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Public Market Alternatives for Energy Portfolios - Comparing Yieldcos to REITs, MLPs and Related Instruments

Wednesday, December 16, 2015 10:00am - 11:00am EST  
Host: Definitive Solar Institute
By: Ken Kramer, Managing Director and co-Founder, Rushton Atlantic, LLC

Prior to the dramatic recent growth, and subsequent volatility, of Yieldcos, renewable energy financiers believed that their best hope of access to the public equity capital markets would be through Real Estate Investment Trusts (REITs) and/or Master Limited Partnerships (MLPs). Both of these structures are exempt from corporate level taxation, with their earnings taxed only at the investor level, but to date, neither vehicle is permitted unrestricted equity ownership of renewable generation assets. This presentation compares structures, tax treatment, legal issues and economics of Yieldcos, REITs and MLPs, and how they might compete for renewable energy issuers and investors if permitted to do so.

Please join us as industry-leading expert, Kenneth Kramer, managing director of Rushton Atlantic, shares his experience and insights into this essential field.


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Ken Kramer
Ken Kramer

Managing Director and co-Founder, Rushton Atlantic, LLC

Ken Kramer has 30 years’ experience in structured asset finance, in valuation consulting, banking and corporate treasury. He is a co-founder and Managing Director of Rushton Atlantic, LLC, a boutique valuation advisory firm specializing in the energy, infrastructure, manufacturing and transportation sectors. The firm provides specialized valuation services supporting structured and project financings, acquisition due diligence, insurance placement, financial reporting and tax compliance. Prior to Rushton Atlantic, Ken was Managing Director at American Appraisal Associates, Inc. as the co-founder and co-head of its Structured Finance Group, the leading valuation practice serving the cross-border leasing industry.

Before entering the valuation industry, Ken launched and managed leasing businesses, as both principal investor and financial advisor, at Credit Lyonnais and The Long-Term Credit Bank of Japan, Ltd. He also held positions in corporate finance in Capstar Partners, Bank of America, and Trans World Airlines, and served as a mechanical design engineer at Gibbs & Cox.

Ken holds a BS in mechanical engineering from Cornell University, and an MBA from the Columbia University Graduate School of Business. He has made numerous speeches and guest lectures in the United States and Europe on renewable energy, due diligence in structured finance and mergers and acquisitions, and has written articles for a variety of financial industry publications.

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