Green & SRI Investing
New York, NY
April 9, 2019

Description

All that is Green is good, but not all that is good is Green! Welcome to IMN’s 7th Annual Green and SRI Investing Symposium, an expansion on the traditional green conversation, tackling the holistic world of Socially Responsible Investing and ESG incorporation.
 
Formerly known as the Annual Green Investing Conference, this program has focused on just one pillar of ESG investing, the renewable energy finance sector. Given the rise in professionally managed Socially Responsible Investments (SRI) assets to $12 trillion, an expansion of our conference coverage is timely. This year we will be looking at multiple pillars of ESG investing, including the core renewable energy and securitization topics (Solar, PACE and Green Bonds), as well as Social and Governance issues like Human Rights, Conflict Risk, Proxy Access and Anti-Corruption.
 
IMN’s Annual Green and SRI Investing Symposium, taking place April 9 in New York City, will convene the typically disparate ABS and SRI investor communities to discuss social and environmental sustainability. By bringing these groups together, we hope to create a role for securitization in propelling SRI finance forward, and achieving globally important social and environmental goals.

Who Should Attend
  • Solar Energy Providers/Developers
  • Wind/Turbine Developers
  • Fixed Income Investors
  • Rating Agencies
  • Investment Bankers & Financial Advisors in the Structured Finance and Energy Sectors
  • Legal Counsel
  • Servicers and Back-Up Servicers

Issuers & Investors 134

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Agenda

    Tuesday, April 9th, 2019

      8:00 AM
      Registrations Opens & Breakfast


      8:55 AM
      Opening Remarks


        • Lewis Manson , Associate Conference Producer (IMN)

      9:00 AM
      Keynote Case Study: NY State Clean Energy Markets - Capital Solutions and Combined Impact

        • NY Green Bank/NYCEEC combined impact on clean energy markets
        • How NY Green Bank/NYCEEC measure success
        • The existing financial barriers in clean energy markets and how NY Green Bank/NYCEEC are creative in approaching these barriers
        • Elements of a strong transaction and how developers/investors can work with NY Green Bank/NYCEEC

        • John Scicchitano , Director of Philanthropic Engagement (NYSERDA)
        • Alfred Griffin , President (New York Green Bank)
        • Susan Leeds , Co-Chief Executive Officer (New York City Energy Efficiency Corporation)

      9:30 AM
      The Global Green Forecast

        • 2018 Deal Review, and what’s in the pipeline?
        • Overview of Traditional Green asset issuance volume; PACE, Solar, Green Bonds – Which will take the biggest slice?
        • What are the biggest Macro-Economic and Geo-Political factors the industry needs to take in to consideration? – Trade, Tariffs, Interest Rates, Tax, Credit Cycle etc. 
        • How much of the Green Investing sphere is attributable to Socially Responsible Investing goals?
        • How is the US comparing to Europe and Asia?
        • Effect of natural disasters on collateral and performance. Catastrophe bonds in the aftermath of California Wildfires. 
        • Corporate VS Utility markets
           

        • Richard Dovere , Managing Partner (C2 Energy Capital)
        • Stacey Hughes , Co-Founder & Managing Partner (Sunlight Financial)
        • Michael Ferguson , Director, Sustainable Finance (S&P Global Ratings)
        • Benjamin Cohen , Chief Executive Officer (T-REX)
        • Stephen Controulis , Chief Financial Officer (Mosaic)

      10:10 AM
      Come Wind, Rain, or Shine: The Role of Securitization in Financing Renewable Energies

        • Updates on trends and issues surrounding Solar, Wind and Hydro renewable power securities
        • How big of a role will securitization play in getting uneconomic assets of Utility books?
        • Opportunities for Commercial Solar - Why hasn't this been as meaningfully commoditised to the degree of resi and utility.
        • As Nations and States work towards the UN Sustainability goals, how will this market respond? New products, more issuance, standardized regulations?
        • What are the obstacles issuers are facing coming to market? What size is necessary to scale transactions and remain effective? How do first time issuers break the barrier?
        • Who are the next wave of players looking to securitize?
        • Is the role of the Rating Agency changing? Are they adapting with the market?

        • Michael Mendelsohn , Executive Director (Solar Finance Council)
        • Anadi Jauhari CAIA, Senior Managing Director (Emerging Energy and Environment Investment Group LLC)
        • Cecil Smart , Managing Director (Kroll Bond Rating Agency)
        • Gary Blitz , Senior Managing Director (Aon Transaction Solutions)
        • Stephen Viscovich , Managing Director (Credit Suisse)
        • Brendan Keane , Senior Vice President, Capital Markets (Dividend Finance)

      10:50 AM
      Networking Refreshment Break


      11:20 AM
      Quickening the PACE – Where are we at, and What’s Next?

        • Understanding the PACE program and developments in both Resi-PACE and C-PACE assets
        • States approving PACE programs: What’s next? What regulatory concerns and developments have been seen?
        • Is over-regulation such as ‘Ability to Pay’/Income Verification and Originator Licensing going to have a detrimental effect on volume?
        • Expansion into Europe: What are the foreign market opportunities? And is the EU any closer to establishing their own PACE program?
        • PACE as an alternative funding project: The best option for the customer. Is the hybrid approach of PACE-secured PPA the new approach?
        • Emerging opportunities in C-PACE for 2019 and beyond; and
        • Why lenders should consent to C-PACE.

        • Joseph Lau , Managing Director & Chief Operating Officer (Lord Capital LLC)
        • James Vergara , Managing Director (Pace Funding Group)
        • Mansoor Ghori , Co-Founder & Chief Executive Officer (Petros PACE Finance)
        • Craig Braun , Senior Vice President, Head of Capital Markets (Renovate America)
        • Stephanie Mah , Director, Structured Finance Research (Morningstar Credit Ratings)

      12:00 PM
      Investors’ Roundtable: Everything’s Coming up Green

        • What are investors' major focus areas and in which areas of socially responsible investing do investors see continuing to grow?
        • What are the risk to renewable investors from real-time markets? How are RE project prices settled and how is increased volatility in growing variable resource portfolios affecting this?
        • What is causing the increased turn from ‘Brown’ to ‘Green’ and a shift towards more socially responsible and ethical investment practices?
        • How has the market reacted to various social and environmental initiatives? Paris Climate Accord, United Nations, etc.
        Hosted by the Fixed Income Investor Network (FIIN)        
        • Mike Reynolds , Director (Ultra Capital LLC)
        • Thom Byrne , Chief Executive Officer (CleanCapital)

      12:30 PM
      Deal Spotlight Case Study

        • Countervailing regulatory headwinds: Are regulatory changes insurmountable? 
        • With changes to House and Senate, will we see significant changes as state and federal levels?
        • How is the SRI industry reacting to the pro fossil fuel Trump Administration?
        • Are we at danger of over regulation? Will this cause challenges to volume in both issuance and qualified workforce?

      1:00 PM
      Delegate Luncheon


      2:00 PM
      Keynote Fireside Chat


      2:30 PM
      Keynote Fireside Chat: Removing Offtaker Risk for Developers and Lenders

      • Context & Background
        • The biggest barrier to scale in the market for C&I solar and corporate PPAs is the lack of rated, investment grade businesses - in the US, more than 90% of business are unrated
        • Energetic Insurance has partnered with one of the largest insurance companies in the world to offer the first of its kind trade credit insurance policy which covers offtaker payment default risk, thus allowing financial institutions and capital markets to the participate with certainty and protection.  This may just be the most impactful solution for the commercial solar market since the PPA. 
        • The INM Green & Investing Symposium will be the first time that the details of our product will be released to the capital markets community
        Energetic and their insurer will discuss how groundbreaking and unique insurance policies can create significant benefits for project developers, financial institutions and the capital markets, including:
        • How certain insurance can provide liquidity to the balance sheets of lenders by enabling them to syndicate and securitize their unrated or below-IG revenue streams
        • Why and how capital relief opportunities to commercial banks under the Federal Reserve's Regulation Q  can be enabled by certain insurance.
        • Applications of insurance as credit enhancement product to community solar which can create investment grade opportunities in this growing market
        • Future innovations through insurance that will expand new technologies in energy generation, efficiency, and storage
        • Discuss what SCOR has done in other industries with trade credit and NPI insurance to provide capital relief and other benefits to financial markets.
        • How insurance can work with securitization and secondary markets.

        • James Bowen , Chief Executive Officer & Co-Founder (Energetic Insurance)
        • Will Thorne , Innovation Leader (SCOR)

      2:55 PM
      Networking Refreshment Break


      Commence Concurrent Tracks A & B


      Track A 3:15 PM
      The Greatest Showdown: Solar vs. PACE

        • What are the main factors impacting market confidence in current products?
        • What entices institutional investors towards one or the other?
        • What currently makes Solar more attractive?
        • Will greater green investment diversification reduce overall portfolio risk?
        • How is risk impacted with further SRI diversity? i.e. Social
        • What project and alternative financing strategies are out there? Do these change the playing field?
        • Co-Development, Single Project Ratings, Energy Storage, New Markets?
        • Outlook for tax equity credit? What is the underwriting and compliance criteria?
        • Is the current administration helping or hindering progress in these sectors?
        • What is new in Commercial vs. Residential? Tax Incentives, ‘Brown’ Penalties etc.

        • Gilbert Liu , Partner (Kramer Levin)
        • Chris Vonier , Director (Sunrun)
        • Kent R. Williams , Vice President Asset Management (Vivint Solar)
        • Rasool Alizadeh , Chief Financial Officer (Energy Efficient Equity (E3))

      Track B 3:15 PM
      Breaking the Mold: Examining the World of SRI and ESG

        • Demystifying SRI and ESG: Breakdown of terminologies and their relations to capital markets. What is involved in the 3 pillars of ESG, and what are the main issues? Proxy Access, Conflict Risk, Climate Change etc.
          • Where are the major projects and investment opportunities? Climate Change, Affordable Housing, Conflict Risk, Access to Medical Care, Tobacco etc.
        • Mutual Funds, ETF’s, Co-Development Projects: Analysing different investment options and entry methods
          • Will there be significant innovations in Fixed Income ESG products, and will that be enough to appease demand?
        • How is SRI evolving with the millennial generation?
        • Are there any FinTech considerations aiding SRI? E.g. Analytics and Data. How big of a role does access to data play in SRI decision making?
        • How long will it be until we begin to see a dominant framework for the measurement of social and environmental impact?
        • Can we reach a general consensus on what is considered socially responsible, or are individual values too subjective? E.g. Faith based SRI

        • Michael Ferguson , Director, Sustainable Finance (S&P Global Ratings)
        • Bryan Birsic , Chief Executive Officer (Wunder)
        • Andrew Steel , Managing Director (Fitch Ratings)
        • Amanda Samai , Managing Director (Hannon Armstrong Sustainable Real Estate)

      Track A 3:55 PM
      Community Solar: All for Sun and Sun for All!

        • Is there a way to make community solar feasible for all?
        • What effect does government support have? What are other avenues for funding? Opportunities for local partnerships?
        • Is community solar a real investor opportunity? What are the available models and potential risks?
        • What are other ways to finance the broader world of green? Do we move outside of solar and look to wind?
           

        • Laura Stern , President (Nautilus Solar Energy, LLC)
        • Jesse Grossman , Chief Executive Officer (Soltage)
        • Daniel Poydenis , Chief Executive Officer (Sea Oak Capital)
        • Jeff Weiss , Co-Chairman & Managing Director (Distributed Sun)

      Track B 3:55 PM
      It Pays to be Good: ESG Return Profiles

        • What makes SRI and ESG considerations top priority for Investors? Client demand, company mission, returns, risk, fiduciary duty, regulatory compliance 
        • How positive are the returns? Are these investments outperforming the market and worth the risk?
        • Balancing Risk and Return
        • Can socially responsible ‘brown’ investments be made green?
        • Financial analysis, negative, positive, and hybrid screening: Methods and processes
        • Risks and rewards for co-development structures and single project ratings?
          • Is early investment and latching to developments sustainable for positive long-term returns?

        • Molly Whitehouse , Director (Mariner Investment Group LLC)
        • Brian A. Rice , Portfolio Manager (CalSTRS)
        • Kristian Hanelt , Managing Director (Ultra Capital LLC)
        • Sanaz Raczynski , Head of Sustainability, Real Assets and Private Markets (Nuveen)

      Track A 4:35 PM
      Green Bond Principles: Adopting a Framework

        • What is attracting more investors to Green Bonds?
        • What developmental ‘Road Blocks’ stand in the way of Green Bonds being classified as a matured asset class?
        • How can the ICMA principles be adopted in to a global set of standards? Would this help standardize Green Bonds and grow the US market?
        • What regulatory lessons can be learned from Europe and China?
        • What are the benefits and challenges for investors in this area?
        • Can we fully eliminate ‘Greenwashing’ through well defined evaluation criteria?
           

        • Joshua Linder , Credit Analyst (APG Asset Management US Inc.)
        • Lisa Bozzelli , Director, Multifamily Capital Markets (Fannie Mae)

      Track B 4:35 PM
      Credit-Enhancement, Loan-Loss Reserves for the uptake Green Investments

        • Rationale for “de-risking” Green Investments
        • Unlocking Private Capital for Green Investments
        • Mechanisms available under credit-enhancement schemes
          • Partial Credit Guarantee (PCG)
          • Partial Risk Guarantee (PRG)
          • First-Loss Provisions (FLP)
          • Contingent Loans (CL)
          • Viability Gap Funding (VGF)
        • Application of bi-lateral Credit-Enhancement for Green Structured Finance deals
        • What are States doing to promote Green Investments
        • Role of Philanthropic for contingent grant-based credit-enhancement

        • John Joshi , Director of Financing Solutions (NYSERDA)
        • Todd Parker , Director of Programs (Michigan Saves)
        • James McIntyre , Director of Capital Markets (New York State Homes and Community Renewable (NYSHCR))
        • Trevor D'Olier-Lees , Senior Director, Sector Lead (S&P Global Ratings)

      5:15 PM
      7th Annual Green Investing Conference Closes & Cocktail Reception Commences


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  • Investor Registration (Portfolio Manager, Credit Analyst, Hedge Fund, Private Equity Investor) - $995
  • Standard Registration - $1,990
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Venue

  • Conference Venue
  • Marriott New York Downtown


    85 West Street at Albany Street
    New York, NY, 10006
    USA

    Additional Info:

    Sleeping Room Block:
    $329 + tax/night
    Please contact 1-800-228-9290 and reference "IMN's Green Investing Conference" to receive our discounted group rate.
    Reservations will be accepted on a first come first served basis through March 18th. Guests may also reserve a room in our group block using the link found here: IMN's Green Investing Conference Hotel Reservations

1120 Avenue of the Americas, 6th Floor, New York, NY 10036
Tel: +1(212)901-0506 Fax: +1(212)768-2484
Email: mail@imn.org


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