EPISODE · May 21, 2019 · 39 MIN
SMP 29: SREC 101
from Solar Maverick Podcast · host Benoy Thanjan
Episode Summary Benoy and Suzanne discuss Reneu’s Energy’s Summer Solstice Party and Benoy moderating a community solar panel at the NY Solar Summit while giving a SRECs 101 tutorial. SRECs is an environmental commodity that different states have created to incent development of renewable energy. Reneu Energy has brokered $28 million in SREC transactions and manage 12MWs of solar project with SREC asset management. Reneu Energy also has created SREC research on different states. Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy and he is also an advisor for several solar startup companies. Reneu Energy is a premier international solar energy consulting firm and developer and the company focuses on developing commercial and industrial solar and utility scale solar plus storage projects. The company also sources financing for solar projects and hedges energy and environmental commodities. Reneu Energy has brokered $27 million in environmental commodities transactions. Benoy received his first experience in Finance as an intern at D.E. Shaw & Co., which is a global investment firm with 37 billion dollars in investment capital. Before founding Reneu Energy, he was the SREC Trader in the Project Finance Group for SolarCity which merged with Tesla in 2016. He originated SREC trades with buyers and co-developed their SREC monetization and hedging strategy with the senior management of SolarCity to move into the east coast markets. Benoy also worked at Vanguard Energy Partners, Ridgewood Renewable Power, and Deloitte & Touche. Suzanne Waters Suzanne Waters is an experienced solar professional with a broad knowledge of the industry, including project development administration, marketing best practices, financial strategy, and team leadership. Before joining Reneu Energy, Suzanne worked as the Business Development Manager and Proposal Team Leader at Vanguard Energy Partners, a national solar developer, and their affiliate firm, Vanguard Energy Capital. She oversaw proposal development and contract execution, and collaborated on structured finance for large scale, multimillion-dollar projects. In addition, Suzanne has extensive experience in many aspects of the PV industry, with unmatched enthusiasm for its capabilities and a BA in Economics from Rutgers College at Rutgers University. Insight from this Episode What SRECs are and how they work. How SRECs are a volatile market and fluctuate in value. Where and how SRECs are traded. What states are currently using the SREC incentive. Future of SRECs Quotes from the show: “At Reneu Energy we have a lot of experience in SREC’s and we have brokered about 28 million.” Benoy Thanjan, Episode #29. On the decrease in value: “NJ had the Solar Energy Act in 2012 where they increased the demand” Benoy Thanjan, Episode #29 “The demand is created by the state.” Benoy Thanjan, Episode #29. “The state tells companies that are generating in that state that a certain amount of it has to be in renewables and a certain amount has to actually be in solar” Benoy Thanjan, Episode #29. “It’s not a tradeable commodity where you can go on an exchange” Benoy Thanjan, Episode #29. “If you sign a long term contract and then you might be able to sell the SRECs on the spot market for much more than you signed that long term contract for.” Suzanne Waters, Episode #29. “The SACP is almost like a fine they have to pay if the renewable portfolio standard isn’t met.” Suzanne Waters, Episode #29. Resources: CBL Markets is connecting buyers and sellers to trade multiple environmental products on one screen. CBL Markets Exchange is spot marketplace for RECs. If you are interested in learning more about CBL Markets, contact Sean Barwin Phone (US): +1 212 520 2935 and Email: [email protected]. Let Sean from CBL know that you heard about them through the Solar Maverick Podcast. http://www.cbourses.com Intercontinental Exchange builds, operates and advances global markets through information, technology and expertise. An exchange that you can buy and sell SRECs. https://www.theice.com/index Reneu Energy Summer Solstice Party Benoy Thanjan [email protected] www.reneuenergy.com LinkedIn.com/bthanjan Facebook: Reneu Energy Suzanne Waters: [email protected] Linkedin: Suzanne Waters www.reneuenergy.com Facebook: Reneu Energy
What this episode covers
Episode Summary Benoy and Suzanne discuss Reneu’s Energy’s Summer Solstice Party and Benoy moderating a community solar panel at the NY Solar Summit while giving a SRECs 101 tutorial. SRECs is an environmental commodity that different states have created to incent development of renewable energy. Reneu Energy has brokered $28 million in SREC transactions and manage 12MWs of solar project with SREC asset management. Reneu Energy also has created SREC research on different states. Benoy Thanjan Benoy Thanjan is the Founder and CEO of Reneu Energy and he is also an advisor for several solar startup companies. Reneu Energy is a premier international solar energy consulting firm and developer and the company focuses on developing commercial and industrial solar and utility scale solar plus storage projects. The company also sources financing for solar projects and hedges energy and environmental commodities. Reneu Energy has brokered $27 million in environmental commodities transactions. Benoy received his first experience in Finance as an intern at D.E. Shaw & Co., which is a global investment firm with 37 billion dollars in investment capital. Before founding Reneu Energy, he was the SREC Trader in the Project Finance Group for SolarCity which merged with Tesla in 2016. He originated SREC trades with buyers and co-developed their SREC monetization and hedging strategy with the senior management of SolarCity to move into the east coast markets. Benoy also worked at Vanguard Energy Partners, Ridgewood Renewable Power, and Deloitte & Touche. Suzanne Waters Suzanne Waters is an experienced solar professional with a broad knowledge of the industry, including project development administration, marketing best practices, financial strategy, and team leadership. Before joining Reneu Energy, Suzanne worked as the Business Development Manager and Proposal Team Leader at Vanguard Energy Partners, a national solar developer, and their affiliate firm, Vanguard Energy Capital. She oversaw proposal development and contract execution, and collaborated on structured finance for large scale, multimillion-dollar projects. In addition, Suzanne has extensive experience in many aspects of the PV industry, with unmatched enthusiasm for its capabilities and a BA in Economics from Rutgers College at Rutgers University. Insight from this Episode What SRECs are and how they work. How SRECs are a volatile market and fluctuate in value. Where and how SRECs are traded. What states are currently using the SREC incentive. Future of SRECs Quotes from the show: “At Reneu Energy we have a lot of experience in SREC’s and we have brokered about 28 million.” Benoy Thanjan, Episode #29. On the decrease in value: “NJ had the Solar Energy Act in 2012 where they increased the demand” Benoy Thanjan, Episode #29 “The demand is created by the state.” Benoy Thanjan, Episode #29. “The state tells companies that are generating in that state that a certain amount of it has to be in renewables and a certain amount has to actually be in solar” Benoy Thanjan, Episode #29. “It’s not a tradeable commodity where you can go on an exchange” Benoy Thanjan, Episode #29. “If you sign a long term contract and then you might be able to sell the SRECs on the spot market for much more than you signed that long term contract for.” Suzanne Waters, Episode #29. “The SACP is almost like a fine they have to pay if the renewable portfolio standard isn’t met.” Suzanne Waters, Episode #29. Resources: CBL Markets is connecting buyers and sellers to trade multiple environmental products on one screen. CBL Markets Exchange is spot marketplace for RECs. If you are interested in learning more about CBL Markets, contact Sean Barwin Phone (US): +1 212 520 2935 and Email: [email protected]. Let Sean from CBL know that you heard about them through the Solar Maverick Podcast. http://www.cbourses.com Intercontinental Exchange builds, operates and advances global marke
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SMP 29: SREC 101
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