiliates, if any). The SBA, in consultation with the U.S. Department of Treasury, has determined that a safe harbor will apply with respect to SBA’s review of the certification of necessity in connection with respect to such loans. Specifically, “[a]ny borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.”

A letter issued by the Office of Legislative Affairs at the Department of the Treasury Thursday suggests that some relief is on the way for a renewables industry that has been battered by the COVID-19 crisis and has expressed concern about fast-approaching tax credit deadlines.

Read about considerations for drafting material adverse change clauses in mergers & acquisitions in light of uncertainties associated with the COVID-19 pandemic.

The May issue of Energy & Sustainability Connections covers news about enVerid Systems and its CO2-reducing technology, states’ clean energy legislation, recent M&A activity, and industry webinars.

Learn about upcoming energy industry webinars, including Sustainable Energy Advantage’s COVID-19 Webinar Series: Assessing the Impact on Northeast Renewable Energy.

Read about enVerid Systems’ HVAC Load Reduction® technology that removes CO2 and contaminates from commercial buildings and its $20 million in Series B funding.

The Bridging Recovery for Innovators Driving Green Energy Solutions (BRIDGES) Program, created by the Massachusetts Clean Energy Center (MassCEC), is currently accepting applications from clean energy startups in need of support in light of the COVID-19 pandemic. 

Read about recent M&A activity in the energy and sustainability space, including the American Council on Renewable Energy’s acquisition of the Wind Solar Alliance.

While the COVID-19 pandemic continues to keep most of America home, including state legislators, some states have managed to pass landmark clean energy legislation whilst prioritizing matters related to the novel coronavirus.

Energy & Sustainability Washington Updates — May 2020

Read about how price gouging statutes and enforcement, by NY state and city, Mass., and the federal government, may affect businesses during the COVID-19 pandemic.

Read the latest round of M&A activity in the energy and sustainability space. Read here.

With the emergence of the coronavirus pandemic over the past month as a major public health and economic crisis, the primary focus on Capitol Hill has been on passage of the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act, which was signed into law by President Trump on March 27. However, there were other developments on energy and sustainability policy on Capitol Hill and in the Administration.

Our April newsletter brings you COVID-19–related news, Part IV in our series on TCI, M&A activity, Washington updates, news from Greentech Capital, and industry webinars.

Energy & Sustainability Webinar Highlights – April 2020

This alert describes two types of relief loans available to small businesses suffering due to COVID-19: Paycheck Protection Program (PPP) loans and SBA EIDL loans.

In Part III of our series on the Transportation and Climate Initiative, we took a deep dive into one TCI jurisdiction, Massachusetts, to see how the plan might look once implemented. However, the broad implementation of this regional initiative is anything but certain. Despite the steps that some jurisdictions have taken in progressing towards legislation and executive action to implement the plan, many states are facing legitimate challenges that may prevent this regional program from actually going into effect. 

Demand for electric vehicles (EVs) has been growing as more and more models and are coming to market, some from new automakers. One barrier to widespread adoption of EVs is the amount of charging time that is required, especially when using home or other charging systems where users must charge their vehicles overnight to obtain a full charge. This is a technical issue that the industry is in the process of resolving, chiefly by improving upon today’s much-used “plug-in” charging systems.