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Clean Energy Financing: Where’s the Money? Growing Chicago’s Green Energy Economy University Of Chicago Gleacher Center May 11, 2010 Michael Eckhart President American Council On Renewable Energy (ACORE) www.acore.org. Contents. ACORE Investment and Finance Trends Federal policy

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  1. Clean Energy Financing: Where’s the Money?Growing Chicago’s Green Energy EconomyUniversity Of Chicago Gleacher CenterMay 11, 2010Michael EckhartPresidentAmerican Council On Renewable Energy (ACORE)www.acore.org

  2. Contents ACORE Investment and Finance Trends Federal policy Issues and Outlook

  3. ACORE’s 750Organizational Members Assembling All the Players Necessary to Make Renewable Energy Successful in the U.S.

  4. ACORE’s Board of Directors Co-Chairs: John Geesman, Former Commissioner, California Energy Commission Dan Reicher, Director, Climate Change and Energy Initiatives, Google Directors: Dan Adler, President, California Clean Energy Fund Thomas Casten, Chairman, Recycled Energy Development Aimee Christensen, consultant, Virgin Atlantic Michael Eckhart, President, ACORE Ira Ehrenpreis, General Partner, Technology Partners Roger Feldman, Andrews Kurth LLC Nancy Floyd, Managing Director, Nth Power Bill Holmberg, Chairman, Biomass Coordinating Council Mel Jones, President, Sterling Planet Howard Learner, ED, Environmental Law & Policy Center Jim McDermott, Managing Partner, US Renewables Group Bruce Pasternack, Venture Partner, CMEA Ventures Judy Siegel, President, Energy & Security Group Michael Ware, Managing Director, Good Energies Pat Wood, Principal, Wood Resources LLC and former Chairman, FERC ACORE Board of Directors, September 2006

  5. Policy Conference“Phase II of Renewable Energy in America”Cannon Caucus Room of the U.S. House of RepresentativesRecent: November 20, 2009

  6. RETECHRenewable Energy Technology Conference & ExhibitionRecent: February 3-5, 2010 in Washington DC

  7. ACORE Leadership Council Chairmen CEO’s Presidents Managing Directors Managing Partners Government officials University Presidents Association Directors Nonprofit leaders Other leaders Mission: to bring the nation’s renewable energy leaders together to collaborate and lead the success of renewable energy in America 2008 Leadership Dinner in the Library of Congress

  8. Finance ConferenceRenewable Energy Finance Forum–Wall StreetProduced with Euromoney at Waldorf-Astoria Hotel in New York City June 29-30, 2010 Also Produced as “REFF-West” in San Francisco, September 29-30, 2010

  9. US PREFU.S. Partnership for Renewable Energy FinanceManaged by ACORE Mission of US PREF: An experts group Transaction professionals Educate public officials Explain the impacts of policy Activities: Meetings in Washington White papers Special initiatives Law Firms: Skadden, Arps Troutman Sanders Major Banks: Bank of America Merrill Lynch Citi Deutsche Bank GE Energy Financial Services Morgan Stanley Equity Investors: Hudson Clean Energy Partners Madison Dearborn Partners US Renewables Group VantagePoint Venture Partners Other Major Players: Google Green Order PWC SolarCity

  10. U.S. VC/PE Investment in Renewable Energy…but up again in 2010 Source: Bloomberg / New Energy Finance

  11. Public Market Investment in Renewable Energy…but looking at a pipeline of IPOs in 2010 ? Source: Bloomberg / New Energy Finance

  12. M&A Activity in the U.S.But rapidly increasing in 2010… Source: Bloomberg / New Energy Finance

  13. Renewable Energy Asset Financing Activity in the U.S.And getting even more difficult in 2010… Source: Bloomberg / New Energy Finance

  14. Project Acquisition Activity in the U.S.And continuing to increase in 2010… Source: Bloomberg / New Energy Finance

  15. U.S. Federal Policy for Renewable Energy In-Place Policy: Federal tax incentives: PTC, ITC and MACRS Temporary Federal Stimulus: Cash grants in lieu of ITC and PTC Advanced manufacturing tax credit Loan guarantees RD&D funding Proposed initiatives: National RES CEDA/Green Bank Transmission

  16. Stimulus Implementation DOE’s Loan Guarantee Program 1703 Innovative Loan Guarantee- $8.5 billion (Energy Policy Act 2005) 1705 Temporary Loan Guarantee- $5.9 billion (Stimulus 2009) ]=

  17. Issues and Outlook Renewable energy has weathered the storm of 2008-2009 Immediate Challenges: Maintaining strong and growing demand for RE Charting the post-Stimulus era Framework for scaling to $100B/yr and 25% by 2025 Competing with China National policy: are we still stuck in “more of everything” or can we really make the shift to sustainable energy? Climate policy Renewable energy policy Energy efficiency policy National security policy (oil reduction) Environmental policy (coal reduction) Economic policy (green business and jobs) State-Level policy: can the states continue to lead? Yes

  18. Thank YouVote Solar and Vote Oftenwww.acore.org

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