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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

Register Now!

Properly addressing the unique characteristics of energy and infrastructure (“E&I”) projects, enterprises, and underlying assets requires specific experience. Legal, accounting, and investment advisors recommend Marshall & Stevens to their clients for the independent valuations required to properly contemplate, execute, and report transactions.

Our practice is led by professionals with deep experience in structured finance transactions, tax incentives, financial reporting, and tax reporting of E&I investments.

See below and in “Related Resources” for our unique insights into the energy and infrastructure industry.

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Why Structured Finance Requires Specialized Valuation

Large, asset-heavy projects such as energy and infrastructure developments are often financed using structured finance arrangements rather than traditional loans.

These structures can include:

  • Leases
  • Sale-leasebacks
  • Synthetic leases
  • Tax equity investments

Unlike a standard loan backed by collateral, these transactions depend on how assets are valued over time to meet U.S. tax and accounting requirements.

Because of this, multiple independent valuation opinions are needed to support how the transaction is structured and reported.

What Types of Valuation Opinions Are Needed?

Structured finance transactions require analysis of how an asset performs, how long it will last, and what it will be worth in the future.

Common valuation opinions include:

  • Economic useful life
    How long the asset is expected to remain productive
  • Fair market value in continued use
    What the asset is worth as part of an ongoing operation
  • Residual value
    Expected value at the end of a lease or project term
  • Economic compulsion
    Whether a party is financially likely to exercise a purchase option
  • Limited use analysis
    Whether the asset is highly specialized and difficult to repurpose
  • Cost segregation (MACRS classification)
    How assets are categorized for depreciation and tax purposes

These analyses help determine whether a transaction qualifies for specific tax treatments and how risks and benefits are allocated.

How Valuation Supports Disputes and Litigation

Valuation issues do not only arise during a transaction. They are also central in disputes.

Common situations include:

  • Disagreements over residual value at the end of a lease
  • Early buyout or purchase option disputes
  • Shareholder disagreements involving asset value

In these cases, independent valuation analysis is used to support negotiations, arbitration, or litigation.

Energy Projects: What Is Being Valued?

Marshall & Stevens has experience valuing both renewable and conventional energy assets across the full lifecycle of a project.

This includes:

  • Power generation assets such as wind, solar, geothermal, and nuclear
  • Emerging technologies such as battery storage, fuel cells, and carbon capture
  • Traditional energy sources including oil, gas, and coal
  • Systems involved in energy transmission and distribution

These assets are typically capital-intensive and require careful analysis of long-term performance, regulatory factors, and market conditions.

Infrastructure Projects: Who Needs These Analyses?

Infrastructure assets are often owned or financed by a mix of public and private stakeholders.

Clients typically include:

  • Municipalities and public agencies
  • Utilities
  • Infrastructure and private equity funds
  • Developers and operating companies

These groups rely on valuation to support financing decisions, reporting requirements, and long-term planning.

What Services Support Energy and Infrastructure Transactions?

Energy and infrastructure projects require a range of valuation and advisory services throughout their lifecycle.

Common services include:

Each of these services addresses a specific decision point, from initial financing through ongoing reporting and, if necessary, dispute resolution.

Energy & Infrastructure

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.

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How Marshall & Stevens can help with Energy and Infrastructure

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.

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Frequently Asked Questions

What types of energy and infrastructure assets does Marshall & Stevens value?
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Marshall & Stevens provides independent valuation and advisory services for a wide range of energy and infrastructure assets, including renewable energy projects (solar, wind, battery storage, renewable natural gas), conventional power assets (oil, gas, nuclear, coal), and critical infrastructure systems such as transmission, distribution, and utilities.

How do structured finance transactions impact energy and infrastructure valuations?
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Energy and infrastructure projects are frequently financed through structured vehicles such as tax equity investments, sale-leasebacks, and synthetic leases. These transactions require specialized valuation opinions—such as fair market value, residual value, and economic useful life—to meet U.S. tax and regulatory requirements and ensure defensible transaction reporting.

Why are independent valuation opinions important in energy and infrastructure transactions?
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Independent valuation opinions provide fiduciaries, investors, and financing sources with objective, defensible analyses to support mergers, acquisitions, financings, and restructurings. These opinions help mitigate risk, satisfy regulatory and tax compliance requirements, and support informed decision-making in complex, asset-intensive transactions.

Does Marshall & Stevens support renewable energy tax credit transactions (ITC/PTC)?
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Yes. Marshall & Stevens performs valuations and cost segregation analyses to support transactions involving investment tax credits (ITC) and production tax credits (PTC). These services are critical for developers, sponsors, and investors seeking to monetize tax incentives and structure compliant, tax-efficient energy investments.

What services does Marshall & Stevens provide beyond valuations for energy and infrastructure clients?
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In addition to valuation opinions, Marshall & Stevens offers a full suite of transaction advisory services, including fairness and solvency opinions, financial reporting valuations, tax restructuring analyses, dispute resolution and litigation support, and portfolio-level valuation services across energy and infrastructure investments.

Why Marshall & Stevens

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.

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94 years since founding
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Client Highlights

Here are a few client success stories from public and private companies we’ve worked with

             

Energy & Infrastructure Contacts at Marshall & Stevens