Tax Equity Structures in Renewable Energy: Inverted Leases & Partnership Flips

Jeffrey Davis is a Partner in the Tax practice at White & Case’s Washington, D.C. office, where he advises clients on a wide range of U.S. federal income tax matters with an emphasis on project finance, development, and energy transactions. His practice has a particular focus on renewable energy, including tax credit monetization — such as tax equity financings involving flip partnerships and leases, and tax credit sales under IRC Section 6418 — mergers and acquisitions involving projects and portfolios, and back leverage financings. Jeff assists clients in qualifying for federal tax credits, including the production tax credit under IRC Sections 45 and 45Y, the investment tax credits under IRC Sections 48 and 48E, the carbon capture credit under IRC Section 45Q, the hydrogen credits under IRC Sections 48 and 45V, and credits for electric vehicles under IRC Sections 30D and 45W, among others. He has experience across a wide range of renewable energy resources, including wind, solar, fuel cells, geothermal, hydroelectric, biomass, and refined coal.

Madeleine Tan is a Partner and financial services attorney in Holland & Knight’s New York office, with more than 20 years of experience advising clients on tax equity investments, tax credit monetization, and complex financing structures across the energy, transportation, and infrastructure sectors. Her practice encompasses partnership flips, hybrid structures, sale-leasebacks, inverted leases, tax credit monetization involving both ITCs and PTCs, Holdco facilities, borrowing base facilities, mezzanine loans, back-leverage, development debt facilities, structured finance, and securitization transactions. Ms. Tan has global experience, having worked on transactions in the United States, Latin America, Europe, and Asia, and counts among her clients U.S. and foreign equity and debt funds, major sponsors, major financial institutions, multinational corporations, and investment conglomerates.

Po-Ting Peng is a Tax Associate in White & Case’s Washington, D.C. office, where his practice focuses on renewable energy tax credit monetization and financing structures, as well as the tax matters related to renewable energy project development and financing. He works with a broad range of market participants — including developers, tax equity investors, cash and preferred equity investors, and lenders — advising on credit eligibility, monetization strategies, and the structuring requirements for a variety of financing arrangements. His work spans the full range of tax credit monetization vehicles, from tax equity partnerships and sale-leasebacks to hybrid structures and tax credit transfers, and encompasses qualification for credits under both the IRA framework and the more recent changes introduced by the One Big Beautiful Bill Act.

Amish Shah is a Partner in the Tax practice at Holland & Knight LLP’s Washington, D.C. office, where he advises clients on complex tax planning and controversy matters, with a particular focus on the energy sector and clean energy initiatives. His practice spans the full lifecycle of energy projects, including structuring, financing, and monetizing tax incentives. Mr. Shah counsels clients on a wide array of energy tax credits, including production tax credits (PTCs), investment tax credits (ITCs), carbon capture, hydrogen, energy storage, and other technologies incentivized under evolving federal policy. He also represents clients before the U.S. Department of the Treasury and the IRS in connection with regulatory guidance and legislative developments.

Ted Jenkins is Managing Director and Co-Founder of GSF Advisors, a structured finance advisory firm he established in 2004. With more than 40 years of experience advising, structuring, and arranging tax-oriented and balance-sheet efficient financing, Mr. Jenkins brings deep expertise across equipment leasing, traditional utility assets, sustainable infrastructure, renewable energy projects, and broader energy transition investments. His work at GSF Advisors builds on a distinguished career in structured finance spanning major financial institutions and advisory firms.

Dan Smies is Vice President at OnSite Partners, where he leads the project development team and drives the company’s growth in customer-centric energy assets. His work focuses on helping clients manage energy costs through the implementation of asset-based products and services across the renewable energy sector.