Financing Offshore Wind From Auction To FID

This comprehensive course is designed to provide a deep understanding of the commercial aspects involved in offshore wind projects, from the bidding stage to Power Purchase Agreements (PPAs), including bidding and contracting strategies, project financing and investment structures, risk management and regulatory considerations, PPAs and market dynamics.  Participants will gain essential knowledge and skills to navigate the intricate world of offshore wind financing, enabling them to make informed decisions and contribute effectively to the development and management of these projects.

Who Should Attend:

- Investors and financiers: Professionals in the financial and investment sectors seeking to invest in or finance offshore wind projects will learn how to assess risks and opportunities 

- Government officials and policymakers: Individuals in regulatory or policymaking roles will benefit from understanding the financial and commercial dynamics of offshore wind energy.

- Legal and financial experts involved in the offshore wind industry will gain a deeper understanding of the financial structures and legal considerations.

- Energy industry professionals: Those working in the energy sector who want to expand their knowledge of renewable energy, specifically offshore wind financing.

- Project developers and managers: Individuals responsible for planning, developing, and overseeing offshore wind projects will gain valuable insights into the financial aspects of their initiatives.

Course Objectives:

- Equip participants with a comprehensive understanding of offshore wind financing from bid to PPA.

- Develop the skills necessary to analyze risks and make informed investment decisions.

- Provide insights into successful strategies and case studies in offshore wind projects.

- Foster networking and collaboration among professionals in the renewable energy sector.

This course aims to empower individuals with the knowledge and tools required to actively engage in the planning, development, and financing of offshore wind projects, contributing to the growth of sustainable and environmentally responsible energy solutions.

Course Outline:

Introduction to Offshore Wind and Its Commercial Landscape

- Understanding Offshore Wind: Economics and Politics of Offshore Wind 

- Role of Governments and Regulatory Frameworks

- Offshore Wind Industry Players and Stakeholders

Overview of Project Finance, SPVs, Key Agreements

- Difference in corporate finance vs. project finance

- Key stakeholders in a project finance transaction & responsibilities

- Overview of key contracts (PPA, EPC Agreement, GIA…etc)

- Key Legal and Commercial Clauses in Offshore Wind Contracts

Federal Lease Auctions

- Offshore Lease Auctions and Bidding Processes

- How developers evaluate auction markets

Power Purchase Agreements (PPAs) and Market Dynamics

- Role and Types of Power Purchase Agreements

- Negotiating and Structuring PPAs

- Market Dynamics and Energy Pricing

- Case Studies of Successful PPA Agreements

Project Financing and Investment Structures

- Project Valuation and Investment Decision-Making

- Financing Structures: Debt vs. Equity

- Attracting Investors and Securing Financing

- Financial Models and Risk Analysis

- US Tax Equity Specificities

Risk Management and Regulatory Considerations

- Risk Identification and Mitigation Strategies

- Environmental and Permitting Challenges

- Grid Connection and Transmission Issues

- Legal and Regulatory Compliance

Course Instructors: 

Ryan O’Connor

Senior Financial Advisor, Ocean Winds

Ryan O’Connor is a Senior Financial Advisor for the offshore wind developer Ocean Winds working within the SouthCoast Wind Project. Ryan has led finance efforts in both BOEM Auctions and Power Purchase Agreements. This experience has culminated in a PPA win, lease auction awards in the Ocean Wind portfolio, and heavy involvement in the pending tri-state PPA solicitation in Massachusetts, Rhode Island and Connecticut. Ryan has been instrumental in formulating valuation metrics, robust financing plans and funding strategies tailored to the unique demands of offshore wind projects, particularly as macroeconomic shocks continue to acutely impact the industry. This includes navigating the complex landscape of tax equity financing, where he has developed innovative strategies to optimize financial structures amidst the constant flux of regulatory changes, particularly those surrounding the details of the Inflation Reduction Act and its possible futures.

Prior to joining the offshore wind industry, Ryan worked in both underwriting and deal structuring in the commercial real estate industry, with a focus on commercial construction. He holds a Bachelors in Economics & Finance and a Masters in Finance, both from Bentley University.

Ian McGinnis

Project Finance Manager, Ocean Winds

Ian McGinnis is a Project Finance Manager at Ocean Winds North America where he provides oversight on project financing activities across the full lifecycle of OW’s North American portfolio.Prior to Ocean Winds, Ian was an Associate on the Project Finance team at Greenskies Clean Energy where he evaluated commercial solar + storage renewable energy projects. While at Greenskies, Ian was part of a team which closed several debt and tax equity financings for solar projects across the U.S. Ian began his career at FTI Consulting on the Power, Renewables, and Utilities team. His consulting experience spanned a range of matters such as regulatory due diligence, utility financial modeling, natural gas and electric rate case advisory, and wholesale market analysis.

The course outline is subject to change and a detailed agenda will be shared after enrollment.