In this issue:

- Tax Indemnity Considerations for Developers Entering into Investment Tax Credit Transaction

- FERC’s Office of Enforcement Takes Aim at the Financial Industry

- Minding the Gap: Managing Interface Risks Under Turbine Supply and Balance of Plant Agreements

- Flip Partnership Tax Credit Structure Demystified

- Will Latin America and the Caribbean Save Renewable Energy or Will Renewable Energy Save Latin America and the Caribbean?

- Update on Electricity Production Capacity in Iraq

- State Tax Update: A Summary of Recent State Renewable Energy Tax Law Developments

- Climate Check: A Roundup of Noteworthy U.S. Wind and Solar Transactions From Q2 2013

- Excerpt from: Tax Indemnity Considerations for Developers Entering into Investment Tax Credit Transaction

There are a number of renewable energy developers who are licking their wounds after having agreed to indemnify tax equity investors for shortfalls in Treasury cash grant proceeds. There are generally two causes of such shortfalls: budget sequestration as enacted by Congress and Treasury hair cutting the cash grant due to skepticism regarding the fair market value of projects.