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Energy & Infrastructure Valuation

Asset intensive businesses often require analyses from specialists in financial, fixed asset, and real estate valuation collaborating to deliver independent value opinions their auditors, tax professionals, financing sources and investors can rely on.

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. 

Experienced Energy & Infrastructure Specialists:

Image of John Geraghty

John Geraghty, Practice Leader, E&I: Decades of experience in the financing, development, and valuation of energy and other high-value asset-based projects. Prior to joining Marshall & Stevens in 2018, John held leadership roles at AT&T Finance, Vanguard Energy Partners, and Strata Solar. 

Image of Luke Liakopoulos

Luke Liakopoulos, Managing Director, E&I: Specializing in the valuation of energy generation facilities, Luke has held senior positions at Navigant Consulting, Mesirow Financial, and Alvarez & Marsal before rejoining Marshall & Stevens in January 2022

Image of Darleen Armour, ASA

Darleen Armour, ASA, Managing Director & Technical Standards Leader, Financial Valuation: Leads all financial reporting assignments for the E&I fund investors and sponsors. Her experience includes leadership roles at Houlihan Lokey Howard & Zukin, and BDO LLP before joining Marshall & Stevens in 2015.

Image of Anthony Festa, ASA

Anthony Festa, ASA, Managing Director, Practice Leader, Machinery & Equipment: Career started at Ernst & Young in the fixed asset valuation practice. His infrastructure specialty includes the valuation of water projects. He joined Marshall & Stevens in 2022.

Image of Fernando Sosa, ASA, MRICS

Fernando Sosa, ASA, MRICS, Managing Director, E&I: Started his valuation career with fixed asset appraisals and cost segregation analyses. His energy project valuation experience includes work for Alpha Power, and CohnReznick, LLP. He rejoined Marshall & Stevens in 2023. His infrastructure experience includes water facilities.

Image of Doug Van Wickler

Doug Van Wickler, Senior Director, Real Estate: Experienced in the valuation of infrastructure assets includes utility land and easements, industrial port facilities, and other special purpose properties. Doug joined Marshall & Stevens in 2013.

Image of Tyler Feld

Tyler Feld, Vice President, MS Capital, Senior Manager, E&I: Provides renewable energy project finance valuation and transaction consulting. Started his valuation career with Marshall & Stevens in 2015.

Public and private companies including infrastructure funds, independent sponsors, developers, and utilities engage Marshall & Stevens to provide pre-transaction analyses such as Fairness Opinions, Solvency Opinions, equity valuations and project finance analyses, as well as financial reporting, tax reporting, insurance, and dispute valuations.


Our experience includes the valuation of conventional and renewable energy assets, projects, and enterprises involved with the generation, distribution, and transmission of energy. Project technology valued includes offshore and onshore wind, solar, renewable natural gas, geothermal, nuclear, and carbon capture, as well as battery storage, fuel cells, oil, gas, coal, and cogeneration facilities.

Click here for more information about our Energy experience.


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.  Click here for more information about our Infrastructure experience.

Energy & Infrastructure Valuation Services include:

  1. Project Finance valuation and cost segregation analyses.
  2. Repowering analyses for tax reporting purposes.
  3. Financial reporting valuations for portfolios of projects and assets including FASB ASC 350, 360, 718, 746 and 805.
  4. Equity valuations for financial reporting, tax reporting, and buy/sell consideration including residual value analyses.
  5. Fairness opinions in support of mergers, acquisitions, purchase, sale, and restructuring transactions.
  6. Solvency opinions for recapitalization transactions.
  7. Corporate tax restructuring valuations.
  8. Dispute resolution and litigation support valuation and consulting services.
  9. Real estatemachinery, equipment, & vehicles, and intangible assets.
  10. Valuations for insurance placement.

Structured Finance Valuation Opinions

Asset intensive projects are most often financed with structured finance transactions (lease, sale leaseback, synthetic lease, tax equity investment, etc.) These finance vehicles are more complex than a traditional collateral debt agreement due to the specific valuation opinions necessary to meet US tax requirements. Our specialists provide the independent value opinions and consulting required to complete a well-documented tax beneficial financing transaction (compulsion, economic useful life, fair market value in continued use, limited use, residual value, etc.) including cost segregation analyses.  

Dispute resolution and litigation support analyses are also provided, typically related to a disagreement over a residual value buyout, early buyout option, and shareholder suppression.

Examples of our recent experience can be found on our Year In Review page.

Energy & Infrastructure Valuation

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