Accounting for Renewable Energy Investments

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1 Accounting for Renewable Energy Investments Moderator: Paul Charron Novogradac & Company LLP Panelists: Nat Eng Novogradac & Company LLP John Marciano Chadbourne & Parke LLP Stephen Tracy Novogradac & Company LLP

2 Agenda Initial Considerations Project Level GAAP Accounting Investor Level GAAP Accounting Emerging Issues

3 Initial Considerations Project finance structures Sources of financing (tax equity, RECs, grants, rebates, sponsor equity, debt, etc.) Return of capital, cash flow waterfall provisions, fee provisions, special allocations, preferred returns, priority payments, etc. Investor exit strategies (flip, put, call provisions) Need to consider all aspects of the transaction when determining the most appropriate accounting approach.

4 GAAP vs. Tax ITC ITEM GAAP TAX Deferred over recapture period or recognized upfront Recognized upfront Up-Front Rebates Deferred over life of PPA Recognized upfront Production-Based Rebates Recognized when received/earned Recognized when received/earned Organization Costs Expensed Straight line amortization Depreciation Capitalize and depreciate over useful life (25-30 years) 5-Year MACRS property or 12-Year ADS (50% basis adjustment) PPA revenue Recognized as earned Recognized as earned Prepaid PPA revenue Deferred over the life of PPA Strong arguments available to either recognize when received or defer, similar to GAAP purposes Impairment Impairment is determined pursuant to GAAP Impairment Test Not applicable

5 Project Level GAAP Accounting Test for impairment of project level assets (ASC 360) Check for indicators of impairment Compute expected future cash flows to be received, compare to carrying value of asset - no discounting required Impairment charge equal to difference between book value and fair market value of assets discounted cash flows Impairment charge is recorded in operating expenses at the project level Allocations generally in accordance with P/L %s Note: Impairment charge at the project level is independent of the HLBV determination at the investor level - More on HLBV later

6 Project Level GAAP Accounting Accounting for the Section 1603 Treasury Grant International Accounting Standard (IAS) 20 Treasury Grant recognized as income over the life of the asset Life of the asset generally equal to at least the warranty period (i.e years) Alternative accounting treatment Reduction in basis Generally results in a decrease of depreciation deductions over the life of the asset

7 Investor Level GAAP Accounting Investment Tax Credits (ITC) Recognized as a reduction of current tax expense at the investor level ITC may be recognized under the flow-through method or the deferral method Can be recognized in year 1 (APB 4) or over the 5 year recapture period (APB 2) ITCs generally accounted for by investors below the line

8 Investor Level GAAP Accounting Cost Method Multi-Investor funds Interest must be less than 20%, provided no ability to exercise control over operating activities (no participatory rights whatsoever) Investments greater than 3%-5% are not minor (SEC Letter EITF No. D-46) L.P. has virtually no influence over partnership financial and operating policies Cash distributions generally treated as income

9 Investor Level GAAP Accounting Equity Method (ASC 323) Non-controlling interest, flow through losses above the line, tax credits below the line Determining flow through losses Traditional method vs. HLBV method

10 Investor Level GAAP Accounting Consolidation (ASC 810) Controlling financial interest Variable interest entities Presentation of non-controlling interest (liability vs. equity)

11 Investor Level GAAP Accounting Investor s Investment Account In general, cannot go negative (suspended losses) Some exceptions: Investor has made advances (loans) to the investee. Investor has guaranteed obligations of the investee or is otherwise committed to provide further financial support for the investee. Imminent return to profitable operations by an investee appears to be assured.

12 Accounting for the Investment Sponsor Equity: consolidates under Accounting Standards Codification 810 (former FIN 46R) accounts for equity investment pursuant to hypothetical liquidation at book value (HLBV) methodology Tax Equity Investor: accounts for equity investment pursuant to HLBV Industry preferred approach pursuant to Statement of Position 78-9 Accounting for Investments in Real Estate Ventures

13 The HLBV Decision Tree Yes Do I have a variable interest in the solar entity? No Is the entity considered a VIE? No Pursue Other GAAP Yes Am I the primary beneficiary? Yes Sponsor Equity Consolidates & Records NCI No TE Investor Records as Equity Investment Conventional Equity Method Applies? Yes Apply Conventional Equity Method No Apply HLBV

14 Accounting for the Investment Hypothetical Liquidation at Book Value Annual/quarterly calculation depending on financial reporting requirements Investment is carried at tax equity investor s share of liquidation proceeds Assumes company liquidates/sells assets at partnership book value All assets converted to cash and all liabilities paid Recapture of ITC ignored

15 Accounting for the Investment Hypothetical Liquidation at Book Value How much is the tax equity investor entitled to? Liquidation proceeds deemed distributed to the partners based on the partnership agreement liquidation/waterfall provisions Liquidation provisions in operating agreement can be drafted with HLBV consequences in mind Tax equity investors typically prefer to gradually write down their investments in flip transactions to zero by the expected flip/exit date

16 HLBV Basics: The 3 Step Process 3 1 Hypothetically liquidate the business at book value (GAAP) and compute tax effects of any gain upon liquidation 2 Perform waterfall calculation to determine amount of gain allocated to each partner s tax capital account Liquidate each partner s tax capital account to determine cash/book value allocated to each partner

17 HLBV in Practice Example of Partnership Flip Liquidation Provisions Distribute taxable gain in the following order to determine the liquidation proceeds: Members with a deficit capital account to bring their capital account to zero Tax equity investor: distribute amounts until the flip point or targeted yield has been met All remaining proceeds are distributed 95 percent to developer and 5% to tax equity investor

18 HLBV in Practice Book basis Tax basis Taxable Gain Tax Equity Investor Tax Basis + Gain to bring Basis to 0 + Gain to achieve Targeted Yield + 5% of Any Leftover Gain Managing Member Tax Basis + Gain to bring Basis to % of Any Leftover Gain - All of the above = HLBV = Values All of the above

19 Example: Filling in some # s TEI 20 $ Sponsor Equity $ = 100 = $ 0

20 HLBV Concepts (continued) LP 34% Year 1 Year 5 LP 8% GP 66% GP 92%

21 HLBV Concepts (continued) Equity vs HLBV Method Millions Investment Year By Equity Method By HLBV Method

22 HLBV The Geography Issue Remains Above the Line Profit Before Income/Loss HLBV Losses The Line Below the Line Income Tax Benefit /Expense Investment Tax Credit

23 Emerging Issues Effective Yield / Tax Credit Accounting Fair Value Accounting Lease Accounting Real Estate Accounting

24 IF we get Effective Yield The Geography Issue is Solved Above the Line Profit Before Income/Loss Nothing is recorded up here Below the Line Income Tax Benefit /Expense The Line Investment Tax Credit and Amortization both go down here

25 Fair Value Method Eligible to certain items (ASC 825) Recognized financial assets and financial liabilities (with certain exceptions) Financial asset: Cash Evidence of an ownership interest in an entity A contract that conveys to one entity a right (1) to receive cash or another financial instrument from a second entity or (2) to exchange other financial instruments on potentially favorable terms with the second entity.

26 Accounting for Renewable Energy Investments Moderator: Paul Charron Novogradac & Company LLP Panelists: Nat Eng Novogradac & Company LLP John Marciano Chadbourne & Parke LLP Stephen Tracy Novogradac & Company LLP

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