IMN's 6th Annual Green Investing Conference will take place April 18, 2018 in New York City. This event will expand upon its roots in commercial and residential solar to delve deeper into the PACE and green bonds sectors. The program will explore the latest developments in PACE programs, and even the potential for PACE expansion overseas. We will also take a deep dive into the concept of a ‘green bond’, including how and when the label is applied and which issuers are seeking the label.
Given this expanded reach and coverage, we are expecting the 2018 gathering to grow even larger as green investing and improved solar, PACE, and green issuer access to capital becomes a priority amid global action.
Securitization will serve as the catalyst to propel green financing forward, and to help realize important global environmental goals. This event is a must attend for those seeking to meet the key stakeholders and leaders who are at the very heart of this movement.
Who should attend
- Solar Energy Providers/Developers
- Wind/Turbine Developers
- Fixed Income Investors
- Rating Agency Analysts
- Investment Bankers & Financial Advisors in the Structured Finance and Energy Sectors
- Legal Counsel
- Servicers and Back-Up Servicers
Wednesday, April 18th, 2018
Breakfast and Registration Open
- Lauren Kerr, Conference Producer, IMN
The Global Green Forecast: A Year in Review and Where Are We Headed?
- The lay of the land: 2017 deal review and future ‘shades of green’ on the energy finance spectrum
- Overview of PACE deals, solar ABS, green bond issuance, and growing bank lending volumes: How does the pie chart of green financing compare right now, which sector will take the largest slice?
- Political influence: How are macroeconomic and political factors affecting the green asset class? How will it evolve in the States at the local and federal level?
- Will new California legislation improve prospects for this market and allow other states to follow suit in the absence of federal leadership?
- Europe as a market leader: With over $100B of green bond issuance in the last 12 months, how can the United States follow suit?
- Forecast interest rates, tax policy changes, and the consumer credit cycle. When is the best time to issue, taking into consideration cost of funds, health of the consumer and its impact on ABS?
- Effect of natural disasters: Impetus for change to a green grid (Puerto Rico) or risk to the performance of deals due to collateral damage (i.e. destruction of homes with solar panel installations)
- Benjamin Cohen, Chief Executive Officer, T-REX (Moderator)
- Billy Parish, Chief Executive Officer, MOSAIC
- Scott Zajac, Chief Executive Officer, ROCKWOOD GROUP
- Katrina Niehaus, Managing Director, GOLDMAN SACHS
- Mary Kathryn Lynch, Executive Vice President, Capital Markets, RENEW FINANCIAL
- Alfred Griffin, President, NEW YORK GREEN BANK
Policy and Politics
- Impact of the tax reform: How might this affect certain issuances? What characteristics will be required to structure deals? How do lower tax rates impact investment decisions?
- Section 201 trade case: What will be the outcome on the solar industry?
- Tariff imposition: The effect on installation pricing? How will this impact residential, commercial and utility scale solar?
- How will the current administration affect regulations, taxes and issuances at a federal and state level? Will the CFPB get involved?
- The California bill passage: Will this allow for clearer visibility and sustainability of PACE? What states are looking to follow the California model?
- Continuing the FHFA debate
- What is the climate of state regulation around renewable energy financing?
- The effect of tax equity on solar refinancing: Managing long term relationships, sponsors and own term providers
- Christian Haesslein, Director, DZ BANK AG (Moderator)
- Stacey Hughes, Co-Founder & Managing Partner, SUNLIGHT GENERAL
- Alfred Pollard, General Counsel, FEDERAL HOUSING FINANCE AGENCY
- Greg Saunders, Chief Executive Officer, CLEANFUND COMMERCIAL PACE CAPITAL, INC.
What's New: Developments Affecting Deals
An update on Trump administration policies, legal and tax issues that are in play in deals and before Congress, Treasury, the IRS and the courts.
- Keith Martin, Co-head of Projects, NORTON ROSE FULBRIGHT
- Andrew Coronios, Partner, NORTON ROSE FULBRIGHT
- Patrick Dolan, Partner, NORTON ROSE FULBRIGHT US LLP
Solar ABS: Are Deal Structures Maturing?
- Solar issuance hindsight: How are portfolios performing? What metrics are being used, and are we seeing a return of those utilized 5-6 years ago? Is/how is FICO impacting performance?
- How are securitizations actually performing (default triggers and cash flow)?
- Creating transparency in the channel: Analysis of deal structures and models
- How have deals matured and changed over several years? What are investors looking for?
- Do the current ABS deals have adequate backup/transition plans? How can these be enhanced?
- Jamie Kocis, Partner, KRAMER LEVIN (Moderator)
- Kent Williams, Vice President Asset Management, VIVINT SOLAR
- Ronald Borod, Founder and Principal, RAM ISLAND STRATEGIES LLC
- Thom Byrne, Chief Executive Officer, CLEANCAPITAL
- Gary Blitz, Senior Managing Director, AON TRANSACTION SOLUTIONS
- Stephen Viscovich, Managing Director, CREDIT SUISSE
Quick Fire Investors’ Roundtable 1: Solar Loan or Lease Versus PACE Showdown
- How do you diversify your green investments in order to reduce your overall portfolio risk?
- Are solar ABS bonds still the most attractive pick for investors? How does this compare to PACE?
- What has influenced investors’ increased comfort level with the products being offered?
- Richard Dovere, Managing Partner, C2 ENERGY CAPITAL (Moderator)
- Chris Smith, Senior Vice President, Head of Finance & Treasurer, SUNNOVA ENERGY CORP
- Tom Denkler, Managing Director, Head of Structured Products, AIG
Quick Fire Investors’ Roundtable 2: Green Bonds
- What is attracting more investors to Green Bonds?
- Has the retraction of the Paris Climate Deal had any effect on the growth of green bonds?
- What are investors' major focus areas and in which areas of socially responsible investing do investors see continuing to grow?
- As technology improves, what risks are associated with underwriting these developments?
- Is an exchange listing viewed as something that would help acceptance or liquidity in the market?
- Divestment regime occurring with institutional investors and financiers: What’s giving them the return? Are fossil fuel stocks being eliminated?
- Elias Katz, Senior Vice President, Fixed Income Sales and Trading, DREXEL HAMILTON (Moderator)
- Amy Hauter, Associate Portfolio Manager, BROWN ADVISORY
- William Trant Beloe, Sustainability and Climate Business Lead, Asia, IFC
- Michael Pacca, Portfolio Manager, J.P. MORGAN ASSET MANAGEMENT
Delegate Luncheon Featuring Keynote Fireside Chat & Sponsored By
- Max Adams, Global Securitization Editor, GLOBALCAPITAL (Moderator)
- Dan Dresser, Vice President, Credit Pricing and Capital Markets, FANNIE MAE
Commence Concurrent Tracks A and B
1:50 PM Track A
Solar Financing Tool Kit: Loan vs. Lease Securitizations
- PPAs versus loans securitization: Pros and cons of various business models. Where are the opportunities?
- Defining key terms of solar ABS
- State of the industry under the current administration? Has anything significantly changed in the last year?
- Outlook for tax equity credit? What is the underwriting and compliance criteria?
- What are the obstacles issuers are facing coming to market? What size is necessary to scale transactions and remain effective? How do first time issuers break the barrier?
- How do institutional investors choose one asset class over another?
- Eric Neglia, Managing Director, KROLL BOND RATING AGENCY (Moderator)
- Wendy Zorick, Vice President, Capital Markets, MOSAIC
- Daniel Poydenis, Chief Executive Officer, SEA OAK CAPITAL
- Jonathan Lam, Senior Vice President, MORNINGSTAR CREDIT RATING
- Matt Potere, Chief Executive Officer, SUNLIGHT FINANCIAL
1:50 PM Track B
Overview of Green Securitization Potential
- Which states are leading the way with green initiatives?
- Does securitization fit?
- Recap of 2017 issuance:
- First green CMBS deal
- Fannie Mae was the largest green bond issuer in 2017 with $21bn of mortgage-backed securities
- As nations and states attempt to ban fossil fuel cars, will this spur more Green ABS deals?
- Climate change preparedness: What can be done to mitigate risk?
- Joseph Lau, Managing Director & Chief Operating Officer, LORD CAPITAL (Moderator)
- Eric White, Chief Executive Officer, DIVIDEND SOLAR
- Bert Hunter, Executive Vice President and Chief Investment Officer, CONNECTICUT GREEN BANK
- Rasool Alizadeh, Head of Capital Markets & ABS, YGRENE ENERGY FUND
- Molly Whitehouse, Director, MARINER INVESTMENT GROUP
2:35 PM Track A
Holding on to That Sunshine
- Managing your finance strategies as technology certainty improves: Storage and other maturing markets
- Who are the next wave of players looking to securitize?
- Is energy storage the new game changer for investors?
- Adam Shor, Principal, SHOR POWER (Moderator)
- Joseph Eisenberg, Director - Project Finance, SUNRUN
- Jessica Robbins, Director, Structured Finance, SOL SYSTEMS, LLC
- Benjamin Cook, Managing Partner, NEXTPOWER CAPITAL
2:35 PM Track B
Green Bond Principles
- Lessons learned from Europe
- How can we standardize green bond principles to grow the market in the states?
- Benefits and challenges for investors
- 2017 recap: ICMA’s report on social and sustainability bonds standard that mirror the same framework of the Green Bond Principles: Will this spur market growth into not just environmentally related issuance, but social as well (e.g. Fannie Mae workforce housing deals) or will this terminology confuse investors and clutter the space?
- Daniel Shurey, Specialist, BLOOMBERG NEW ENERGY FINANCE (Moderator)
- Orith Azoulay, Global Head of CIB Green and Sustainable Hub, NATIXIS
- Eric Glass, Senior Portfolio Manager, ALLIANCEBERNSTEIN
- Mike Reynolds, Director, ULTRA CAPITAL
3:20 PM Track A
Community Solar: Is There a Sunny Outlook?
- Is there a way to make community solar feasible for all?
- What effect does government support have? What are other avenues for funding? Opportunities for local partnerships?
- Is community solar a real investor opportunity? What are the available models and potential risks?
- What are other ways to finance the broader world of green? Do we move outside of solar and look to wind?
- Nathan Gabig, Managing Director, KPMG LLP (Moderator)
- Tom Athan, Managing Partner & Co-Founder, ALTUS POWER AMERICA MANAGEMENT
- Chris Diaz, Principal, SEMINOLE FINANCIAL SERVICES
- Chris Hunter, Chief Capital Officer, CLEAN ENERGY COLLECTIVE
3:20 PM Track B
The PACE Universe
- PACE as an alternative funding project: The best option for the customer. Is the hybrid approach of PACE-secured PPA the new approach?
- Understanding the PACE program and developments in both Resi-PACE and C-PACE assets
- States approving PACE programs: What’s next?
- Underwriting challenges, opportunities and tips for investors
- Regulatory concerns and developments
- What will drive volumes for the year ahead? Is there potential for differentiating commercial from residential? How do these compare to other sources of capital?
- Expansion into Europe: What are the foreign market opportunities?
- Is the EU any closer to establishing PACE programs which allow access to financing in a similar fashion to the US?
- Investment opportunities: Are EU investors looking for green bond investments internationally? How many investors have a bucket for it? What are the tax implications?
- David Sykes, Partner, CHAPMAN AND CUTLER LLP (Moderator)
- Chris Miller, Director, TIAA INVESTMENTS
- Craig Braun, Senior Vice President, Head of Capital Markets, RENOVATE AMERICA
- Alexandra Cooley, Chief Operating Officer & Co-Founder, GREENWORKS LENDING
- Brock Wolf, Executive Director, NATIXIS
4:20 PM Track A
Support Structures for Credit-Enhancement: Renewables & Energy Efficiency
- Supporting renewable and energy efficiency with contingent grants as credit-enhancement uptake
- Portfolio insurance as loan loss reserves and potential to leverage capital from private sector green bonds
- Foundations and philanthropies use of grant capital to leverage private sector investments for low moderate community for renewables for green bonds support
- Social finance with credit-enhancement from State Energy Offices
- Portfolio insurance to support green bond (renewable, energy efficiency) uptake
- John Joshi, Director of Financing Solutions, NYSERDA (Moderator)
- John Scicchitano, Director of Philanthropic Engagement, NYSERDA
- Kim Dempsey, Deputy Director, THE KRESGE FOUNDATION
4:20 PM Track B
Standardization for PACE Programs: Will Other States Follow California?
- Update on the surrounding evolving industry: Will states follow California’s legal standardization? How is it working and what lessons can be taken from this?
- What competing models exist for PACE financing?
- Did California meet or exceed expectations with regards to the goals and outcomes relating to the recent AB1284 and SB242 legislation?
- Will these rules help or hinder establishing a cohesive national standard regarding protections?
- How has this helped to demystify risk for the PACE investor? Will this improve regulatory framework, affect asset quality and boost issuance volume?
- Joseph Lau, Managing Director & Chief Operating Officer, LORD CAPITAL (Moderator)
- James Vergara, Managing Director, PACE FUNDING GROUP
- Nicole Lawrence, Director, T-REX GROUP
- Lain Gutierrez, Senior Vice President, DBRS
5:05 PM Track A
Women Go Green
- Promoting diversity and the power of the female within your team
- How to encourage engagement across all levels of seniority
- Building a successful team in the Green Investing market
- Dana Sands, Managing Director, ENERGY INFRASTRUCTURE PARTNERS (Moderator)
- Melinda Baglio, Head of Acquisitions and General Counsel, CLEANCAPITAL
- Laura Stern, President, NAUTILUS SOLAR ENERGY, LLC
- Elizabeth Bellis Wolfe, Vice President, Investment and Portfolio Management, NEW YORK GREEN BANK
Closing Cocktail Reception, sponsored by
Marriott New York Downtown
85 West Street at Albany Street
New York, NY, 10006
Please use the link above to book a room in IMN's room block, pending availability, until our cutoff date of Tuesday, March 27th.