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10:00Chair’s opening remarksJon Berke
North Americas Editor, Inframation News
10:05Presentation: 5 charts on infrastructureMOMelis Ogutcu
Global Head of Research and Analytics, Inframation
10:15Keynote presentation: Accelerating the transition to clean energy
The US was quick to re-join the Paris Accords upon the recent election of Joseph Biden as the president of the United States. At the same time, one of the anchors to his administration was promoting clean energy at a time when most states were continuing to ramp up new clean energy goals. Today’s keynote speaker will address how Bakken Energy is adjusting to the new green deal.
10:35Opening panel: State of infrastructure investing
If successful in its current form, the USD 2.55trn Americas Jobs Plan President Joseph Biden proposed on 31 March will incentivize investment across major infrastructure sectors: clean energy, broadband, transportation, water and other areas.
The proposal did not offer clear details on how to unlock the funds but offered specifics on how clean energy might benefit. This included extending the ITC tax credit, inclusive of battery storage, and adjusting section 45Q to incentive further development of carbon capture technology. It also earmarked USD 174bn in funds for electric vehicles and EV charging infrastructure.
Some of these initiatives reflect the administration’s acknowledgement that it needs to rebuild some of this country’s underinvested infrastructure while others are aimed at reducing carbon emissions. Either way, the fact that in March The American Society of Civil Engineers (ASCE) could only upgrade its rating of US infrastructure to “C-“ shows there is still much work to be done.
Panellists will address the following issues:
- Where is the most opportunity in the US today for infrastructure investment?
- How will infrastructure legislation effect this thesis today and in the future?
- With certain infrastructure funds exceeding USD 10bn plus over the past two years, how do they fit into this conversation?
- Permitting was always considered a major issue towards getting major infrastructure projects done, will the new administration seek to ease these issues.
Partner, White & CaseGrover Burthey
Executive Vice President, Portfolio Management, PIMCOPJPrescott Johnson
Managing Director , Credit SuisseRaymond A. DiPrinzio
Co-Head of Infrastructure, North America Global Structured Finance, SMBCJBJeetu Balchandani
Global Head of Infrastructure Debt, BlackRock Alternative Investors
11:15Fireside Chat – The future of energy renewables: the role of financing and investment in the energy transitionEric Pogue
Partner, Mayer BrownSWSarah Wright
Founder and Managing Partner , Hull Street Energy
11:50Panel: America’s path to decarbonization
The decarbonization landscape has grown more competitive and complex. Even while clean energy innovation is expected to form the core of a national infrastructure plan, new technologies are, in the words of an industry CEO, still a thousand flowers blooming. Financial innovation is also running along at breakneck speed, as the number of financial players in the renewables sector balloons.
Mixing views from both investors and bankers along with an industry executive, this panel will explore the landscape for investment in the decarbonization sphere, including opportunities in renewables, green hydrogen, and energy storage.George Bilicic
Vice Chairman of Investment Banking, Global Head of Power, Energy & Infrastructure, LazardMark Voccola
US Infrastructure Co-Head, Ardian
12:30Fireside chat: Transportation investments in an Era of change
Toll roads and airports took a big backseat during the pandemic as air traffic slowed to a crawl and traffic revenues were depleted to a point, particularly during the early days when stay at home orders were in play. Yet, the long-term contracted nature of these assets led to two major secondary transactions getting executed in the back half of 2020, while Maryland DOT selected a prepared proponent to develop phase 1 of its USD 10bn managed lanes project.
Panellists will address the following topics:
- What does the future hold for the secondaries market for roads in the US, if volumes return to pre-pandemic levels, particularly as certain toll road owners reach the end of their fund life?
- With Maryland Managed Lanes and SR-400 in Georgia already out there are there enough additional opportunities for future equity investment in road or rail projects?
- How do you view the smartification of these road projects and how does it impact investment thesis?
- The major trend in airports that emerged was in the cargo. Is there an opportunity to resurrect some airport projects down the road or will it likely continue in the ancillary spaces such as the recent decision by San Jose, California to pursue a transit solution from the airport to downtown?
Partner, Winston & Strawn LLPDCDavid Cohen
Principal, Apollo Global Management
13:10Panel: Unlocking investment in evolving markets
Several fund managers closed their flagship funds raising last year, securing over USD100bn since Brookfield closed its fourth flagship fund in December 2019. Beneath the headlines, there remains an attractive mix of experienced and emerging smaller fund managers looking to raise capital in a difficult fundraising environment, while also focusing on differentiated investment strategies.
Panellists will address the following.
- What new investment strategies might emerge for fund managers in the coming years?
- What strategies are fund managers employing now to obtain assets?
- What are the challenges for first-time fund managers in today’s environment?
- With US and global LP’s increasing allocations for infrastructure, is this helping GPs raise comingled funds or are more investors seeking SMAs or bespoke transaction structures?
Partner, Mayer BrownEd Pallesen
Managing Director, HIG CapitalCTChris Tehranian
Senior Director, First Sentier Investors
13:50Panel: Connecting the digital infrastructure investment
When COVID-19 first struck North America, almost overnight it sent broadband traffic on a growth rate of roughly 30%, forever leaving an indelible mark on the entire communications infrastructure ecosystem. In 2020, infrastructure investors especially poured capital into fiber-to-the-home (FTTH) companies, accelerating their capex plans and corresponding rates of return. And now enterprise-focused firms are also turning their attention to the residential market. How will this convergence in business models shape dealmaking in the years to come?
Delegates will have an opportunity to hear panelists discuss the latest trends and drivers in the communications infrastructure market such as the following:
- How will the convergence between FTTH and enterprise fiber shape dealmaking?
- Positioning enterprise fiber for growth in a crowded field.
- What should investors ask management teams about driving growth and monetizing total addressable market?
Partner, White & CaseMarc Ganzi
Chief Executive Officer, Digital ColonyMKMarc Keller
Director, Wren House Infrastructure ManagementKevin Genieser
Senior Partner, Antin
14:30Closing remarksJon Berke
North Americas Editor, Inframation News
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Mike Hopkins is an entrepreneurial cleantech CEO and thought leader in the fields of energy storage and hydrogen.
He currently leads Bakken Energy, a new company working to transform the energy industry in North Dakota.
Prior to becoming CEO of Bakken Energy, Mike served as CEO of Ice Energy, a leading provider of thermal energy storage for the electricity grid. The Ice Energy business was acquired by Argo Infrastructure Partners in early 2020.
Before leading Ice Energy, Mike practiced law for 18 years as a partner with Bennett Jones LLP, a preeminent Canadian law firm recognized internationally as a leader in the fields of energy and climate change. He helped his clients successfully develop and finance over $12 billion of power projects in the US, Canada, Australia and the UK.
Mike sits on various for profit and not-for-profit boards, including the Board of Plus Power, a leading battery storage developer, Nelumbo, a cutting edge nanotechnology company and the Committee for Economic Development of the Conference Board.
He has served over 30 years as a volunteer leader of Juvenile Diabetes Research Foundation, including 12 years as Chairman of the Canadian affiliate.
Mike holds a Bachelor of Arts and a law degree from the University of Ottawa, a Master’s of Arts in Law and Economics from the University of Miami and a Master’s of Business Administration from the University of Alberta.
Gisele Everett is Senior Managing Director, Americas for OMERS Infrastructure and is based in New York City.
Since joining OMERS in 2019 Gisele has been instrumental in shaping portfolio company strategy and value creation, including in our investments Leeward Renewable Energy and LifeLabs. In her current role she leads the Americas team and is responsible for OMERS Infrastructure’s investing strategy in the region.
Prior to joining OMERS, Gisele held roles at Anchorage Capital Group, Deutsche Asset Management and Citigroup, having led teams responsible for the investment lifecycle from origination, transaction execution through value creation to exit, across sectors including energy, industrials, telecom and cleantech. She also held board director roles in over 15 companies covering various geographies and sectors.
Gisele has a BBA (finance major) from Fundação Getúlio Vargas in Brazil and an MBA (finance major) from Cornell University. She speaks English, Portuguese and Spanish.
Allan Marks is a partner at Milbank LLP. Corporations, private equity funds, institutional investors, lenders and sponsors globally rely on Allan to stucture, negotiate and execute the development and financing of complex energy and infrastructure projects and related acquisitions, restructurings, and capital markets transactions. He has special expertise in the power and renewable energy, water, transportation, biofuels, telecommunications, airports, rail and ports sectors.
Allan created and hosts the Law, Policy & Markets: Milbank Conversations podcast and speaks and publishes frequently on sustainability, infrastructure, renewable energy, cross-border transactions, risk management, public-private partnerships, and economic and regulatory policy. He is a regular contributor to Forbes and serves as an editorial board member of Law360 for Project Finance.
Allan is an Adjunct Lecturer at the University of California, Berkeley, both at the Law School and the Haas School of Business, and is a member of the Pacific Council on International Policy. He was the founding co-chair of the State Bar of California Real Estate Sub-Section on Public-Private Infrastructure.
Allan is ranked as one of the world’s leading project finance lawyers by Chambers Global, Chambers USA, Chambers Latin America, a “Leading Lawyer” for Project Finance in IFLR1000, an “Expert” by Who’s Who Legal for Project Finance, a “Leading Lawyer” in Energy: Renewable/Alternative in Legal 500, and was named one of California’s “Top 50 Development Lawyers” by the Daily Journal.
Allan earned his J.D. from University of California, Berkeley Law School and his B.A. in International Studies from The Johns Hopkins University.
Tim Short is a Managing Director within the KKR Infrastructure Investment team focused on Energy Transition, Renewables, Storage and related energy infrastructure.
Previously, Tim was a Managing Director on the Clean Energy Infrastructure (“CEI”) team at Capital Dynamics in New York, having spent over 10 years growing the investment platform since its inception in 2010. Tim sat on the CEI Investment Committee as well as boards of selected portfolio companies and assets. He was responsible for investment strategy, origination, execution and management. In 2018, Tim led the USD 1.7 billion privatization of 8point3 Energy Partners, a transaction which was awarded the S&P Global Platts Financial Energy Deal of the Year. Tim covered all aspects of the CEI investment strategy, he was responsible for spearheading the platform’s distributed generation and M&A efforts, sharing coverage of energy storage opportunities. In 2019, Tim was awarded Power Finance & Risk’s Project Sponsor Finance Official of the Year.
Tim has over 18 years of energy, power and renewables-related experience, with prior experience in solar (photovoltaic) engineering; power and infrastructure investment banking; and also served as a climate change advisor to the Australian Government. To date, Tim was involved in over USD 14 billion of invested capital in clean energy assets.
Tim holds Bachelor's degrees in Commerce (Finance) and Engineering (Photovoltaics and Solar Energy, First Class Honors), from the University of New South Wales and an MBA (Honors) from the Wharton School at the University of Pennsylvania.
Mr. Bilicic heads the Firm’s global efforts in power, energy and infrastructure. In addition, Mr. Bilicic serves as a member of the Firm’s Global Executive Committee. Otherthan his time at Sempra and KKR (see below), Mr. Bilicic has been at Lazard since March 2002.Mr. Bilicic has advised on the following matters, among others (client in parentheses): Energy Transfer’s proposed acquisition of Enable Midstream Partners (OGEEnergy), DTE proposed spin-off of pipeline business (DTE), sale of El Paso Electric (El Paso Electric), sale of NiSource’s Massachusetts gas LDC (NiSource), PG&E onits restructuring and liability management activities (PG&E), acquisition of InfraREIT by Sempra’s majority-owned affiliate, Oncor, and Sempra’s concurrent acquisition ofa 50% limited partnership interest in Sharyland Utilities (Sempra), sale of Sempra’s utility business in Peru (Sempra), sale of Sempra’s utility business in Chile (Sempra),sale of a portion of Sempra’s renewables business to Consolidated Edison (Sempra), Sempra/Total LNG MOU (Sempra), Peabody’s purchase of Shoal Creek fromDrummond Company (Peabody), Peabody in respect of the Navajo Generating Station (Peabody), Archer Daniels Midland’s purchase of Neovia (ADM), SempraElliott/Bluescape shareholder matters (Sempra), purchase by Owens & Minor of Halyard S&IP business (Owens & Minor), sale of Landauer to Fortive (Landauer), sale ofOncor to Sempra (Sempra), sale of Calpine to an investor consortium led by Energy Capital Partners (Calpine), merger of Great Plains Energy and Westar Energy (GreatPlains), sale of WGL to AltaGas (WGL), sale of SolarCity to Tesla (SolarCity), unsolicited proposal for tronc by Gannett (tronc), Dynegy’s acquisition of generating assetsfrom Engie (Dynegy), sale of Columbia Pipeline Group to TransCanada (Columbia Pipeline Group), Baxter’s support agreement with Third Point (Baxter), sale of ITC toFortis (ITC), Detroit’s Chapter 9 bankruptcy (Official Committee of Retirees of Detroit), Iberdrola USA’s acquisition of UIL (Iberdrola USA), NiSource’s spin-off of ColumbiaPipeline Group and formation of an MLP (NiSource), Dynegy’s acquisition of power generation assets from Duke Energy and Energy Capital Partners (Dynegy),proposed Alaska LNG Project (State of Alaska), sale of Integrys Energy to Wisconsin Energy (Integrys Energy), sale of Pepco to Exelon (Pepco), strategic advisory inrespect of the Tennessee Valley Authority (TVA), Energy Future Holdings bankruptcy restructuring (Unsecured Creditors’ Committee), sale of UNS Energy to Fortis (UNSEnergy), sale of NV Energy to MidAmerican (NV Energy), sale of Ameren Energy Resources to Dynegy (Dynegy), strategic advisory in respect of Long Island ElectricT&D System/Superstorm Sandy (New York State), sale of Equitable Gas and asset exchange with SteelRiver (EQT), sale of CH Energy to Fortis (CH Energy), sale ofstake in Vespucio Norte Express to Brookfield (HOCHTIEF), merger of Exelon and Constellation Energy (EDF), sale of Central Vermont Public Service to Gaz Métro(Central Vermont Public Service), sale of Landys + Gyr to Toshiba (Landys + Gyr), merger of Progress Energy and Duke Energy (Progress Energy), merger of NortheastUtilities and NSTAR (Northeast Utilities), Solyndra restructuring (U.S. Department of Energy), potential sale of PGW (City of Philadelphia), potential stadiumfinancing/partnership for the San Diego Chargers (City of San Diego), resolution of joint venture and related matters between EDF and Constellation Energy (EDF), saleof the trading business of RBS/Sempra (RBS and Sempra), sale of Autopista Central toll road (Skanska), exchange offer by Exelon for NRG (Exelon), leveraged buy-outof TXU led by KKR and TPG (TXU), Duk
As Chief Financial Officer for Transurban North America, Mike has responsibility for the accounting, financial planning and analysis (FP&A), corporate finance and treasury functions of Transurban’s North American operations. He also plays key roles in structuring, negotiating and financing new project developments and bid submissions, and has managerial and Board responsibilities for Transurban’s North American assets. Mike joined Transurban in 2016 as Treasurer, North America and led the financing of the I-395 Express Lanes, including the use of innovative financing tools like Private Activity Bonds and Virginia Transportation Infrastructure Bank debt. He was also instrumental in developing the valuation and financing strategy on the acquisition of the A25 toll road and bridge which expanded Transurban’s portfolio into Canada.
Aaron Vale joined CBRE Caledon in 2014 focusing exclusively on its infrastructure investment activities. As Partner, Aaron is co-head of CBRE Caledon’s Infrastructure Indirect group which helps clients create customized separately managed accounts to access infrastructure funds and co-investments. Aaron has extensive experience executing infrastructure investments as well as with asset management. Prior to joining CBRE Caledon, Aaron was engaged to help structure and raise a Latin American infrastructure fund. Before that, Aaron was a member of Macquarie Bank in a variety of infrastructure and energy roles in Calgary, Mexico City and Toronto. Aaron chairs the CFA Toronto Institutional Asset Management Committee and the Bata Shoe Museum’s Finance Committee. Aaron is a CFA and CAIA Charterholder and holds a Master of Finance degree from INSEAD and Bachelor of Commerce degree from McGill University.
Caleb Powers is a Principal of Ember Infrastructure, a sustainability-focused private equity fund active in the low carbon energy, water, waste, and agricultural & industrial sectors. Ember partners with experienced management teams to invest in middle market businesses and assets that contribute to reduced carbon intensity and enhanced resource efficiency. He has 13 years of experience in infrastructure finance. He was most recently a Vice President at The Carlyle Group, where he led investment activities in the water & waste sectors, with additional transaction experience in the energy and agriculture sectors, for Carlyle’s Global Infrastructure Opportunity Fund. In his role, Caleb was responsible for investment origination and structuring, due diligence, execution, and monitoring.
Until 2018, Caleb was a Vice President with Global Infrastructure Partners in New York as a member of the investment team. Prior to joining GIP in 2012, Caleb worked in the Natural Resources Group at Deutsche Bank in New York, focusing on the power, utilities, and renewable energy sectors.
Caleb received a B.A. from Dartmouth College.”
Mr Jan Vesely joined EQT Partners in 2010. At EQT Mr Vesely has been one of the leading investors in digital infrastructure globally and is responsible for several businesses in the space including Zayo, the largest private fiber communication infrastructure company in the US, Canada and Europe, Segra, the leading independent fiber provider in the Carolinas and the Mid-Atlantic region, and EdgeConneX, a high growth wholesale data center business focused on serving cloud customers globally. Prior to joining EQT Partners, Mr Vesely worked in the investment banking division of Goldman Sachs. He holds a master’s degree from the University of Mannheim.