Energy and Infrastructure Valuation Services
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.
Energy
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.
Infrastructure
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 and Infrastructure Valuation Services include:
- Project Finance valuation and cost segregation analyses.
- Repowering analyses for tax reporting purposes.
- Financial reporting valuations for portfolios of projects and assets including FASB ASC 350, 360, 718, 746 and 805.
- Equity valuations for financial reporting, tax reporting, and buy/sell consideration including residual value analyses.
- Fairness opinions in support of mergers, acquisitions, purchase, sale, and restructuring transactions.
- Solvency opinions for recapitalization transactions.
- Corporate tax restructuring valuations.
- Dispute resolution and litigation support valuation and consulting services.
- Real estate, machinery, equipment, and vehicles, and intangible assets.
- 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.
How Marshall & Stevens can help with Energy and Infrastructure Valuations
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.
Energy Industry
Since 2010, Marshall & Stevens has provided independent value opinions for thousands of energy generation project transactions – over $100 billion of project value.
Infrastructure Industry
In-house professionals from multiple valuation disciplines collaborate to provide an integrated, single-source solution for our clients.
Repowering Energy
The federal government has successfully advanced the development of a viable renewable energy generation market for the US through the use of multiple incentive structures including an investment tax credit (“ITC”).
Frequently Asked Questions
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Marshall & Stevens has great experience providing independent fairness opinions and solvency opinions for public and private company transactions.
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Marshall & Stevens provides forensic accounting, valuations, damages calculations, consulting, and expert witness testimony in a wide variety of litigation and arbitration cases.
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Marshall & Stevens performs portfolio valuations for a large and diverse pool of investments and investment funds.
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Marshall & Stevens provides appraisals of machinery, equipment, vehicles, and special purpose property for financing, financial reporting, property tax, insurance, and litigation.
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Our specialists have a great deal of experience providing financial reporting valuations for compliance with international and domestic accounting standards.
The Marshall & Stevens Difference
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.
Client Highlights
Here are a few client success stories from
Energy and Infrastructure Valuation Contacts at Marshall & Stevens
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.
Ralph Consola is Business Development Practice Leader, responsible for all sales and marketing for Marshall & Stevens.
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.
Background
Matt Germane is a Managing Director with Lone Peak Valuation Group, a Marshall & Stevens company. He works primarily in dispute resolution, litigation support, and financial valuation.
Mr. Germane has over twenty years of experience providing consulting and business valuation services to clients involved in a very wide range of industries. He has been primarily involved with calculating economic damages related to commercial litigation and has provided expert testimony in Federal Court, State Court, and testimony and support in other alternative dispute resolution contexts.
Mr. Germane is Accredited in Business Valuation (“ABV”) by the American Institute of Certified Public Accountants. He is also an Accredited Member (“AM”) in the business valuation discipline of the American Society of Appraisers. Mr. Germane has a bachelor’s degree in accounting and a Master of Business Administration degree and has hundreds of hours of additional training in the areas of valuation, litigation, and lost profit calculations.
Professional Highlights
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- Member, American Society of Appraisers
- Member, Beta Gamma Sigma
- Former Board Member, Rocky Mountain Innocence Center (2017-2022)
- Lone Peak Valuation Group
Managing Director, 2011- present - Hampton IP & Economic Consultants, LLC
Senior Associate / Manager, 2009-2011 - KPMG, LLC
Advisory Service, 2008 - Boise State University
Graduate Assistant / Instructor of Finance, 2007-2009
Background
Steve Hastings is a Managing Director with ValueScope, a Marshall & Stevens company. He works primarily in transaction advisory, litigation expert witness services, and financial valuation.
Mr. Hastings has experience in business financing, as well as the analysis of market dynamics in various industries. His expertise includes creating and analyzing financial derivatives; structuring management compensation plans; strategic business planning; due diligence and tax advisory services; negotiation assistance and investor communications. He has provided services to companies in numerous transactions involving business appraisals, sales, mergers and acquisitions; as well as having been a party to numerous complex financing transactions.
Mr. Hastings has provided expert testimony in trials and depositions related to financial matters.
He served six years as a Finance Commissioner of Texas. The Finance Commission provides overall policy and supervisory control for the Banking Department, the Savings and Loan Department, and the Office of Consumer Credit Commissioner.
Professional Highlights
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- Texas Society of Certified Public Accountants
- American Society of Appraisers
- National Association of Certified Valuation Analysts
- AICPA Business Valuation & Forensic Litigation Support
- Financial Executive Institute
- ValueScope, Inc.
Managing Director, 2006-present - Value Capital, LLC
Principal, 2001-2006 - Finance Commission of Texas
Director, 1994-2000 (public service) - MedCare Financial Solutions, Inc.
President, 1994-2001 - H.D. Vest Financial Services
Executive Vice President and CFO, 1986-1994 - Arthur Andersen & Co.
Senior Manager, 1979-1986
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
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.
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.
Relevant Insights
Property Tax Reporting and Disputes
Energy and Infrastructure
