Law360 Publishes Article by Daniel Sinaiko on Recovery Act Grant Ruling
Law360 has published the article “Recovery Act Grant Ruling: An Uncertain Precedent,” written by Akin Gump global project finance partner Daniel Sinaiko.
The article examines a recent ruling by the U.S. Court of Federal Claims that American Recovery and Reinvestment Act Section 1603 grant applications for the Alta Wind Energy Center were underpaid by approximately $206 million. Sinaiko writes that while this may be a win for Alta’s owners and an important precedent for Section 1603 grant applicants and investment tax credit players, it may not signal complete victory for developers.
Still, according to Sinaiko, the decision “may be a harbinger of good news for similarly situated cash grant applicants who did not receive full awards on their Section 1603 applications.” Additionally, it could also benefit investment tax credit players, “though there are mitigating circumstances surrounding the case that leave some questions as to whether other stakeholders will have similar success.”