RENEWABLE ENERGY INDUSTRY

In a rapidly moving industry, you need to be

a step ahead.

As a national leader in the renewable energy industry, CohnReznick delivers forward thinking solutions and technical expertise.

In a rapidly moving industry, you need to be

a step ahead.

As a national leader in the renewable energy industry, CohnReznick delivers forward thinking solutions and technical expertise.

RENEWABLE ENERGY INDUSTRY

OverviewToday’s renewable energy industry is a complex and evolving landscape of change, growth, and opportunity. Companies active in this sector face a range of fi nancial, tax, and audit issues that can be best addressed by an audit and advisory fi rm with dedicated expertise in renewables.

As a top national accounting, tax, and advisory fi rm, CohnReznick’s Renewable Energy Practice is comprised of a national team of highly experienced professionals with extensive industry credentials. Our knowledge of the rapidly changing and nuanced industry landscape allows CohnReznick to proactively address our clients’ issues and needs.

Clients We ServeCohnReznick provides solutions to clients across all major segments of the industry, including:

• Renewable Energy Companies, Funds, and Projects• Project Developers• Engineering, Procurement, and Construction Companies (EPCs)

• Private Equity Investors• Tax Equity Investors

• Independent Power Producers• Investor Owned Utilities• Diversifi ed Utilities

At the national level, we provide local, state, and federal energy tax credit services for our clients and coordinate renewable energy advisory services. Working with CohnReznick Capital Markets Securities, our boutique investment bank affi liate, we help our clients create fi nancial structures that complement power purchase agreements, tax equity fi nance, debt, and other fi nancial incentives while considering counterparty risks.

Industry InvolvementOur renewable energy professionals are deeply connectedin the industry, providing ongoing thought leadership andparticipating in national and regional associations, events, andindustry groups. We are actively involved with many renewableenergy associations including:

• American Council on Renewable Energy• Solar Energy Industries Association• American Wind Energy Association• Distributed Wind Energy Association• Edison Electric Institute• Solar Electric Power Association

Highlighted ServicesTax and GAAP Modeling: Advise on the Tax and GAAP fi nancial impacts at both the sponsor and project level associated with various tax equity structures, such as partnership fl ips, inverted leases, sale-lease back transactions and other innovative structures.

Accounting Consulting: Consult with clients on accounting treatment of complex commodity contracts, aligning accounting policies as part of an acquisition, impact of new or proposed accounting standards, and contemplated deal structures, including modeling the impact of HLBV at the project, sponsor, and investor levels.

Valuation and Accounting: Provide valuations of renewable energy portfolios purchased and sold and assisted with the purchase price allocations under both GAAP and Tax. Our accounting advisory team can assist the buyer with the accounting nuances associated with the purchase price allocation.

Capital Markets Value Add: The CohnReznick Capital Markets team can provide comprehensive transaction advisory services and capital raising services including a full-service M&A advisory, structuring and due diligence platform.

Cost Certifi cation and Segregation Study: Work with clients to determine eligible basis for investment tax credits under various deal structures as well as specifi c tax depreciation categories for capitalized items.

State Tax Credit Model: Advise and perform analysis for clients on the inclusion of state tax credits in their tax models under complex deal structures in multiple states, notably North Carolina.

Learn MoreFor more information on how your company can benefi t from our services, please visit our website at: www.cohnreznick.com/renewableenergy

Our ServicesCohnReznick’s strength in the renewable energy industry is driven by our ability to deliver integrated services at every point across the renewable energy business spectrum.

ADVISORY TA

X

ACCOUNTING

Assurance and Attestation

TechnicalAccountingConsulting

Tax Advisoryand Structuring

Other TaxServices

IPOReadiness

YieldCo

Valuation

Trans

actio

nal

Cap

ital

Mar

kets

*

Financial statement audits of renewable energy companies, funds, and projects

Carve out financial statement audits

Reviews, examinations, and compilations

Agreed-upon procedures

Cost certificates

IPO readiness

Capital markets

Tax advisory and structuring

Technical accounting consulting

Valuation advisory

Renewable energy plant valuations

GAAPS/IFRS purchase price allocations and tax purchase price allocation

Fairness and reasonableness opinions

Machinery and equipment appraisals

Assess the current operating model

Prepare a gap analysis

Perform remediation efforts

Launch IPO

Post close assessment of current operations and optimize

IPO Readiness YieldCoValuation

Assurance and Attestation

Strategy determination and assessment

Transaction readiness assessment

Due diligence

Post close integration

Transaction advisory

Capital fundraising

Project feasibility

Sponsor equity

Tax equity

M&A advisory

Capital Markets Transactional

Transfer pricing studies

Accounting for income taxes

Tax compliance

Sales and use tax analysis

Nexus studies

IRC section 382 NOL studies

Cost segregation studies

State and local taxes

Corporate tax planning

Modeling of the tax impact to both the project and sponsor levels

Deferred tax analysis

Tax equity advisory and modeling, M&A planning, and due diligence

Tax Advisory and Structuring Other Tax Services

Assess and document the accounting conclusions of commodity contracts

Assess accounting considerations of contemplated deal structures

Modeling of GAAP financial statements of both project and sponsor levels

Analysis of pre-tax and post-tax return profiles

Modeling of HLBV

Accounting for tax credits

GAAP to IFRS conversions

Technical Accounting Consulting

ACCOUNTING

TAX

ADVISORY

CohnReznick is an independent member of Nexia International

About CohnReznickCohnReznick LLP is one of the top accounting, tax, and advisory fi rms in the United States, combining the resources and technical expertise of a national fi rm with the hands-on, entrepreneurial approach that today’s dynamic business environment demands. Headquartered in New York, NY, and with offi ces nationwide, CohnReznick serves a large number of diverse industries and offers specialized services for middle market and Fortune 1000 companies, private equity and fi nancial services fi rms, government contractors, government agencies, andnot-for-profi t organizations. The Firm, with origins dating back to 1919, has more than 2,700 employees including nearly 300 partners and is a member of Nexia International, a global network of independent accountancy, tax, and business advisors. For more information, visit www.cohnreznick.com.

CohnReznick LLP © 2015This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specifi c professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

For more information visit: cohnreznick.com