Louis Jenull Discusses Private Credit Trends Amid Clean Energy Tax Credit Deadlines with Law360

Winston & Strawn partner Louis Jenull was quoted in a Law360 article discussing how clean energy developers are increasingly turning to private investors to secure funding and maintain eligibility for tax credits that will be phased out next year. Developers are racing to beat a July 2026 cutoff for clean electricity investment and production tax credits and a January 2026 deadline for stricter foreign supply chain and ownership rules.

Under the budget reconciliation bill, projects that begin construction after July 4, 2026, or are placed in service after 2027 will no longer qualify for clean electricity production and investment tax credits under Internal Revenue Code Sections 45Y and 48E. The bill also imposes restrictions on developers working with “foreign entities of concern,” limiting the amount of materials owned by prohibited foreign entities that developers can use and remain eligible for credits.

“You’ll see loans that will bridge until tax equity [investment] comes into the deal, or until [developers] can sell the tax credits,” Louis explained. “You might even be in situations where developers, if they can get fast capital in, bridge until they get more formal, bigger lenders involved.”

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