Utility Dive Quotes John Marciano on Challenges for Renewables Amid COVID-19 Pandemic

Akin Gump global project finance practice co-head John Marciano has been quoted in the Utility Dive article, “Solar developers launch lobbying effort to curb COVID-19 impacts, advance remote permitting,” which discusses the potential impact of the coronavirus pandemic and global economic downturn on the solar industry.

According to the article, the aforementioned conditions have driven down demand within the solar sector. Accordingly, renewables trade associations such as Solar Energy Industries Association (SEIA) and American Wind Energy Association have urged the U.S. Congress to extend construction and safe harbor provisions to ensure that wind and solar projects could still benefit from current tax credits available.

Marciano, an SEIA tax and accounting advisory committee member, noted that he anticipates challenges for 2020 procurement of projects expected online in 2021. He added, “There’s a number of RFPs out right now for 2020 procurement. My guess is they’ll have to be adjusted if they’re going to have teeth. Otherwise, we’ll have less-than-hoped-for takers.”