Jason Lewis Contributes to Energy and Environmental Project Finance Law and Taxation: New Investment Techniques Book

Winston & Strawn Partner Jason Lewis authored the chapter “Off-take Structures in Project Financings for Electric Generation Facilities: A Field Guide” in the book Energy and Environmental Project Finance Law and Taxation: New Investment Techniques (2025).

Chapter Highlights

• The chapter provides a brief introduction to many of the offtake structures that are common in today’s project financings for utility-scale electric generation facilities. It first describes certain terms and conditions that are generally common across all offtake structures for electric generation facilities and then turns to a description of particular offtake structures.
• The chapter concludes that we may currently be living through something of a golden age for offtake structures. For a variety of reasons, demand for electric power is high, and lenders continue to prefer projects with long-term offtake agreements over merchant facilities. And even though COVID-19 lockdowns may be in the rearview mirror, supply chain issues and interconnection delays are not. A wide range of offtake structures and contract provisions is available to address the spectrum of risks faced by new projects.
• New tax incentives under the Inflation Reduction Act have added to the complexity of proposed projects, and offtake structures have evolved to address risks associated with those tax credits. Offtake structures may further evolve given the prospect of changes to those tax credits that have been proposed post-publication. Such legislative changes could have a profound effect on power project development in general and offtake structures in particular.

Published by LexisNexis, Energy and Environmental Project Finance Law and Taxation: New Investment Techniques is a hands-on guide for energy project/facility developers and their professional and financial advisors. It covers clean-energy project development and various tax credit incentives, providing detailed practical overviews of the relevant (1) contract structures and negotiations relating to wholesale and interconnection agreements, power purchase agreements, and offtake structures; (2) regulatory issues (SEC, CFTC, DOE, and FERC) of project finance transactions such as trading electricity, renewable-energy certificates, offset and allowance futures and options, and debt financing; (3) risk management and mitigation relating to insuring projects, and protections against bankruptcy and insolvency; and (4) clean-energy tax credits and monetization in the United States.

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