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ANATOMY OF A DEAL: FINANCING

ANATOMY OF A DEAL: FINANCING. Peter Y. Flynn, Bostonia Partners. Critical Issues. Economics Generation market Renewable Portfolio Standard Federal and state tax incentives Procurement method: long-term contracting authority is key Due diligence and pre-procurement work by the Service

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ANATOMY OF A DEAL: FINANCING

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  1. ANATOMY OF A DEAL: FINANCING Peter Y. Flynn, Bostonia Partners

  2. Critical Issues • Economics • Generation market • Renewable Portfolio Standard • Federal and state tax incentives • Procurement method: long-term contracting authority is key • Due diligence and pre-procurement work by the Service • Project size and technologies sought • Essentiality of the installation • Track record of the Service and installation • Project “champion” • Team must include members with experience and financial strength

  3. Additional Considerations • Potential Issues & Challenges • PPA pricing • Termination for convenience • Recapture during tax benefit period • RECs • Insolation and shading • Potential Complexities • Site control • Relocation • Roof Replacement • Novation/assignment • Procurement method • OMB scoring • State utility laws • Additional Value • Renewable Energy Credits (RECs) – ownership, price, and value • Energy Security

  4. Renewable Energy Financing Structure -ESPC Solar Facility and ECMs ESCO GOVERNMENT IDIQ Contract Task Order for ECMs Energy Services Agreement Construction Funds RESA and ECM Payments O&M Agreement Installation Agreement BOSTONIA (Owner / SPE) RESA / Task Order Assignment TRUSTEE Tax Benefits Tax Equity Ownership

  5. PPA Financing Structure GOVERNMENT Solar generated electricity Electricity Payments Solar Developer Purchase Price Project Company (Solar Facility Owner) Installation O&M Contract Guarantees PPA Revenue & Tax Benefits Tax Equity Debt Project Equity

  6. EUL Financing Structure GOV’T COMMERCIAL OFF-TAKE EPC Power Sales DEVELOPER / SPE PPA Payments Ground Lease FUEL Power Sales O&M FINANCIER TRUSTEE Debt Service LENDER [TAX] EQUITY

  7. Contact Information Peter Y. Flynn Executive Vice President 617-226-8103 Direct 617-437-0150 Main pflynn@bostonia.com

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