Public Finance Webinar: Energy as a Service and Municipal Bonds – What You Should Know

Webinar | March.30.2023

Webinar - Recording Available

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Energy as a Service (EaaS) transactions are a category of innovative delivery model transactions that focus on the design, construction, financing and long-term maintenance and operations of energy assets, central utility plants, and energy efficiency improvements, as well as energy production and distribution. The energy production can be traditional or renewable. This is a mechanism for large-facilities or campus owners to transfer the risk of delivering all of its heating, cooling, water, and energy operational services for a guaranteed level of service and energy savings to an expert that has the singular focus in delivering these types of projects for clients nationally and internationally.

This presentation focused on EaaS transactions for governmental issuers and nonprofit borrowers of tax-exempt bonds. There are a few types of transactions that are documented and allocate risks differently. The presentation described and compared the common legal or document structures used in the current market. The presentation also addressed a number of legal and practical issues relating to

various EaaS structures,
federal tax compliance for existing and future tax-exempt bonds, and
the manner in which these transactions are treated under existing bond documents.

Contacts

Charles C. Cardall Partner, Tax

San Francisco

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D:+1 415 773 5449
E: [email protected]

Practice:

Finance Sector
Tax

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Charles C. Cardall Partner

San Francisco

He also has legal experience relating to both charter schools and the federal income tax classification of governmental and quasi-governmental entities. He has consulted on thousands of tax-exempt, build America and tax credit bond issues and has developed deep knowledge in almost every tax aspect of municipal finance. Private activity bonds for multifamily housing, solid waste, charter schools and independent schools are areas of particular focus in his practice, as are higher education, short-term and long-term working capital and the various forms of pooled financings. Chas also has advised numerous clients experiencing financial distress or bankruptcy in tax matters relating to their municipal bonds. Representative active clients include the State of California, the University of California, the Bay Area Toll Authority, and Charter School Capital.

As a legal and policy advocate, Chas represents both government and non-government clients in federal tax rulemaking matters and in IRS proceedings, including the various types of tax-exempt bond audits, voluntary compliance (VCAP) requests and requests for private letter rulings. He has successfully closed IRS examinations relating to solid waste, water and wastewater, working capital, healthcare, pooled, multifamily housing, and industrial development bond financings. He has obtained multiple private letter rulings and technical advice memoranda and has been integrally involved in numerous regulation and legislative projects. He has found that a close working relationship with IRS and Treasury Department personnel often is critical to obtaining good results for clients.

Devin Brennan Partner, Public Finance

San Francisco; Boston

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D:+1 415 773 4261
E: [email protected]

Practice:

Finance Sector
Public Finance

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Devin Brennan Partner

San Francisco; Boston

Such transactions have involved both long- and short-term, fixed and variable rate obligations, public-private partnerships (P3s), commercial paper, swaps, credit and liquidity enhancement, and revenue bonds for transportation and utility issuers, as well as a number of sizable special purpose financings. Devin has also represented multiple clients in connection with chapter 9 bankruptcies, restructurings and other workouts.

Devin is a partner in Orrick’s San Francisco office and chairs the Firm’s Transportation Finance Group. Devin has served on the Hiring and Summer Program Committees in the San Francisco office, and helps organize the firm's annual summer surf trip to Capitola Beach. Devin is a past Chair of the Bond Buyer's California Public Finance Conference, and is currently a member of the Strategy Council for OneJustice, an organization dedicated to transforming the delivery of legal services to Californians in need.

Matthew Neuringer Partner, Infrastructure, Transportation Finance

New York

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D:+1 212 506 5290
E: [email protected]

Practice:

Energy & Infrastructure Sector
Infrastructure
Transportation Finance
Solar Energy
Energy

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Matthew Neuringer Partner

New York

Matthew is recognized nationally and globally by Chambers USA, where clients describe him as “smart, organized and responsive and offers really good insight on key issues” and “he is an encyclopedia of PPP and he does an excellent job of leading tricky conversations and getting to a point where all parties agree.”

Prior to practicing law, Matthew worked as a hedge fund analyst and chief of staff in New York State government. Matthew's prior experience in finance and government enhances his ability to deliver legal advice through a commercial lens for private and public sector clients. Matthew has advised clients across a full spectrum of energy and infrastructure assets, including telecoms, rail, highways, airport, intermodal transit, combined heat and power, social infrastructure, and waste to energy. In Matthew's capacity as outside counsel to the Association for the Improvement of American Infrastructure (AIAI) Matthew has also provided input on various key pieces of federal, state and local governments on the sufficiency of their laws to produce P3 projects in their jurisdictions.