Until July 2008, there was no national legislation that governed public utilities projects and more specifically, wastewater treatment projects, financed under the BOT model. In July 2008, the Shenzhen Municipal Government promulgated and implemented China's first set of local rules for build-operate-transfer ("BOT") wastewater treatment projects, the Shenzhen Municipal Administrative Rules for BOT Wastewater Treatment Projects 《深圳市污水处理厂BOT项目管理办法》("Administrative Rules"). In light of the developments since the enactment of the Administrative Rules, the following seeks to provide an outline of the local framework governing BOT wastewater treatment projects in Shenzhen and the impact on the future development of BOT public utilities projects.
As the world prepares for the Copenhagen Summit on climate change in December to discuss a new binding agreement to replace the Kyoto Protocol, which expires in 2012, we consider some of the main talking points and the prospects for achieving a new treaty.
To begin, it is necessary to take a brief look at the existing international architecture governing climate change.
As US-based wind companies continue to be acquisition targets for foreign investors, buyers and sellers in these deals should be prepared for some unique cross-border issues.
Although solar power projects pale in comparison to the scope of hydropower and wind power projects in China, a series of announced solar power projects have created a new interest in this sector by domestic and foreign power developers.
The federal stimulus act (“American Recovery and Reinvestment” or “ARRA”) makes substantial benefits available to developers of wind and other renewable projects located in the United States
Paul Forrester quoted on replacing CO2 storage. “If you push 20 years' worth of CO 2 in the ground and it leaks out, you're back 30 years. We need it to stay there for ever,” he said.
Marc Folladori quoted on deal volume for joint venture transactions. “We’ve seen a return to alternative forms of financing like joint ventures,” he said. Subscription required.
Mabey & Johnson Ltd, a British company which manufactures bridge equipment, pleaded guilty at Southwark Crown Court to a series of corruption offences committed overseas and is to pay a total of £6.55m in connection with these offences. On Friday 25 September 2009 the company was ordered by the court to pay £4.6m in fines and disgorgement of profits. In addition, the company has undertaken to pay reparations to the affected countries.
On September 21, 2009, the US Internal Revenue Service (IRS) published Announcement 2009-69. The announcement makes a number of changes to Revenue Procedure 2007-65, the safe harbor for wind energy partnerships using the partnership flip structure.
We have previously written about legislative and regulatory developments facing the over-the-counter (OTC) derivatives market. These development include
a number of bills introduced in Congress as well as the framework outlined by the Department of the Treasury in the June white paper, “Financial Regulatory Reform: A New Foundation,” for a new regulatory regime for OTC derivatives to be implemented by legislation.
On August 6, 2009, the US Federal Trade Commission (FTC) issued a Final Rule intended to proscribe market manipulation in the petroleum industry. The Final Rule prohibits fraud or deceit in the wholesale petroleum markets and also includes a separate provision prohibiting omissions of material information that may distort the market.
S.1462, the “American Clean Energy Leadership Act of 2009,” has been voted out of committee and added to the US Senate calendar. The bill, which would comprehensively overhaul the US energy system, covers appliance energy efficiency, building energy codes, the reliability of the US grid for electricity transmission, renewable electricity standards, carbon capture and storage, energy market manipulation, and aid for deploying clean energy technologies.
The Department of Energy (DOE) issued two anticipated loan guarantee program solicitations on July 29, 2009, regarding (i) projects that employ innovative energy efficiency, renewable energy and advanced transmission and distribution technologies and (ii) electric power transmission infrastructure investment projects.
On July 31, 2009, the US Treasury Department (Treasury) announced that it is now accepting applications for grants in lieu of tax credits (Grants) under section 1603 of the American Recovery and Reinvestment Act of 2009. Section 1603 established a program whereby an eligible person could, in lieu of claiming the production tax credit under Internal Revenue Code Section 45 or the investment tax credit under Internal Revenue Code Section 48, apply to Treasury for a Grant with respect to certain renewable energy property to provide a reimbursement for a portion of the costs of such property.
The US House of Representatives has approved H.R. 2454, the “American Clean Energy and Security Act of 2009” (ACESA), otherwise known as the “Waxman-Markey” bill. It now goes to the Senate where it awaits an uncertain future.
The US Environmental Protection Agency (US EPA) has extended until September 25, 2009, the comment period on its rulemaking proposing comprehensive amendments to its renewable fuel standards. The proposed regulations would dramatically alter and expand the regulatory framework governing the use of renewable fuels in the transportation sector.
The Race Discrimination Ordinance ("RDO") comes into force today, 10 July 2009. This is the same day as the final version of the Code of Practice on Employment under the Race Discrimination Ordinance is published on the Equal Opportunities Commission ("EOC") website!
Section 1603 of the American Recovery and Reinvestment Act of 2009 established a program whereby an eligible person could, in lieu of claiming the production tax credit under Internal Revenue Code Section 45 or the investment tax credit under Code Section 48, apply to the US Treasury Department for a grant with respect to “specified energy property” to provide a reimbursement for a portion of the costs of such property. Treasury has issued long-awaited guidance concerning these grants, which guidance includes three key documents: (i) Program Guidance, (ii) Term and Conditions, and (iii) Sample Application.
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