EnergyNewswatch

Wind Project Repowering and Retrofit Due Diligence Summit

Live Streaming Online March 28-29, 2023

An EUCI Program

Click Here to register $1295

If you are unable to attend at the scheduled date and time, we make recordings available to all registrants for three business days after the event

Repowering wind facilities is an increasingly attractive option for developers, owners, and investors to leverage a combination of recent tax credit enhancements and technological advancements.  Such investments, according to the National Renewable Energy Laboratory (NREL), could soar to $25 billion a year by 2030.

This course will examine:

  • The wind repower development market
  • Features of the landmark Inflation Reduction Act (IRA) that favor repowering
  • Holistic coverage of the financial, technical, and legal due diligence items evaluating what constitutes a bankable repower project
  • Comparisons with greenfield projects, relating to…
    • Avoided work and costs
    • Reduced O&M
    • Improved capacity and revenues

Register now to take away valuable wind industry expert insights regarding due diligence best practices – whether considering a wind project repowering development or conducting M&A review to acquire wind assets with that opportunity.

Learning Outcomes

  • Identify key trends in U.S. wind repower market and the role of the reinvigorated repowering movement
  • Evaluate how repowering can increase the overall profitability of a wind project
  • Assess key technical, financial, and legal due diligence items related to wind project repowering
  • Assess tax issues and qualification for wind repower projects for PTC and ITC
  • Review IRS guidelines for repower projects and qualification for project development timelines
  • Assess key legal considerations, construction contract provisions, and insurance issues for wind repowers
  • Review wind repower economics and what constitutes a bankable repower project
  • Assess the interconnection process for repowering wind farms
  • Analyze technical due diligence for wind energy assessment for repowering valuation
  • Identify methodology for conducting a comprehensive independent engineering (IE) review for wind repower projects
  • Review the important role of analyzing wind turbine foundations in a repower project
  • Evaluate the direct experience of OEMs constructing and installing repower projects

Agenda

TUESDAY, MARCH 28, 2023E

9:00 a.m. – 5:00 p.m. Central Time

9:00 – 9:20 a.m. :: Overview & Introductions

9:20 –10:30 a.m. :: Wind Repower Market Landscape & Due Diligence Overview/Bankable Project Opportunities

This opening discussion will examine the landscape for wind repowering projects, reinvigorated by the passage of the Inflation Reduction Act in 2022. What are the key issues and questions in performing repowering and retrofit project due diligence? Topics will include the critical role of wind in the transition to renewables, types of repowering projects (full vs. partial), the cost-saving advantages of repowering existing structures relative to new developments, and the considerations involved in analyzing the logistics as well as the appropriateness of repowering projects.

Jim Duffy, Partner & Chair – Renewable Energy Tax Credit Team, Nixon Peabody, LLP

Fernando Sosa, Director– Valuation & Advisory, Cushman & Wakefield

Jack Weisz, Director – Repower and Long-Term Service Agreement Sales North America, General Electric (GE) Renewable Energy

Jarek Stopczyk, Business Strategy Senior Manager – NA Utilities, Accenture

10:30 – 10:45 a.m. :: Morning Break

10:45 a.m. – 12:00 p.m. :: Tax Issues & Qualification for Wind Repower Projects

The recently passed Inflation Reduction Act extends and modifies the federal tax credits for wind energy projects. What are the new tax issues and qualification rules governing wind repower projects? This presentation will delve into IRS guidelines for combining old and new assets as well as prevailing wage and apprenticeship requirements in the new legislation. Topics will include how to qualify for project development timelines and depreciation for project development times, new details governing the Production Tax Credit (PTC) and Investment Tax Credit (ITC), and how to ensure repower project qualify for development deadlines.

Jim Duffy, Partner & Chair – Renewable Energy Tax Credit Team, Nixon Peabody, LLP

Fernando Sosa, Director – Valuation & Advisory, Cushman & Wakefield

12:00 – 12:45 p.m. :: Lunch Break

12:45 – 1:45 p.m. :: Financial Modeling and Appraisals for Wind Repowering Analysis

Financial due diligence for potential wind repower and retrofit projects includes understanding factors related to grid interconnection, balance-of-plant, tax credit qualification, pre-installation of balance-of-plant, and transmission rights and PPAs. This session will examine what investors are seeking in a repower project, including an assessment of infrastructure, the ability to capitalize on good existing wind sites, and the potential for acquiring old facilities at a discount for the purpose of repowering.

Fernando Sosa, Director – Valuation & Advisory, Cushman & Wakefield

1:45 – 2:45 p.m. :: Legal Issues with Wind Re-power and M&A Projects

  • Key legal considerations for wind re-powering
    • Larger or taller equipment issues
    • Wind resource
    • Contract restrictions
    • Community response
    • Land use, environmental and permitting requirements
  • Full vs. Partial Repowering
  • Legal contract structuring for re-powering agreements
    • Project agreements review (O&M, PPA, Interconnection)
    • Partial Repowering special issues
    • Ensuring that key provisions of development contracts work together
  • M&A transactions and considerations

Rochelle Rabeler, Partner, Holland & Hart LLP

2:45 – 3:00 p.m. :: Afternoon Break

 3:00 – 4:00 p.m. :: Environmental, Land Use and Permitting Considerations

This presentation will examine the permitting and design challenges associated with replacing and upgrading turbines, including determining if a re-power project requires state regulatory commission approval, consideration of state goals/mandates for renewables and emissions, types of permits required for repower projects, timelines for obtaining approvals, and considerations related to zoning and entitlement permitting at the state and local level. NEPA and CEQA requirements will also be examined, as will the need to address community issue, wildlife studies and federal and local government agency interactions, water and wetlands concerns, Tribal consultation and cultural resource considerations, as well as special issues that may arise in preparing for repowering and retrofit projects.

Eric Hansen, Director – Environmental Services, Westwood Professional Services

 4:00 – 5:00 p.m. :: State Regulator Approaches to Wind Repower Projects

Building a successful developer/regulator relationship can be key for project approval. Due to variations in state regulations and rules, it is important to identify and establish contacts with all appropriate agencies in a given state of operation in order to be aware of issues and area of concern for regulatory approval of repower projects, which can include, among other things, noise modeling, property owner participation, as well as wildlife and permitting. This presentation will provide the regulator perspective on the necessary due diligence for developer in preparing for regulator review of repower projects, and what needs to be brought to the table, including GIS/maps, surveys, processes and timelines, and input from developer partners such as biologists and lawyers.

Richard Davis, Environmental Review Manager, Minnesota Department of Commerce

5:00 p.m. :: Course Adjourns for Day

WEDNESDAY, MARCH 29, 2023

9:00 a.m. – 4:30 p.m. Central Time

9:00 – 10:00 a.m. :: Energy Assessment & Independent Engineering (IE) Review for Wind Projects

This session will discuss key technical and engineering considerations for wind repowering farms, evaluating how to determine if turbines on a wind farm will work and are certified to work.  It will review seven key areas that owners, investors, lenders, and engineers should analyze to maintain ongoing operations and plan for successful repowering:

  • Wind turbine foundations
  • Interconnection Agreement (IA)
  • Electrical balance-of-plant
    • Reactive compensation
    • Projected expected life
    • Ampacity overload analysis
    • Harmonics/sub synchronous resonance (SSR)
  • Wind turbine towers
    • Mechanical loads analysis
    • Protective coating maintenance
    • Anchor bolt maintenance
  • Wind resource assessment
  • Wind turbine technology and site suitability review
  • Commercial and permitting review
  • Operations and Maintenance (O&M) cost assessment
  • Bankability
  • Foundation considerations

Aaron Anderson, Senior Managing Director – Renewable Energy, 1898 & Co (a division of Burns & McDonnell)

10:00 – 10:15 a.m. :: Morning Break

10:15 – 11:15 a.m. :: Wind Turbine Foundations Analysis – Deep Dive

The integrity and capacity of the existing foundations are the most critical considerations for the long-term success of a repowering effort.  Specifically, owners and tax-equity investors have demanded a thorough, detailed, and comprehensive review of existing foundations, including strength, serviceability, and fatigue analysis.  This session will discuss key discoveries and outcomes from extensive modeling research conducted on a variety of wind turbine foundation designs, and key methodology steps needed to assess the risk of foundation failure:

  • Determining the risk of wind turbine foundation failure
  • Reviewing original foundation design
  • Analyzing design consideration for fatigue loading
  • Assessing condition of exposed (above ground) portion of foundations
  • Below-ground foundation inspection
  • Cracked vs. uncracked properties
  • Skewed wind load test
  • Site specific design loads
  • Exposed foundation inspection findings
  • Project’s quality assurance and quality control (QAQC) documentation to assess quality of workmanship and adherence to wind turbine and foundation design specifications from initial construction

Amr Sallam, Managing Director – Geotechnical Services and Vice President, NV5

11:15 a.m. – 12:15 p.m. :: The OEM Perspective on Wind Repower Projects

This session will examine the lessons drawn from construction and installation experiences for repower projects and the methodologies applied for engineering solutions for repower projects that might involve parts replacements and equipment sizing. These include the importance of analysis of long-term integrity of existing towers and foundations as well as a thorough study of anticipated changes in force and load. Risk management involving warranties, third-party certification, and back-end services will also be discussed.

Matt Salmi, Senior Product Manager, General Electric (GE) Renewable Energy

12:15 – 1:00 p.m. :: Lunch Break

1:00 – 2:00 p.m. :: Understanding Land Rights and Title Insurance in the Repower Universe

From a certain perspective, an energy repower project is a sophisticated commercial real estate transaction; one that involves a lot of money and a lot of attorneys representing the various stakeholders. We’ll learn about the customized title insurance products used to insure energy facilities, the expanded scope of work associated with the land rights research, how the nature of the repower improvements can modify the insurance underwriting requirements, what you can expect in terms of timing and diligence support, and the issues you are likely to confront (or not confront) when repowering an existing energy facility.

John Agle, Counsel, Energy Specialist, Stewart Title Guaranty

Dawn Anderson, Vice President and Senior Underwriting Counsel, Stewart Title Guaranty

2:00 – 3:00 p.m. :: Risk Assessment, Risk Allocation, and Insurance

  • Industry loss experience data
  • Natural hazards
  • Contingent exposures
  • Insurance market – availability of bond and insurance coverage

3:00 – 3:15 p.m. :: Afternoon Break

3:15 – 4:30 p.m. :: Panel Discussion: Wind Project M&A and Repowering in the Wake of 2022 Federal Legislation and Policy Actions

4:30 p.m. :: Symposium AdjournsRepowering wind facilities is an increasingly attractive option for developers, owners, and investors to leverage a combination of recent tax credit enhancements and technological advancements.  Such investments, according to the National Renewable Energy Laboratory (NREL), could soar to $25 billion a year by 2030.

This course will examine:

  • The wind repower development market
  • Features of the landmark Inflation Reduction Act (IRA) that favor repowering
  • Holistic coverage of the financial, technical, and legal due diligence items evaluating what constitutes a bankable repower project
  • Comparisons with greenfield projects, relating to…
    • Avoided work and costs
    • Reduced O&M
    • Improved capacity and revenues

Register now to take away valuable wind industry expert insights regarding due diligence best practices – whether considering a wind project repowering development or conducting M&A review to acquire wind assets with that opportunity.

Learning Outcomes

  • Identify key trends in U.S. wind repower market and the role of the reinvigorated repowering movement
  • Evaluate how repowering can increase the overall profitability of a wind project
  • Assess key technical, financial, and legal due diligence items related to wind project repowering
  • Assess tax issues and qualification for wind repower projects for PTC and ITC
  • Review IRS guidelines for repower projects and qualification for project development timelines
  • Assess key legal considerations, construction contract provisions, and insurance issues for wind repowers
  • Review wind repower economics and what constitutes a bankable repower project
  • Assess the interconnection process for repowering wind farms
  • Analyze technical due diligence for wind energy assessment for repowering valuation
  • Identify methodology for conducting a comprehensive independent engineering (IE) review for wind repower projects
  • Review the important role of analyzing wind turbine foundations in a repower project
  • Evaluate the direct experience of OEMs constructing and installing repower projects

Agenda

TUESDAY, MARCH 28, 2023

9:00 a.m. – 5:00 p.m. Central Time

9:00 – 9:20 a.m. :: Overview & Introductions

9:20 –10:30 a.m. :: Wind Repower Market Landscape & Due Diligence Overview/Bankable Project Opportunities

This opening discussion will examine the landscape for wind repowering projects, reinvigorated by the passage of the Inflation Reduction Act in 2022. What are the key issues and questions in performing repowering and retrofit project due diligence? Topics will include the critical role of wind in the transition to renewables, types of repowering projects (full vs. partial), the cost-saving advantages of repowering existing structures relative to new developments, and the considerations involved in analyzing the logistics as well as the appropriateness of repowering projects.

Jim Duffy, Partner & Chair – Renewable Energy Tax Credit Team, Nixon Peabody, LLP

Fernando Sosa, Director– Valuation & Advisory, Cushman & Wakefield

Jack Weisz, Director – Repower and Long-Term Service Agreement Sales North America, General Electric (GE) Renewable Energy

Jarek Stopczyk, Business Strategy Senior Manager – NA Utilities, Accenture

10:30 – 10:45 a.m. :: Morning Break

10:45 a.m. – 12:00 p.m. :: Tax Issues & Qualification for Wind Repower Projects

The recently passed Inflation Reduction Act extends and modifies the federal tax credits for wind energy projects. What are the new tax issues and qualification rules governing wind repower projects? This presentation will delve into IRS guidelines for combining old and new assets as well as prevailing wage and apprenticeship requirements in the new legislation. Topics will include how to qualify for project development timelines and depreciation for project development times, new details governing the Production Tax Credit (PTC) and Investment Tax Credit (ITC), and how to ensure repower project qualify for development deadlines.

Jim Duffy, Partner & Chair – Renewable Energy Tax Credit Team, Nixon Peabody, LLP

Fernando Sosa, Director – Valuation & Advisory, Cushman & Wakefield

12:00 – 12:45 p.m. :: Lunch Break

12:45 – 1:45 p.m. :: Financial Modeling and Appraisals for Wind Repowering Analysis

Financial due diligence for potential wind repower and retrofit projects includes understanding factors related to grid interconnection, balance-of-plant, tax credit qualification, pre-installation of balance-of-plant, and transmission rights and PPAs. This session will examine what investors are seeking in a repower project, including an assessment of infrastructure, the ability to capitalize on good existing wind sites, and the potential for acquiring old facilities at a discount for the purpose of repowering.

Fernando Sosa, Director – Valuation & Advisory, Cushman & Wakefield

1:45 – 2:45 p.m. :: Legal Issues with Wind Re-power and M&A Projects

  • Key legal considerations for wind re-powering
    • Larger or taller equipment issues
    • Wind resource
    • Contract restrictions
    • Community response
    • Land use, environmental and permitting requirements
  • Full vs. Partial Repowering
  • Legal contract structuring for re-powering agreements
    • Project agreements review (O&M, PPA, Interconnection)
    • Partial Repowering special issues
    • Ensuring that key provisions of development contracts work together
  • M&A transactions and considerations

Rochelle Rabeler, Partner, Holland & Hart LLP

2:45 – 3:00 p.m. :: Afternoon Break

 3:00 – 4:00 p.m. :: Environmental, Land Use and Permitting Considerations

This presentation will examine the permitting and design challenges associated with replacing and upgrading turbines, including determining if a re-power project requires state regulatory commission approval, consideration of state goals/mandates for renewables and emissions, types of permits required for repower projects, timelines for obtaining approvals, and considerations related to zoning and entitlement permitting at the state and local level. NEPA and CEQA requirements will also be examined, as will the need to address community issue, wildlife studies and federal and local government agency interactions, water and wetlands concerns, Tribal consultation and cultural resource considerations, as well as special issues that may arise in preparing for repowering and retrofit projects.

Eric Hansen, Director – Environmental Services, Westwood Professional Services

 4:00 – 5:00 p.m. :: State Regulator Approaches to Wind Repower Projects

Building a successful developer/regulator relationship can be key for project approval. Due to variations in state regulations and rules, it is important to identify and establish contacts with all appropriate agencies in a given state of operation in order to be aware of issues and area of concern for regulatory approval of repower projects, which can include, among other things, noise modeling, property owner participation, as well as wildlife and permitting. This presentation will provide the regulator perspective on the necessary due diligence for developer in preparing for regulator review of repower projects, and what needs to be brought to the table, including GIS/maps, surveys, processes and timelines, and input from developer partners such as biologists and lawyers.

Richard Davis, Environmental Review Manager, Minnesota Department of Commerce

5:00 p.m. :: Course Adjourns for Day

WEDNESDAY, MARCH 29, 2023

9:00 a.m. – 4:30 p.m. Central Time

9:00 – 10:00 a.m. :: Energy Assessment & Independent Engineering (IE) Review for Wind Projects

This session will discuss key technical and engineering considerations for wind repowering farms, evaluating how to determine if turbines on a wind farm will work and are certified to work.  It will review seven key areas that owners, investors, lenders, and engineers should analyze to maintain ongoing operations and plan for successful repowering:

  • Wind turbine foundations
  • Interconnection Agreement (IA)
  • Electrical balance-of-plant
    • Reactive compensation
    • Projected expected life
    • Ampacity overload analysis
    • Harmonics/sub synchronous resonance (SSR)
  • Wind turbine towers
    • Mechanical loads analysis
    • Protective coating maintenance
    • Anchor bolt maintenance
  • Wind resource assessment
  • Wind turbine technology and site suitability review
  • Commercial and permitting review
  • Operations and Maintenance (O&M) cost assessment
  • Bankability
  • Foundation considerations

Aaron Anderson, Senior Managing Director – Renewable Energy, 1898 & Co (a division of Burns & McDonnell)

10:00 – 10:15 a.m. :: Morning Break

10:15 – 11:15 a.m. :: Wind Turbine Foundations Analysis – Deep Dive

The integrity and capacity of the existing foundations are the most critical considerations for the long-term success of a repowering effort.  Specifically, owners and tax-equity investors have demanded a thorough, detailed, and comprehensive review of existing foundations, including strength, serviceability, and fatigue analysis.  This session will discuss key discoveries and outcomes from extensive modeling research conducted on a variety of wind turbine foundation designs, and key methodology steps needed to assess the risk of foundation failure:

  • Determining the risk of wind turbine foundation failure
  • Reviewing original foundation design
  • Analyzing design consideration for fatigue loading
  • Assessing condition of exposed (above ground) portion of foundations
  • Below-ground foundation inspection
  • Cracked vs. uncracked properties
  • Skewed wind load test
  • Site specific design loads
  • Exposed foundation inspection findings
  • Project’s quality assurance and quality control (QAQC) documentation to assess quality of workmanship and adherence to wind turbine and foundation design specifications from initial construction

Amr Sallam, Managing Director – Geotechnical Services and Vice President, NV5

11:15 a.m. – 12:15 p.m. :: The OEM Perspective on Wind Repower Projects

This session will examine the lessons drawn from construction and installation experiences for repower projects and the methodologies applied for engineering solutions for repower projects that might involve parts replacements and equipment sizing. These include the importance of analysis of long-term integrity of existing towers and foundations as well as a thorough study of anticipated changes in force and load. Risk management involving warranties, third-party certification, and back-end services will also be discussed.

Matt Salmi, Senior Product Manager, General Electric (GE) Renewable Energy

12:15 – 1:00 p.m. :: Lunch Break

1:00 – 2:00 p.m. :: Understanding Land Rights and Title Insurance in the Repower Universe

From a certain perspective, an energy repower project is a sophisticated commercial real estate transaction; one that involves a lot of money and a lot of attorneys representing the various stakeholders. We’ll learn about the customized title insurance products used to insure energy facilities, the expanded scope of work associated with the land rights research, how the nature of the repower improvements can modify the insurance underwriting requirements, what you can expect in terms of timing and diligence support, and the issues you are likely to confront (or not confront) when repowering an existing energy facility.

John Agle, Counsel, Energy Specialist, Stewart Title Guaranty

Dawn Anderson, Vice President and Senior Underwriting Counsel, Stewart Title Guaranty

2:00 – 3:00 p.m. :: Risk Assessment, Risk Allocation, and Insurance

  • Industry loss experience data
  • Natural hazards
  • Contingent exposures
  • Insurance market – availability of bond and insurance coverage

3:00 – 3:15 p.m. :: Afternoon Break

3:15 – 4:30 p.m. :: Panel Discussion: Wind Project M&A and Repowering in the Wake of 2022 Federal Legislation and Policy Actions

4:30 p.m. :: Symposium Adjourns

 

 
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