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U.S. offshore wind development welcomes gusts of opportunity

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Celebrating Earth Month with the Environmental Compliance and Strategy Team

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What you should know about energy storage safety

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Invenergy’s Rusutsu Wind Energy Center Reaches Commercial Operations in Japan

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Invenergy-Led Consortium Completes Purchase of American Electric Power’s Unregulated Renewables Portfolio

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Invenergy Services Drives Operational Excellence With SolarAnywhere

Invenergy Services’ Approach to Safety Benefits Customers

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An Introduction to Invenergy Services’ Owner’s Mindset

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The Grid Needs to Get Together     

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Expert perspectives on the critical clean energy issues of today and tomorrow.

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News and Insights - Power Lines

Last week, the Federal Energy Regulatory Commission (FERC) approved changes to the way major regions of the U.S. electric grid plan transmission lines. These new rules are an important first step toward a more modern, reliable grid, greater access to affordable and sustainable energy for consumers, and economic development for communities all over the country.

Strong leadership by FERC Chairman Willie Phillips and others at FERC was instrumental in the ultimate approval of the rule changes.

FERC's new rules in Order 1920 will accelerate and streamline the expansion of the U.S. power grid and facilitate more opportunities to connect new energy generation projects like those in Invenergy’s growing wind, solar, storage and gas peaker portfolio to the grid. 

Among other measures, the rules help accomplish this by requiring grid operators to plan for transmission needs 20 years into the future, engage in long-term planning at regular intervals, and to be responsive to the nation’s expected load growth and energy goals set by states, utilities, and large corporate energy users. The rules also require grid operators to consider the potential impacts of extreme weather conditions on the grid. These changes will begin the process of adding greater transparency and fairness to the transmission planning process.

Additionally, the rule could support future competitive, greenfield rate-based transmission opportunities for the industry. FERC rightly declined to implement a federal right of first refusal in this order for competitive transmission projects, ensuring consumers continue to benefit from competition in transmission development, which supports greater cost efficiency and effective project delivery.

FERC’s reforms will deliver needed changes to support transmission expansion within regional footprints of major parts of the U.S. grid. But they don’t address expanding transmission between regions. Interregional transmission is a critically needed solution for ensuring energy access and availability as manufacturing and AI drive spikes in electric demand and increasingly frequent and severe extreme weather events threaten reliability.

Congress, regulators and grid operators should work together to address these significant grid policy gaps and build on the momentum of FERC’s recent ruling. FERC itself must also continue the unfinished work on its transmission agenda and address barriers to interregional and merchant transmission.

As planning processes evolve to meet these new standards, Regional Transmission Organizations (RTO) and Independent System Operators (ISO) should also work to maximize existing transmission and ensure their updated regional planning processes properly account for and leverage independently developed merchant lines in their regions, particularly those designated as national priority lines. Optimizing existing connections between regions (making the best use of the infrastructure we already have) will reduce costs for consumers and make the system more efficient. And leveraging lines funded and built by private industry means ratepayers only pay for transmission in the places it is needed most.

 transmission line has been approved by four Midwestern states, is a covered project on the Federal Infrastructure Permitting Dashboard, addresses needs identified in the Department of Energy’s National Transmission Needs Study, and is sited in a preliminarily designated National Interest Electric Transmission Corridor. The project will provide much needed, geographically diverse energy and capacity in a portion of the Midwest grid that is woefully short. Yet, the Midwestern grid operator MISO has proceeded with two consecutive rounds of transmission planning to address the same issue on its system – planning that fails to appropriately factor in this nationally significant project. The result is over $2 billion dollars in duplicative transmission investment for MISO ratepayers, costs that the private sector is already bearing.

Failure by RTOs to act on these policy gaps are resulting in higher costs for ratepayers and a less efficient system, as well as foregone economic development opportunities for communities of all types.

Congress also has a role to play by passing legislation to give FERC authority and direction to implement some of the most important changes needed. For example, legislation could require that FERC implement minimum transfer capability and interregional planning requirements. Previous legislation like the BIG WIRES Act have served as a road map for these kinds of legislative directives, which would have a real impact on industry’s ability to get these lines built, lower costs, and improve reliability. Congress could also pass legislation that requires FERC to implement optimization standards for lines between regions to ensure lines that exist or will exist in the near future are used in the most efficient manner.

Still, if Congress fails to act, FERC has the authority to further reform regional planning by requiring privately funded lines be accounted for, and by imposing minimum transfer requirements, interregional planning requirements, or optimization standards on its own, and the agency should consider doing so in future orders.

Finally, it’s imperative that Congress approve the three remaining FERC nominees so that the agency isn’t left without a quorum or effective authority following the departure of Commissioner Allison Clements on June 30. The full bench of commissioners is critical to maintaining a resilient and reliable grid and robust energy supply. Successful confirmation votes on the FERC nominees present another opportunity for Senate Majority Leader Schumer to build on past significant energy infrastructure successes such as passage of the Infrastructure Investment and Jobs Act, a bipartisan bill that can make energy more affordable and reliable for all Americans. 

FERC’s recent rulemaking is a promising step toward achieving a reliable and resilient energy future. It would be a mistake for policymakers to slow down progress now while there’s an opportunity to transform the U.S. energy sector for the better and open doors for major economic investments all across America.

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New FERC rules a first step toward a more modern grid

The fastest-growing profession in the United States isn’t what you might expect. You won’t find IT specialist, software developer, or doctor occupying the top spot. The number one job: wind turbine service technician.

From 2022 to 2032, the demand for wind technician jobs is expected to surge by nearly 45%, more than nurse practitioners, data scientists, statisticians, and other fast-growing careers.

But here’s the issue: between 2022 and 2023, the share of job postings requiring at least one “green skill,” or the expertise necessary to perform the job responsibilities required in sustainable professions, was nearly double the share of “green talent” entering the workforce.

 So, it’s clear that the increased demand to fill clean energy jobs isn’t years away; it’s here, and we need to increase hiring to meet it.

Around the world, clean energy jobs will power the economies of the future. In 2023, the clean energy industry generated 10% of overall global GDP growth, the equivalent of an adding an economy the size of the Czech Republic to global economic output.

 Legislation like the Inflation Reduction Act (IRA) is further catalyzing growth in the United States. Experts expect the IRA to create 9 million jobs over the next decade.

 However, for the clean energy industry to take advantage of the IRA’s promise, there must be a greater focus on workforce development. 

Unlocking the potential of the clean energy industry 

Invenergy understands the need to address the gap between new clean energy jobs and the qualified workers needed to fill them. In 2024, we announced a three-part 

 To build the energy workforce of the future, Invenergy has committed to: 

Invenergy’s workforce development goal will complement our existing efforts with the company’s Impact and diversity, equity and inclusion partners. Invenergy Impact partners include organizations like KidWind, Chicago Scholars Foundation and GRID Alternatives, which all help to create the energy workforce of the future. 

Preparing the next generation of clean energy talent 

As part of our Invenergy Impact, we aim to teach, inspire, train and attract the next generation of clean energy talent to ensure the next generation of workers represents a variety of backgrounds, skills and ideas. Every year, Invenergy puts that aspiration into action through work with our Impact partners.

In 2023, Invenergy continued its work with KidWind, an organization that works to facilitate the exploration of a world powered by clean energy for K-12 students and teachers. Invenergy hosted three in-person and virtual workshops for teachers and provided materials for them to bring back to their classrooms. We also sponsored two educators to attend KidWind’s Recharge Academy, which focused on the future of our power grid and 

. More recently, Invenergy sponsored a national KidWind Challenge at the 2024 American Clean Power conference in Minneapolis.

Invenergy also supports the Chicago Scholars Foundation, which provides first-generation college students and students from under-resourced communities with access to mentorship and coaching. For the second year, Invenergy sponsored scholarships for two Chicago Scholars Foundation participants headed to college to pursue careers in renewable energy.

And in partnership with GRID Alternatives, which is focused on building a diverse, equitable, and inclusive solar industry, Invenergy sponsored one of the organization’s five-week, all-women’s rooftop solar Installation Basics Training cohort with 11 trainees in Sacramento, California.

A comprehensive approach to clean energy jobs training will be essential to the future of industry, and Invenergy is proud to help lead those efforts. Through a combination of public and private training programs, we can meet the demand for clean energy talent while, at the same time, reaching out to under-represented communities to create a broader and more diverse workforce. Together, we can make an impact to build a more sustainable world.

Learn more about our Invenergy Impact in our 

 “Fastest growing occupations,” April 17, 2024, Bureau of Labor Statistics 

“Global Green Skills Report 2023,” Feb. 29, 2024, LinkedIn 

 “Clean energy is boosting economic growth,” April 18, 2024, International Energy Agency 

 “Jobs from climate action: The Inflation Reduction Act's impact on job creation,” Feb. 29, 2024, Political Economy Research Institute at the University of Massachusetts Amherst 

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Workforce development is critical to the clean energy future

Offshore wind development in the United States is at an inflection point. While there are already established markets for offshore wind projects in Europe and Asia, development of U.S. projects is still in its early stages.

Like any emerging industry, it has taken time for the business, policy and regulatory conditions to align for offshore wind. Now, 

, Invenergy’s senior vice president of offshore wind development, sees opportunity for the U.S. offshore wind market to flourish.

Runyan first honed his clean energy experience developing onshore wind projects in North America, where he was involved in many project development activities including siting and permitting, project design and engineering, environmental studies, regulatory processes, transmission and interconnection, public affairs and more. 

After more than 15 years in the power industry, including eight years in the North American wind industry, Runyan moved overseas for five years to focus on offshore wind development in Japan, where he helped develop one of the country’s largest offshore wind facilities. Following his time in Japan, he also led development of offshore wind projects from The Netherlands.

Now back Stateside, Runyan is responsible for leading the responsible development, engineering and construction of Invenergy’s 

Runyan discusses the state of offshore wind development in the United States, Invenergy’s approach to responsible offshore wind development, and the important role offshore wind can play in the broader clean energy transition.

How would you characterize the state of offshore wind development in the U.S. today? 

 The past couple of years have not been without challenges for offshore wind in the U.S. It’s a relatively new industry in America, so developers, states, and utilities have gone through learning curves to better manage supply chains and inflation headwinds. This includes structuring power purchase agreements (PPA) to accommodate the longer development timelines offshore wind projects require. I would say those headwinds are starting to soften. Invenergy struck its PPA for Leading Light Wind at a good time. We were able to factor in some lessons learned from earlier development efforts, and we are confident in our ability to responsibly deliver this project for the state of New Jersey, and I expect the same for Even Keel Wind and our work in California.

Does the U.S. face unique challenges compared to other offshore wind markets? 

 Europe is definitely further along in its offshore wind journey. They entered this market about 10 years ago, and they have built up a supply chain that can support the industry. Right now, U.S. companies are building out the infrastructure, like offshore installation vessels, to support the industry here. And knowledge in the industry is growing globally, so we can learn from that. I’ve built projects in Japan that also had to go through this supply chain and development learning curve.

What opportunities do you see for U.S. offshore wind?

 Offshore wind has the potential to be a leading energy generation source in the U.S. Offshore wind resources are abundant, and these projects will deliver energy to populations on the East and West Coasts, where it can be more difficult to build other energy generations sources because of denser population centers and more complicated permitting processes. Being able to build far off the coasts but still deliver gigawatts of power to urban areas with increasing energy demands is a great opportunity. 

How would you describe Invenergy’s approach to offshore wind development? 

 We want to build relationships with the communities where we’re developing projects. We’re going to be in those communities for decades. We make sure to hire locally and that the communities we’re involved in will benefit from these projects. Our projects will create thousands of jobs and generate billions in economic benefits throughout their development, construction and operations. 

Invenergy is unique because we are currently the only American-led company developing a multi-project portfolio across U.S. coasts with our Leading Light Wind and Even Keel Wind projects. Our decades of experience developing onshore wind projects has given us the knowledge to permit projects efficiently, work with labor and contractors, build according to U.S. policies and regulations, and we are translating this expertise to our offshore projects.

Offshore wind turbines can have either fixed or floating foundations. Could you discuss the difference between fixed and floating turbines and when each is used? 

 The main difference between a fixed offshore wind turbine and a floating offshore wind turbine is that a fixed turbine’s foundation is secured to the ocean floor, and a floating turbine’s foundation is suspended beneath the surface of the water on a floating platform and anchored to the ocean floor with mooring lines.  

Fixed offshore wind turbines are used in water depths up to about 50 or 60 meters. If you start getting deeper than that, you start looking at floating turbines because it’s more cost efficient to use them in deep waters. Although floating turbine technology is relatively new to the offshore wind industry globally, there are commercially proven projects located in Europe. As the technology and design of these turbines continue to advance, the energy cost per megawatt hour will continue to drop. These turbines provide an excellent opportunity to build projects further offshore where there are some very strong winds.

How does Invenergy develop offshore wind farms in an environmentally responsible way? 

 No matter the technology, Invenergy always takes an environmentally responsible approach to developing our clean energy projects. We plan for environmental considerations from the beginning of development, fund leading-edge environmental research for the industry, and work with government agencies to conduct environmental studies using industry best practices. This continues throughout the construction and operations of our projects.  

For example, as part of the development of our Leading Light Wind offshore project, we recently launched a glider, which is an underwater vehicle, off the coast of New Jersey to study the waters in and around our lease area. During its monthlong mission, the glider shared real-time data about the marine life living in that area. Using that data, we can plan the development, construction and operations of the project to ensure our projects responsibly coexist in a marine environment.

What role do you see offshore wind playing in the broader clean energy future? 

We’re transitioning to a more renewables-powered world. In the U.S., onshore wind, solar, and now offshore wind energy are going to become an even larger part of the domestic energy mix. Offshore wind will contribute to more reliable energy, lower pollution, improve public health and, over time, lower costs in our electric bills. 

What is your vision for Invenergy’s offshore wind portfolio over the next 10 to 15 years?

 We will get our Leading Light Wind and Even Keel Wind projects to their commercial operations dates and continue to pursue new development opportunities both in the U.S. and internationally. As we grow our portfolio and the industry matures, I am excited to continue to bring the economic and environmental benefits of offshore wind to the communities we will serve. 

This Earth Month, Invenergy is proud to spotlight the work of our Environmental Compliance and Strategy (ECS) Team — industry-leading subject matter experts who work across departments to ensure we are responsibly building our projects. The ECS team’s work is foundational to the land-based wind, solar, transmission and offshore wind development we do at Invenergy, and as our portfolio has expanded, so has the team.

Learn more about how the ECS team’s wide breadth of knowledge and commitment to innovation are integral to developing environmentally responsible projects that and building a sustainable world.

Members of the ECS team who support land-based generation projects ensure wind and solar projects comply with applicable environmental laws and regulations, which requires their involvement in the evaluation, siting, building, and operating phases of wind and solar projects across the United States. They are experts in environmental policies established by federal, state, and local regulatory agencies, like the US Fish and Wildlife Services, which inform what approach Invenergy’s land-based wind and solar projects need to follow to responsibly co-exist with local wildlife and natural resources.

A component of the land-based generation teams’ contributions to environmental stewardship is industry-leading research on how wildlife interacts with wind and solar projects across the United States. In recent years the team has conducted and monitored research in California, Wyoming, Illinois, Michigan, and New York related to avian, bat, and pollinator studies. These studies will not only improve our ability to minimize environmental impacts but inform and shape future environmental policies. 

Our land-based team’s core mission is to avoid sensitive environmental areas and minimize project impact, ensuring a necessary balance between the clean energy infrastructure we need to build and the environment we’re trying to protect.

Invenergy is one of the first clean energy developers to build out its own dedicated vegetation management team. This group includes soil scientists who create comprehensive vegetation and soil management plans that are customized for each site. Invenergy’s vegetation management team has conducted soil sampling across all our existing solar sites to inform strategies for regionally appropriate seed mix composition, soil amendment inputs, and topsoil salvage techniques.

Through 2023, the team advised on vegetation management at least 18 solar projects in construction. Establishing suitable vegetation at solar sites may support the local ecosystem by improving soil health, providing wildlife habitats, sequestering carbon, minimizing surface erosion, improving water quality, and the proliferation of noxious and invasive weeds. 

Our transmission projects are key to ensuring we have a reliable grid that can move clean energy to where it’s needed most. From the ECS team’s perspective, these types of projects are different from our work supporting renewable energy generation projects because of their longer development timelines and larger footprints that often span several counties and states. 

The members of the ECS team focused on transmission ensure that projects are thoughtfully sited within the landscape while also building long-term relationships with a variety of stakeholders, including regulatory and resource agencies like the U.S. Army Corps of Engineers and U.S. Fish and Wildlife Service. The transmission team prioritizes building relationships with the Tribal Nations who have a strong connection to the land where our projects are built.

Invenergy is thrilled to bring our expertise to the offshore wind (OSW) space on both U.S. coasts. The team prioritizes working with Tribal Nations to ensure culturally sensitive project development. It also works closely with stakeholders including fisheries and science partnerships to ensure these transformative projects are developed with conservation and marine life at the forefront of our work. 

The offshore team utilizes industry best practices, innovation, and leverages Invenergy’s onshore expertise to ensure our offshore wind projects are developed with minimal impacts to marine ecosystems. Our team helps employ protected species observers on all vessels used for the project and brings innovative tools to track and monitor wildlife in the area. Other examples of the team’s leading-edge approach include testing for fish species by detecting environmental DNA in water samples as well as the recent launch of an underwater glider to explore the waters within and surrounding an offshore wind lease area. These are just a few recent examples of how the work of our ECS OSW team contributes to our industry-leading track record of setting the standard for responsible development.

This Earth Month, and every month, we are grateful for our colleagues on the Environmental Compliance and Strategy team for the work they do to support the responsible development of our clean energy projects. 

Energy storage systems bring greater reliability, flexibility and resilience to the electric grid. And as more renewable energy sources like wind and solar continue to penetrate the market, energy storage is an excellent complement to these power sources because of its ability to save excess energy and deploy it when and where more power is needed. 

Like any other energy center, energy storage sites require responsible stewardship to operate effectively. 

, renewable project engineer at Invenergy, took some time recently to discuss how Invenergy handles energy storage safety for the 

 in its current portfolio, the company’s dedication to training first responders, and how he and his team continually strive to be leaders in energy storage safety.

What is Invenergy’s approach to energy storage safety?

 There’s definitely a culture of safety at Invenergy. We start off our construction meetings by highlighting recent “safety moments,” or times where our people were able to avoid or minimize potential issues by following proper safety protocols. This reinforces our safety culture and makes sure we are pausing to think about safety topics on a daily basis. 

For our energy storage sites, we commission safety studies for each of our projects. Using the findings from those reports, we work with experts and local first responders to develop emergency response plans, so we’re prepared for a wide range of situations. 

Who makes up a typical team at one of Invenergy’s energy storage sites?

 We have different folks involved throughout the engineering, construction, and operations of an energy storage site. Everyone working on site is required to understand how the emergency response plans we put in place work and the sequence of what needs to happen in case of an emergency. 

Our engineers and project management teams do a lot of work commissioning fire protection studies with qualified consultants to ensure our sites are safe. These reports look at what’s going to be put in the ground, what the safety code requires, and how we’ll meet or exceed those requirements. 

, which is responsible for developing emergency response plans for personnel at our sites. Those cover what risks you might encounter at different sites, how to react in different situations, who to call, and so on. This team and engineering will work with consultants to develop training and an emergency response plan specifically for first responders. 

Lastly, on the operations side, we designate the first points of contact for Invenergy personnel and first responders if an emergency occurs on site. There is always an employee assigned to the project who can help make technical decisions with first responders and interpret project-specific alarms and data.

Are there any projects you’ve worked on that you feel showcase Invenergy’s commitment to energy storage safety? 

We have a portfolio of energy storage projects we call “Arizona Sun.” To achieve commercial operations with those projects, we adhered to Arizona Public Services’ energy storage safety standards, which are some of the most stringent and well-defined standards in the industry. And while we developed Arizona Sun, we also commissioned studies that are still referenced in the industry safety development groups today as we continue to develop better studies and methodologies for researching batteries. So, I think those are some of the biggest examples of how we are a leader in safety in the industry.

How does Invenergy build on the clean energy industry’s storage safety standards to enhance safety at our project sites? 

It’s a twofold approach. First, the industry follows safety codes that require batteries to go through fire testing. So, battery manufacturers see how batteries withstand fire under different scenarios. Manufacturers can also take the information they gather during testing to add additional safety features to their batteries. All of this leads to the most reliable products entering the market and Invenergy making an informed selection during procurement.  

Then it comes down to how we design our energy storage projects to maximize safety. That involves measures like ensuring we put enough space between battery enclosures on our project sites, which can help limit the scope and duration of any potential issues. Because we think about risks early on, it really helps us plan projects sites in the safest way.

What misconceptions do you think people have about energy storage safety? 

 Energy storage as a technology is safer than what might be reported. Each group of batteries has its own sensors and detectors for when something goes wrong, and the enclosures are specialized to promote the safe operation of the batteries. Secondly, there’s nothing specialized or unique about the equipment first responders need to manage battery fires. Our training identifies equipment and techniques that should be familiar to first responders to handle battery events. Although the utility-scale lithium-ion batteries used at energy storage sites are different, this is the same type of technology we trust in our phones, laptops and electric scooters.

How does Invenergy decommission energy storage units at the end of their lifespans? 

 We develop a decommissioning plan for energy storage projects, including guidance on packaging, transportation, and recycling, and measures for handling damaged batteries. 

Once batteries reach the end of their lifespans, Invenergy works with various decommissioning service companies to find the optimal solution for responsibly recycling an energy storage project in accordance with applicable laws and regulations. If batteries can’t be reused, they are disassembled, packaged and transported to one of Invenergy’s recycling partners. 

Invenergy recycles its batteries using the most advanced processes to ensure optimal recovery rates and the lowest emissions, and we are committed to pursuing the most environmentally sustainable recycling methods for our energy storage projects.

In 2023 Invenergy celebrated its 10-year anniversary of doing business in Japan. During this time Invenergy’s team – under the leadership of Akira Amano, Vice President and Country Manager – successfully developed and constructed three solar projects and advanced an additional pipeline of wind developments that are still in progress. 

Set against a backdrop of the global effort to achieve a clean energy future that has many countries, including Japan, making investments to modernize their electric grids, Invenergy continues to grow its Japan team to meet the moment.

In 2020, Japan announced its intent to reach carbon-neutral emissions by 2050. To accomplish this, the government will have to deploy renewable energy that will not only help meet the country’s clean energy goals, but will deliver cost-effective, clean energy to consumers in the process.

To build on the momentum of the last decade and ensure Invenergy continues to be the partner of choice to solve clean energy challenges in the market, Invenergy appointed 

 as its Japan Business Unit Head to lead the Invenergy Japan team. Oya works with Invenergy’s Japan team to deepen in-market expertise and scale Invenergy’s ability to provide competitive clean energy solutions to customers and consumers in Japan.

“We are proud of the work Invenergy’s Japan team has accomplished in the past decade and are excited that Masayuki Oya is part of the leadership team at Invenergy,” said Bryan Schueler, Senior EVP and Construction Business Leader, Invenergy. “This appointment signifies Invenergy’s continued commitment to Japan as we look forward to delivering more clean energy in the country.”

Oya is a proven global business leader with over 30 years of experience successfully growing and transforming large and complex businesses. Prior to joining Invenergy, Oya held a variety of key leadership positions in both GE Healthcare and GE Power. Most notably, he led the Power Services business in the Asia Pacific region, where he was responsible for building and executing winning strategies and driving customer successes.

“It is an honor to join the talented Invenergy team following its 10th anniversary of doing business in Japan,” said Masayuki Oya, Senior VP and Japan Business Unit Head. “Invenergy has extensive experience solving clean energy challenges, both around the world and here in Japan. I look forward to working with the team to provide competitive clean energy projects for customers and to meet our country’s growing energy demand.”

Under Oya’s leadership and building on our decade long track record in Japan, Invenergy will continue to advance a pipeline of projects in Japan to help customers, consumers and the government solve energy challenges.  

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A Look at Invenergy in Japan: Ten Years of Operations and an Expanding Leadership Team

The passage of the Inflation Reduction Act (IRA) in August 2022 represents a historic step forward for meaningful and sustained progress toward the clean energy future in the United States. For the first time in history, U.S. policy provides long-term certainty and a stable policy environment to accelerate the delivery of clean energy to communities from coast to coast. However, a new rule proposed by the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency as part of Basel III reforms could have unintended consequences that threaten that progress. 

The Basel agreement is a set of international banking regulations introduced after the 2008 financial crisis. The goal of these reforms is to strengthen the banking sector’s ability to withstand financial stress, improve risk management and promote transparency in international banking. However, the latest series of reforms introduced this year, known as Basel III, while well intentioned, could have adverse and long-lasting effects on the clean energy industry and the tax equity market in particular. 

Tax equity is one of the most commonly used and crucial tools the clean energy industry uses to finance the development and operation of major infrastructure projects. The Federal Reserve, FDIC and Comptroller have proposed a rule that would change the risk weighting of non-publicly traded tax equity, quadrupling the required capitalization from 100% to 400%. An unintended consequence of this change would be categorizing clean energy projects as risky investments, thereby requiring the banks to hold additional money in reserve in case of default. The reality is that tax equity investments are well-structured transactions that mitigate risks to investors and provide them with a stable and predictable return based on IRA tax credits. In addition, clean energy projects provide investors with a guaranteed stream of income — with interest — for the duration of their investment.  

By quadrupling the capital requirement for banks making tax equity investments, Basel III essentially eliminates a critical financing option for most clean energy developers. This means developers have to look at more expensive financing options, limiting their ability to execute projects that can deliver clean energy to millions of people. These more expensive financing options will also, in turn, increase the cost of the clean energy produced by these projects for all electricity consumers. Tax equity financing provides approximately $20 billion to fund clean energy projects every year. Without the ability to leverage the tax equity market, it’s likely that many land-based and offshore wind, solar, and storage projects may not get built.  

The clean energy industry isn't alone here. Legislators have also expressed concern over this potential rule change. Representative Sean Casten (D-IL) led a letter from more than 100 lawmakers to the rule-making agencies stating, “We strongly support the Agencies’ goals of prioritizing the safety and soundness of our banking system and ensuring large banks are well capitalized. However, we are concerned that substantially increasing the capital requirements for banks making tax equity investments in renewable energy projects isn’t reflective of the investment’s risk profiles, would have unintended consequences, and endanger the renewable energy transition.” 

Comments from Rep. Casten and other leaders reflect broad support for adjusting Basel III’s rules to keep tax equity investments at their current risk weighting of 100%. 

Policymakers should also consider other investments with similarly situated risk profiles before implementing this rule change. For example, the proposal imposes a risk weighting of 100% on some investments that assume the same amount of risk as renewable energy tax equity financing, which would be weighted at 400%. It would be inconsistent to quadruple non-publicly traded tax equity when investors are assuming similar amounts of risk on other investments. 

Passage of the IRA has accelerated clean energy development in the United States. Companies have announced the construction or expansion of 83 clean energy manufacturing facilities since the legislation’s passage, and the law is projected to create hundreds of thousands of family-sustaining jobs each year, while injecting billions in economic investment into local communities over the next decade.

New clean energy projects will provide consumers with affordable, reliable, American-made power. With such a bright future ahead, it would be a mistake to enact onerous tax equity lending rules that would hinder the historical progress we’re making toward a clean energy future.

 “IRA at 1: US heralds clean energy manufacturing 'renaissance,’” Aug. 7, 2023, S&P Global 

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The Unintended Consequences of Basel III's Latest Reforms

For some people, there’s nothing better than working with cranes and solving interesting mechanical challenges. And if you’re able to see different parts of the country while you’re at it, even better. Just ask the technicians on Invenergy Services’ Field Services Operations team.

“I like to work, I like to stay busy, and I like trying to figure things out,” says technician Tucker Looney, who is based at the 148.6 MW Goldthwaite Wind Energy Center in Texas. “Taking something huge apart and putting it back together is the greatest job in the world.”

Invenergy Services’ Field Services Operations team is the traveling arm of Invenergy Services, going from site to site to assist site technicians with specialized repairs and operations. Looney, like his fellow techs on the Field Services Operations team, says the goal is to 

service by making sure to provide expert maintenance and repair work, no matter how large the job or how complex the equipment.

Meet the Invenergy Field Services Operations Team

New FERC rules a first step toward a more modern grid

New FERC rules a first step toward a more modern grid

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Workforce development is critical to the clean energy future

U.S. offshore wind development welcomes gusts of opportunity

Celebrating Earth Month with the Environmental Compliance and Strategy Team

What you should know about energy storage safety

A Look at Invenergy in Japan: Ten Years of Operations and an Expanding Leadership Team

The Unintended Consequences of Basel III's Latest Reforms

Meet the Invenergy field services operations team

Invenergy Celebrates Veterans and Military Families Month

Diversity, Equity and Inclusion Powers Careers and Business Success

Why Bat Conservation Is Important Around the World

Transmission's Role in the Clean Energy Future

Invenergy Celebrates Hispanic Heritage Month

The Resiliency, Flexibility and Reliability of Energy Storage

Invenergy Services Drives Operational Excellence With SolarAnywhere

Invenergy and the Polsky Foundation Invest $1.75 Million in the Next Generation of Innovators

The Grid Needs to Get Together

A Conversation with Invenergy Services' Operations Engineering Team

New FERC rules a first step toward a more modern grid

Workforce development is critical to the clean energy future

U.S. offshore wind development welcomes gusts of opportunity

Celebrating Earth Month with the Environmental Compliance and Strategy Team

What you should know about energy storage safety

A Look at Invenergy in Japan: Ten Years of Operations and an Expanding Leadership Team

The Unintended Consequences of Basel III's Latest Reforms

Meet the Invenergy field services operations team

Invenergy Celebrates Veterans and Military Families Month

Diversity, Equity and Inclusion Powers Careers and Business Success

Why Bat Conservation Is Important Around the World

Transmission's Role in the Clean Energy Future

Invenergy Celebrates Hispanic Heritage Month

The Resiliency, Flexibility and Reliability of Energy Storage

Invenergy Services Drives Operational Excellence With SolarAnywhere

Invenergy and the Polsky Foundation Invest $1.75 Million in the Next Generation of Innovators

The Grid Needs to Get Together

A Conversation with Invenergy Services' Operations Engineering Team