With a growing focus on aligning investment portfolios with mission and increasing options for investors wishing to do so, putting a process in place for analyzing and negotiating such investments is more important than ever.  Below is a summary of key terms that investors in any type of private fund should review, with a special emphasis on how to think about these terms in the context of an impact fund:   /continue reading

In September 2017, the SEC’s Office of Compliance, Inspections and Examinations issued a Risk Alert making clear that the SEC is paying increased attention to the advertising practices of investment advisers.  The Alert summarizes the most frequent Advertising Rule violations that OCIE comes across in its examinations of investment advisers and evidences a growing concern by the SEC that investment advisers are regularly violating the rule.   /continue reading

On October 31, 2017, the Boston Bar Association hosted a brown bag conversation – coordinated by KLG’s Courtney Feeley Karp – featuring Michael Judge, the Director of the Massachusetts Department of Energy Resources’ Renewable and Alternative Energy Division.  Mike gave an in-depth presentation on the new SMART program and answered questions from the crowd.  KLG also distributed a short quiz on SMART program mechanics.  Take the quiz and check out the answers to gauge your SMART intelligence!   /continue reading

Eversource's rate case before the Massachusetts Department of Public Utilities is moving forward.  In a first track involving issues other than rate design, discovery closed as of August 4, 2017 and intervenors' reply briefs are due August 18, 2017.  Eversource is seeking approval of the merger of NSTAR Electric Company and WMECo, now referred to as Eversource East and Eversource West, as well as rate increases and a rate redesign that would impact both companies’ ratepayers.   /continue reading

Last week's NECEC legislative round-up program -- attended by KLG's Courtney Feeley Karp and Jonathan Klavens -- confirmed that, despite a rocky legislative session in Maine and a disappointing failure to override Governor LePage’s vetoes, clean energy continues to make progress in legislatures throughout the Northeast.   /continue reading

All of the Massachusetts electric distribution companies recently claimed that they are in compliance with their interconnection timeline requirements.  A notice issued last week gives stakeholders until July 24, 2017 to submit comments on those claims.   /continue reading

In the wake of escalating climate change concerns and the rising demand for local and organically grown food, smaller farm and food ventures are looking to grow. Unfortunately for farmers and other food entrepreneurs, growth requires capital, and the typical forms of debt and equity financing may not be a good match for their businesses. Thankfully, investors and entrepreneurs are turning to more innovative forms of financing.  One example is revenue- or royalty-based financing (“RBF”) — a hybrid of debt and equity financing that can offer the flexibility farm and food ventures need to fuel their businesses.   /continue reading

In the early stages of a renewable energy project, project developers must take steps to secure rights to the land on which the project will be located. This frequently means obtaining a long-term lease of the property, and sometimes means purchasing the property outright. Whether the project developer leases or purchases the project site, the developer is well-advised to obtain a preliminary title search before executing a letter of intent or offer to purchase the property and to commission a title exam of the property and obtain title insurance before closing on the lease or purchase. Even when no lender is involved in the early stages of project development, taking the appropriate steps to research title and mitigate title risks through the purchase of title insurance can be critical in laying the groundwork for future project development and financing.   /continue reading

On May 11, 2016, 30 days after Governor Baker signed new solar net metering legislation into law (the “Act”), the Massachusetts Department of Public Utilities opened Docket 16-64 and issued an order adopting Emergency Regulations (“Emergency Regulations”) that amend the existing Net Metering Regulations (220 C.M.R. 18.00) to reflect the provisions of the Act. The Emergency Regulations do not provide all of the answers for which stakeholders had hoped. In fact, DPU itself has posed a series of questions for stakeholders that suggest the Department is actively considering whether and how the final regulations should differ from the Emergency Regulations in order to appropriately implement the Act. Interested parties should consider participating in the public comment period leading up to issuance of a final regulation. Public comments are due June 15, 2016 and DPU will also hold a public hearing the same day.   /continue reading

On April 8, 2016, the Massachusetts Department of Energy Resources (DOER) issued an emergency regulation expanding the state’s SREC II solar incentive program to all otherwise eligible solar projects that can be complete by January 8, 2017. The regulation represents DOER’s response to the oversubscription of the SREC II program in early February 2016 and provides a bridge to help the market transition to a successor solar incentive program that DOER is in the process of developing.

Under the emergency regulation, notwithstanding the prior cumulative SREC I/SREC II program cap of 1600 MW DC, all new Massachusetts solar facilities that otherwise meet SREC II qualification requirements will be able to participate in the SREC II program under certain conditions.   /continue reading