James F. Duffy

/My focus

Renewable energy

I primarily work on financing matters that use tax credits and other tax incentives (including Production Tax Credits for wind and other forms of renewable energy and Energy Investment Tax Credits for solar and certain other forms of renewable energy) to develop renewable energy production facilities. I’ve represented numerous developers, investors, syndicators and lenders in structuring and closing these transactions, including representing the lead tax equity investor in the Nellis Air Force Base solar installation, the largest solar PV installation in the United States at the time.

Community development

I also assist clients as they use the new markets tax credits, historic rehabilitation tax credits, and low-income housing tax credits in housing and community development projects. Sometimes the matters I work on involve two or more of these financing tools at the same time.

Industry leadership

I am a frequent speaker on tax-oriented investment structures at renewable energy industry events, including conferences sponsored by the American Wind Energy Association (AWEA), the Solar Energy Industries Association (SEIA), the Environmental Business Council of New England (EBC), Power-Gen, the American Bar Association (ABA) and others.

I have served as the chair of the Equity Finance Committee of the Real Estate Section of the Boston Bar Association and as a member of the Real Estate Steering Committee of the Boston Bar Association.

/Looking ahead

With the end of the Section 1603 grant in lieu of tax credit program, I see increased pressure on developers to find tax equity financing and, at least in the short term, until additional tax equity investors enter the market, an increasingly competitive market for developers to obtain tax equity on satisfactory terms.

/Insights

• “Updates on Tax Provisions in the IRA Legislation,” Distributed Wind 2025 Conference, Arlington, VA, February 24, 2025
• “Project Finance Primer,” Novogradac 2024 Spring Renewable Energy Tax Credits Conference, San Diego, CA, May 15, 2024
• “Monetizing Your PTCs,” Novogradac 2024 Spring Renewable Energy Tax Credits Conference, San Diego, CA, May 17, 2024
• “Rules of the Road for the Tax benefits in the IRA Legislation,” Distributed Wind 2024 Conference, Arlington, VA, February 24, 2024
• “Project Finance Primer,” Novogradac 2023 Fall Renewable Energy and Environmental Tax Credits Conference, Washington, DC, November 1, 2023
• “Tax Structuring and Strategies for Renewable Energy & Storage Projects,” EUCI, Denver, CO, June 27, 2023
• “Solar Development & Transaction Due Diligence,” EUCI's Virtual Program, June 6, 2023
• “Analyzing the Market Approach,” Renewable Energy Project Appraisals, Valuation and Cost Segregation Studies, Webinar, April 4, 2023
• “Analyzing Appraised Values for Purposes of Tax Equity,” Renewable Energy Project Appraisals, Valuation and Cost Segregation Studies, Webinar, April 4, 2023
• “Accounting for Differences in Project Development Stage,” Renewable Energy Project Appraisals, Valuation and Cost Segregation Studies, Webinar, April 4, 2023
• “Anatomy of an Appraisal,” Renewable Energy Project Appraisals, Valuation and Cost Segregation Studies, Webinar, April 3, 2023
• “Tax Issues & Qualification for Wind Repower Projects,” and “Wind Repower Market Landscape & Due Diligence Overview/Bankable Project Opportunities,” Wind Project Repowering and Retrofit Due Diligence Summit, March 28, 2023
• “Federal Policy and Programs Update,” Distributed Wind 2023 Business Conference & Lobby Day, February 1, 2023
• “Inflation Reduction Act: Provisions for Utility Renewable Energy Development,” EUCI's Virtual Program, January 31-February 27, 2023
• “Acquisition/Rehabilitation Overview Workshop,” Novogradac 2023 Affordable Housing Developers Conference, January 10, 2023
• “Project Finance Primer,” Novogradac 2022 Fall Renewable Energy and Environmental Tax Credits Conference, Washington, DC, November 2, 2022
• “Tax Equity Structuring and Strategies for Renewable Energy & Storage Projects,” EUCI Webinar, June 28-29, 2022
• “The Impact of Legislative, Tax & Policy Directives on REC Markets,” Renewable Energy Credits (REC) Market Dynamics, July 28, 2022
• “Compliance REC Transactions from the Perspective of Sponsors, Project Developers, Merchant Generators, Utilities, and Marketers,” Renewable Energy Credits (REC) Market Dynamics, July 27, 2022
• “Solar Market Update,” Novogradac 2022 Spring Renewable Energy and Environmental Tax Credits Conference, Denver, CO, May 19, 2022
• “Project Finance Primer,” Novogradac 2022 Spring Renewable Energy and Environmental Tax Credits Conference, Denver, CO, May 18, 2022
• “Structuring Issues and Answers,” Novogradac 2022 Affordable Housing Developers Conference, Webinar, January 14, 2022
• “Tax Equity: Intermediaries and Syndicators Perspective,” Novogradac 2021 Fall Renewable Energy and Environmental Tax Credits Conference, Washington, DC, November 5, 2021
• “Project Finance Primer,” Novogradac 2021 Fall Renewable Energy and Environmental Tax Credits Conference, Washington, DC, November 3, 2021
• “Solar Project Cost-Estimating & Pro Forma Development,” EUCI's Virtual Program, September 29 - 30, 2021
• “Renewable Energy & Storage Project Tax Structuring and Strategies,” EUCI's Virtual Program, June 15, 2021
• “Compliance REC Transactions from the Perspective of Sponsors, Project Developers, Merchant Generators, Utilities, and Marketers,” EUCI's Renewable Energy Credit (RECs) Market Dynamics, June 9, 2021
• “Compliance REC Markets and the Impact of RPS Legislative & Policy Directives,” EUCI's Renewable Energy Credit (RECs) Market Dynamics, June 9, 2021
• “Underwriting Challenges & (Trying to Predict) the Future,” Novogradac 2021 Spring Renewable Energy and Environmental Tax Credits Virtual Conference, May 21, 2021
• “Renewable Energy Tax Credit Fundamentals & Monetization Online Workshop,” Novogradac 2021 Spring Renewable Energy and Environmental Tax Credits Virtual Conference Workshop, May 11, 2021
• “Understanding and Implementing Capital Structures for Renewables Inverted Lease,” Tax Equity Structures and Solutions for Today’s Renewable Energy Projects, March 3, 2021
• “Solar Development on Landfills, Impoundments, Brownfields and Utility Contaminated Sites,” EUCI Virtual Conference, January 28 - 29, 2021
• “Renewable Energy Appraisals and Cost Segregation,” EUCI Virtual Symposium, November 18 - 19, 2020
• “Project Finance Primer,” Novogradac 2020 Financing Renewable Energy Tax Credits Fall Virtual Conference, November 5 - 6, 2020 (Panelist)
• “Novogradac ITC Commencement of Construction,” Novogradac Webinar, September 24, 2020
• “Renewable Energy Project Tax Structuring and Strategies,” EUCI Renewable Energy Project Tax Structuring and Strategies, Online presentation, June 17, 2020
• “EUCI Solar Project Development Financial, Legal & Technical Best Practices,” Webinar, May 12, 2020
• “Case Study: Superfund Site Complexities,” EUCI Solar Project Development on Landfills/Brownfields/Utility Coal Combustion Residual Sites, Philadelphia, PA, December 3, 2019
• “Renewable Energy Opportunity Zones,” EUCI Renewable Energy Opportunity Zones Conference, New Orleans, LA, November 13, 2019