In 2026, energy is no longer evaluated as a readily available, low-cost input or a purely environmental choice. It is being priced as constrained, strategic infrastructure that’s exposed to grid bottlenecks, AI-driven demand, geopolitical supply-chain risk, and rapidly evolving federal priorities directly influencing Washington-sponsored incentives.
For investors, developers, and advisors, the core question is no longer how clean an asset is, but whether it is reliable, still financeable under a host of new rules, and readily deployable for near-to-midterm development objectives.
This virtual forum hosted by Marshall & Stevens brings together senior leaders from private equity, international energy development, data center infrastructure, regulatory policy, and project finance law for a live, unscripted conversation examining how energy assets are being repriced, restructured, and reallocated in 2026 and beyond.
Who Should Attend:
PE Firms | Infrastructure & Energy Funds | SPACs | Accountants | Attorneys | Energy Developers | Data Center & AI Infrastructure Investors
Recent changes to the federal tax code have caused a rush to meet accelerated deadlines to have renewable energy generation projects reach commercial operation and therefore earn federal investment tax credits (ITC) or production tax credits (PTC). One way to meet these new deadlines is to “repower” an existing facility rather than constructing a new facility.
The recent rush in the US to develop new data centers also requires the development of reliable energy sources that can be relied upon. This has led to Marshall & Stevens being engaged to provide valuation analyses for the repowering of conventional and renewable energy generation facilities.
While we have been engaged to provide analyses to support the repowering of a variety of project types, this article addresses the valuation analytics associated with the application of the “80/20 Rule” (aka “80/20 Test” or “80/20 Analysis”) for the most common renewable energy source, wind.
We work closely with our clients, investors, counsel, and auditors to provide an analysis that best represents the latest guidance, case law, rulings, and interpretations for the monetization of investment tax credits (“ITC”), production tax credits (“PTC”), renewable energy credits (“RECs”), capacity payments, etc.
Renewable energy technology projects and enterprises valued include offshore and onshore wind, solar, geothermal, fuel cell, renewable natural gas, microgrids, and battery energy storage systems (“BESS”). Conventional energy projects include oil, gas, coal, and nuclear power plants as well as energy distribution systems and oil services companies.
Marshall & Stevens has deep experience with the multiple value opinions required for structured finance transactions (leases, sale leaseback, tax equity investments, etc.) including the treatment of tax and production incentives. Attorneys and investors refer their energy industry clients to Marshall & Stevens for independent value opinions that meet the complex requirements of their transactions and the energy industry.
In general, we are engaged to value businesses, equity, debt, assets, and projects in support of financing, fund reporting and transactions, financial reporting, tax reporting, repowering, insurance placement, and dispute. Typical assignments include:
The valuation of a regulated utility incorporates the understanding of the limitations under which these entities must work. Regulated utilities earn revenue through an allowed “return of” and a “return on” their investments. The Federal Energy Regulatory Commission (FERC) and respective state regulatory commissions establish the rates that a utility may charge predicated upon the cost-of-service model.
Our team has experience in valuing capital intensive regulated companies and assets. Through its energy sector experience, our professionals understand the capital-intensive nature of such assets with capital reinvestment and rates of return generally being based on the respective commissions’ perceptions of the cost of debt capital and the cost of equity capital. Analytic valuation techniques for the subject regulated assets would be driven by:
Our clients include corporations, municipalities, utilities, foreign-backed and domestic developers/sponsors, domestic and international financial institutions, and infrastructure funds.
Examples of our experience can be found on our Engagements Page. For more information about our services, please contact one of the professionals listed below.
We provide a broad portfolio of independent valuation services to traditional and renewable energy enterprises that generate, distribute, and transmit oil, gas, biofuel, and electricity as well as those who service these enterprises. Federal and state renewable energy incentives are responsible for a monumental increase in renewable energy project finance valuations.
Municipalities, utilities, infrastructure funds, public and private enterprises engage us because of the multi-disciplinary specialists we employ, the experience of our professionals, and the client service focus of our firm.
Our team collaborates with our internal multi-disciplinary professionals to provide the value analyses and fresh independent opinions to fiduciaries, financing sources and investors for public and private company transactions.
Marshall & Stevens provides valuation and advisory services across a broad spectrum of energy assets, including renewable technologies such as solar, wind, geothermal, renewable natural gas, and battery energy storage systems, as well as conventional assets like oil, gas, coal, and nuclear facilities. Their expertise also extends to energy transmission, distribution, and supporting infrastructure.
Clients include energy developers, utilities, municipalities, infrastructure funds, and domestic and international financial institutions. These stakeholders rely on independent valuation analyses to support transactions, financial reporting, tax compliance, and investment decision-making.
Typical engagements include project finance valuations, fairness and solvency opinions, purchase price allocations, portfolio valuations, cost segregation analyses, and tax-related reporting. These services support financing, mergers and acquisitions, restructuring, and ongoing financial reporting requirements.
Federal and state incentives—such as investment tax credits (ITC), production tax credits (PTC), and renewable energy credits (RECs)—play a significant role in determining project economics and valuation. Properly analyzing and monetizing these incentives is critical for structuring transactions and supporting defensible valuations.
Energy projects are highly capital-intensive and often financed through complex structures such as tax equity investments, leases, and sale-leasebacks. These transactions require detailed analysis of cash flows, regulatory frameworks, and asset performance to produce independent valuation opinions that meet accounting, tax, and investor requirements.
Marshall & Stevens provides Fairness and Solvency Opinions, valuation analyses, investigative accounting, and expert witness services to assist public and private clients with their important transactions and litigation matters.
Here are a few client success stories from public and private companies we’ve worked with
