Where Does the Money Come From?

The Governor’s Conference on
Energy
Where Does the Money Come
From? – Raising Capital
Wednesday, October 13th
3:30pm – 5:00pm
Richmond, Virginia
The Governor’s Conference on
Energy
Bob Sledd
Senior Economic Advisor to the
Governor
Where Does the Money Come From?
– Raising Capital
Scott Parsons
Executive Director of the VSBFA
Where Does the Money Come
From?
•
Contact:
Scott Parsons,
Virginia Small
Business
Financing
Authority at
DBA
804-371-8208
scott.parsons
@vdba.virginia.gov
BOS.VIRGINIA.GOV
Presently Virginia has three financing assistance programs
at the Dept. of Business Assistance that can be used for
energy related projects. Energy projects would include
those that create quality employment opportunities and that:
– Reduce energy use; or
– Increase energy efficiency; or
– Increase the use of alternative/renewable energy source
•
The Virginia Business One Stop provides a single place to
accelerate new business formation by the McDonnell
Administration. It is also a one stop for information
resources and regulatory/permitting requirements for startups and existing Virginia businesses.
Where Does the Money Come
From?
Contact:
Scott Parsons,
Virginia Small
Business
Financing
Authority at
DBA
804-371-8208
scott.parsons
@vdba.virginia.gov
BOS.VIRGINIA.GOV
• Through the programs of the Small Business
Financing Authority at the Department of
Business Assistance, energy projects could get
public support through
– VIRGINIA CAPITAL ACCESS PROGRAM
Loan loss reserve pools
– LOAN GUARANTY PROGRAM
Loan guaranties
– ECONOMIC DEVELOPMENT LOAN FUND
Direct loans providing “gap” financing
Where Does the Money Come From?
– Raising Capital
Stephen Walz
Director, Virginia Department of Mines,
Minerals and Energy
Where Does the Money Come
from?
Raising the capital for energy business development
•
•
•
•
Direct Grants
Tax Credits
Market Building
Business Support
Direct Grants - State
• DMME Economic Development
Grants
– Energy businesses; $12million
• DMME Biomass and WTE
Grants
– Private and public projects; $10
million
• Biofuels Production Grant
• Solar-PV Manufacturers
Incentive Grant (SMIG)
Direct Grants - State
• Virginia Economic Development
Partnership (VEDP)
– Governor’s Opportunity Fund
(GOF)
• Tobacco Commission
• Virginia’s Center for Innovative
Technology (CIT)
Direct Grants - Federal
• Department of Energy (DOE)
– Small Business Innovation Research (SBIR)
– Small Business Technology Transfer (STTR)
– Advanced Research Projects Agency –
Energy (ARPA-E)
– Carbon Capture and Storage
– Technology specific
• USDA
– Renewable Energy/Energy Efficiency
Improvement Program (REEP)
– Rural Economic Development Grants
(REDG)
– Rural Economic Development Loans (REDL)
Tax Credits
• Virginia Green Jobs
• Virginia Energy Star Sales Tax
Holiday
• Biofuels production
• Federal Tax Credits
– Manufacturing Energy Products
– Investment Tax Credit (ITC)
– Production Tax Credit (PTC)
– ARRA Grant in Lieu of ITC
Market Building
• Weatherization Innovation ($4 m)
• Regional Energy Alliances (REA)
– $2.7m – Competitive/Loan Loss
• Virginia Energy Sense
• State and Local EE Investments
– Energy Services Company (ESCO)
Market Building
• American Recovery and Reinvestment
Act (ARRA)
– Energy Efficiency (EE) Rebates
– Renewable Energy (RE) Rebates
– State, local and education project support
• Weatherization Assistance Program
(WAP)
• Virginia Department of Agriculture and
Consumer Services (VDACS)
Market Building
• Energy Savings Performance
Contract (ESPC) – $300 million in
State Buildings
• Clean Cities Program
– Electric Vehicle (EV) Preparedness
– Propane
– Diesel Replacements
• Utility Energy Efficiency
Programs
Business Support
• Department of Business Assistance (DBA)
• Business One Stops
• Virginia Community College System (VCCS)
Training
– HVAC
– Utility workers
– Wind Technician Training
• University R&D Partnerships and Centers
– Virginia Center for Coal and Energy Research
(VCCER)
– Virginia Coastal Energy Research Consortium
(VCERC)
– JMU – small wind test and training facility
• Virginia Offshore Wind Development Authority
(VOWDA)
Where Does the Money Come From?
– Raising Capital
Stephanie Hamlett
Executive Director, Virginia Resources
Authority
Where Does the Money Come From?
– Raising Capital
Virginia Tobacco Commission R&D Fund
Bob Bailey, Executive Director
Center for Advanced Engineering and
Research
The Tobacco Indemnification and Community Revitalization
Commission is a 31-member body created by the 1999
General Assembly. Its mission is the promotion of economic
growth and development in tobacco-dependent communities,
using proceeds of the national tobacco settlement.
Primary Strategies
•
•
•
•
Building technology infrastructure
Building human infrastructure
Building conditions for innovation
Building regional development
capacity
Overview of R&D Fund
Program is intended to attract entities who propose to:
• engage in applied research that is post proof-of-concept
• pursue commercialization within 36 months
• invent and/or improve products, processes, or services that
originate and remain in the Region (highest priority), or
whose value is substantially increased in the Region (lower
priority)
• provide to the Commission, or its designee, intellectual
property rights (“IP”) commensurate with its contribution to
the project.
• conduct research and development in the following areas:
9
9
9
9
9
Energy (of primary interest to the Commission)
Biomedical and Health Care
Information Technology
Chemical and Materials
Environmental
Key Requirements
• Minimum matching funding of at least 1:1
• Applications will only be accepted from
entities located within and/or serving the
“Tobacco Region”
• Applications that propose to expend
Commission resources outside of that
Region, either directly or indirectly, will
receive limited consideration.
• Research performed within the Region
whose ultimate benefit is likely to be
commercialized outside the Region without
majority economic benefit to the Region will
receive limited consideration.
Eligible Applicants
• The governing body of a Virginia city,
county, town or industrial development
authority.
• A private, non-profit entity, properly
constituted in Virginia under IRS 501(c).
• An education or training institution
physically located in Virginia.
• Entities not constituted in Virginia but with
significant, enduring investments in the
Region.
• A for-profit entity may apply if joined by a
non-profit or governmental entity as coapplicant AND the for-profit entity enters
into an agreement with the Commission to
create jobs and investments in the Region.
Submittal and Review Process
Full application guidelines
available on Tobacco
Commission web site at
www.tic.virginia.gov
• Submittals accepted at any time
• Proposals will be batched quarterly (may go
to 3 times per year in 2011)
• Initial review by staff and R&D Committee
for compliance with guidelines
• Second review by an independent technical
advisory committee to assess scientific
content and commercialization potential
Technical Review Criteria
Scientific Track Evaluation/Scoring
Elements:
• Adequacy of Proof of Concept.
• Stage of Technical Development.
• Technical experience/credentials of the R &
D team.
• Are there competing technologies which are
more likely to achieve the same or greater
commercial outcomes?
• Did the applicant team define sufficiently the
project milestones and is there adequate
evidence of resources (financial and human)
to achieve these milestones?
Technical Review Criteria
Commercialization Track Evaluation/Scoring
Elements:
• Is this technical solution sufficiently scalable to achieve
the stated outcomes in economic impact
(transformative to the region and job creation
potential).
• Is the IP portfolio adequate and is there a clear
commercialization pathway from inventor to
commercialization partner?
• Is the declared market for this technical solution
developed and sufficiently robust to support the pro
forma growth predictions?
• Is the proposed management team adequately
experienced to achieve the declared outcomes?
• Is the specific value proposition defensible and
powerful enough to achieved the declared outcomes?
Technical Review
Milestones
•
•
•
•
•
•
•
Grant Applicants advised of process;
Grant Applications with full supporting detail posted
for VEDP Review Panel Team Leaders + Reviewers.
Team leaders submit scores and detailed
commentaries to VEDP.
All scorings posted for Team Leaders; Grant
Applicants given detailed focus/content guidance for
face-to-face presentations.
Face to Face Grant Applicant Presentations to
Review Panel Team Leaders, for final lock down
scoring.
VEDP submits final scoring grids to TIC Executive
Staff with Science and Commercialization
Commentaries.
R & D Committee acts on scoring recommendations.
Terms and Conditions
• Grantee articulates a promise to the TICRC
– Promise articulated as Exhibit A to the contract
– Promises should be clear, definitive, measurable, within
the mission of the TICRC, and worth the amount of the
investment
• TICRC holds a lien on grant funded
equipment or on IP generated with grant
funds
– Not an IP ownership position
• Lien is released when the promise if fulfilled
• Refund due if promise is not fulfilled
• Penalty due to TICRC if IP generated with
grant funds is commercialized outside the
Tobacco Region (unless the promise if
fulfilled)
Where Does the Money Come From?
– Raising Capital
Introduction to CIT GAP Funds
Tom Weithman
Vice President & Managing Director
CIT GAP Funds
Virginia VC v State Comps
Venture Investments in Companies by State
5-year
total
2008
GSP
MD
$2.7B
$273.3B
NC
$2.1B
$400.2B
MA
$14.4B
$364.9B
VA
$2.1B
$397.0B
$1,100
$1,000
MA
$900
$800
MD
NC
VA
$700
(M)
$600
$500
$400
$300
$200
$100
$0
2007-3
2007-4 2008-1 2008-2 2008-3Venture
2008-4 Capital
2009-1 Association
2009-2 2009-3
2009-4 2010-1
2010-2
Source:
PricewaterhouseCoopers/National
MoneyTree(tm)
Report
Virginia should be able to at least perform
on the MD scale and needs to set MA as
the target of opportunity
CIT GAP Funds Overview
•
Family of Seed-Stage Venture Funds
•
Virginia Investment Focus
•
Convertible Debt Fund
•
Spin-Outs from Virginia Research Institutions
•
“Double-Bottom Line” Fund
•
Deep Engagement with Portfolio Companies
Investment Stage
SBIR Funding
NewCo
Translational Research
RESEARCH
GAP Fund
PROOF OF
CONCEPT
OR
INVENTION
license
Adapted from Department of Commerce
EARLY
STAGE
DEVELOPMENT
Venture Capital
PRODUCT
DEVELOPMENT
PRODUCTION
Convertible Debt Fund
•
“Near-Equity” Instrument
•
Initiates as Debt - Downstream Conversion to Equity at
CIT Option
•
Streamlined Deal-Making
•
Balances Interests of Investor and Entrepreneur
Investment Criteria
Management Team / Founder
9 Full-Time Commitment
9 Integrity
9 Passion
9 Coach-ability
9 Creativity
9 Record of High Achievement
Investment Stage
9 Exclusive Seed Stage Focus
9 12-36 Months Prior to Series-A
9 Pre-prototype – Pre-Launch
Technologies
Investment Range
9 < $100K Alone; <$500K Syndication
9 < $500K Previous Financing
9 Follow-On Investment Option
Proprietary Advantage
9 Unique Technology
9 Defensible IP Position
9 Difficult-to-Replicate Business Model
Scalability
9 Markets with Big Buying Power
9 Potential for Dominant Market Position
9 Large-Scale Production and Delivery
Economies
Industries
9 Technology
9 BioLife
Geographic Focus
9 Virginia-Only
CIT GAP Funds Evolution
GAP Tech Fund
Fund Size: $1.8M
Vintage 2007
GAP Fund I
Fund Size: $2.2M
Vintage 2005
Current GAP Results
• 39 Investments
• $52M+ Private Funds Attracted
• 13 Series A Investments
• 5 Portfolio Exits
GAP BioLife Fund
Fund Size: $1.8M
Vintage 2007
GAP Energy Fund
Fund Size: $2.0M
4Q10 Launch (projected)
Investment Committee
•
•
•
•
•
•
•
•
•
•
New Enterprise Associates
Grotech
Intersouth Partners
HIG Ventures
Johnson & Johnson
Tall Oaks Capital
Carilion Biomedical Institute
Valhalla Venture Partners
New Vantage Associates
Cashed-Out Entrepreneurs
GAP Funds Portfolio – Pre-Series A
June 26, 2010
June 23, 2010
Influence Intelligence
Drug discovery
March 26, 2010
December 8, 2009
Situational dashboard
technology
Care management
technology
May 4, 2009
April 2, 2009
Referral service
Data management
OTraces
July 9, 2008
June 30, 2008
May 30, 2008
May 30, 2008
May 8, 2008
December 13, 2007
Power management
Mobile voice
authentication
Automates construction
process payments
Blood testing for cancer
Forensic monitoring of
electronic records
Stream live video via
mobile
September 13, 2007
May 9, 2007
Anti-infective small
molecule drug discovery
and development
April 18, 2007
April 3, 2007
December 23, 2005
Interconnection
material
Renewable resources
Electrical apparatus
manufacturing
November 26, 2007
Business Grade IP
Services, offering SIP
Trunking and Audio
Conferencing
Optical sensors for lowvoltage power use
GAP Funds Portfolio – Series A
December 21, 2006
April 15, 2008
March 12, 2009
Soft tissue regeneration
of ACL
Internet clean-room
Series A 6/30/09
Series A 3/12/09
July 22, 2005
Location based
messaging solutions
Series A 12/17/07
SAS platform for
distributed workforce
management
November 14, 2008
October 6, 2006
Interactive
communications platform
Cell culturing hardware
and growth media
Series A 2/4/09
Series A 11/14/08
Series A 4/22/08
December 6, 2005
December 22, 2005
Tumor-based cancer
treatment
Series A 10/19/07
September 7, 2006
Secondary electronics
distributer
Series A 9/27/07
November 8, 2006
April 28, 2005
SAS platform for lead
generation
Technology solutions for
mobile gaming vendors
Enterprise technology
roll-out management
software
Series A 4/13/07
Series A 9/10/08
Series A 7/17/06
GAP Funds – Leverage Value
$60,000,000
CIT Investment: Q3 - $4.00; Q4 - $4.1M
$50,000,000
3rd-Party Investment: Q3 - $50.97; Q4: $55.3
$40,000,000
$30,000,000
13.5x
$20,000,000
$10,000,000
Q
3
FY
10
FY
10
1
Q
Q
3
FY
09
FY
09
1
Q
Q
3
FY
08
FY
08
1
Q
Q
3
FY
07
FY
07
1
Q
Q
3
FY
06
FY
06
1
Q
Q
3
FY
05
$0
CIT GAP Funds Contribution
Seed/Early Stage Deals Investments – State Comps
60
MA
# of Deals
50
MD
40
30
NC
20
VA
10
0
2004
2005
2006
2007
2008
2009
Source: PricewaterhouseCoopers/National Venture Capital Association MoneyTree(tm) Report
VA w/o
GAP
Track Record
•
•
•
•
•
Transferring and Commercializing IP
Forming New Companies
Securing “Next-Round” Financing
Exiting Portfolio Companies
Creating Value
9Entrepreneurs
9Co-Investors
9Commonwealth of Virginia
• “Top 100 Venture Fund”
2005-2008,
CONTACT:
Tom Weithman
[email protected]
www.citgapfunds.org
Where Does the Money Come From?
– Raising Capital
Henry H. Berling, Managing Director
Ewing Bemiss & Co
EB&Co Energy Group
Ewing Bemiss maintains a high level of energy industry expertise through proactive market research and
on-going contact with strategic and financial buyers and investors.
Select EB&Co Energy Transaction History
Certain assets of
has sold
Toro Partners, L.P.
a subsidiary of
through its portfolio company
Beacon Landfill Gas Holdings LLC
Has been acquired by
Have been acquired by and
undisclosed buyer
has sold
Greenville Steam
Company
to
Gallop Power Greenville,
LLC
Mowood, LLC
Private Capital
Formation for 9.4MW
Solar PV Project
has sold
to
York Haven Power, LLC
Senior Debt Provided by
has acquired
has sold the gas rights to three
landfills in the Southwest
to
and subsidiaries of
Ridgewood US Hydro
Corporation
to affiliates of
Multitrade Biomass
Holdings, LLC
a subsidiary of
has completed a $15 Million
Senior Debt Recapitalization of
Ridgewood Maine Hydro
Partners, L.P.
MMA Renewable Ventures
from
has secured an investment in its
subsidiary
Multitrade Telogia, LLC
from
has been acquired by
Private Capital &
Tax Equity Formation
Strategic
Advisor
Strategic
Advisor
Principal
Investment
and
Select EB&Co Energy Transaction History (cont.)
Northwest Geothermal Company
has sold its
Multitrade Biomass
Holdings, LLC
has secured an investment in its
subsidiary
Multitrade Rabun Gap, LLC
from
KANSAS CITY LFG, LLC
JOHNSON COUNTY
Landfill Gas Project
to
Acquisition of
Minority Stake
and
Newberry Geothermal Project
has received an Equity
Capital Investment from
ENERGY SERVICES, INC.
have sold
Indeck Maine Energy, LLC
to
and
US RENEWABLES
GROUP
has sold its subsidiary
has sold its gas rights at
King County’s Cedar Hills
Landfill to
and
has been recapitalized by
to
has sold its LFG assets
GRS
has been recapitalized by
Gas Recovery Systems
to
has been acquired by
Private
Private Placement
Placement
of
of Equity
Equity led
led by
by
Sterling
Sterling Venture
Venture Partners
Partners
Cordova
Cordova Ventures
Ventures
Placement of
Preferred Stock
Placement of
Equity and Debt
Upstate Energy Inc.,
a subsidiary of
Private
Private Placement
Placement
of
of Debt
Debt led
led by
by
Capital Still Being Invested in Renewable Energy
The past 5 years have seen enormous growth in renewable energy
Growing number of investors and capital entering market
Asset finance has been the primary vehicle for investment in the sector
Investment in China has grown dramatically to offset decline in EU and slowly
rebounding U.S. market
• Recent growth in U.S. private equity and venture funding
•
•
•
•
– VC funding heavily weighted to U.S. firms
Total Renewable Energy Asset Investment ($millions)
35,000
12,000
30,000
10,000
25,000
8,000
20,000
6,000
15,000
4,000
10,000
2,000
5,000
-
New Energy Finance
China
EU
All Other
Q1 04
Q2 04
Q3 04
Q4 04
Q1 05
Q2 05
Q3 05
Q4 05
Q1 06
Q2 06
Q3 06
Q4 06
Q1 07
Q2 07
Q3 07
Q4 07
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
Q1 04
Q2 04
Q3 04
Q4 04
Q1 05
Q2 05
Q3 05
Q4 05
Q1 06
Q2 06
Q3 06
Q4 06
Q1 07
Q2 07
Q3 07
Q4 07
Q1 08
Q2 08
Q3 08
Q4 08
Q1 09
Q2 09
Q3 09
Q4 09
Q1 10
Q2 10
-
US
Source:
Total Renewable Energy Investment in U.S.
($millions)
Asset Finance
Public Markets
VC/PE
Cleantech IPO Volumes Drop; Private Capital is Steady
6,000
300
5,000
250
4,000
200
3,000
150
2,000
100
1,000
50
-
2007
Source:
2008
2009
2010 Annualized
Total Funds Raised Through IPOs
Total Private Equity Investment
Average IPO Size
Average Placement Size
New Energy Finance, Capital IQ and Wall Street Research
Average Capital Raise Size ($ in millions)
Total Funds Raised ($ in millions)
Cleantech US IPO and Private Equity Activity
Who is Investing in Private Equity?
Then
••
••
••
••
••
Venture
Venture Capital
Capital
Hedge
Hedge Funds
Funds
Bank
Bank Proprietary
Proprietary Groups
Groups
Non-US
Non-US Pension
Pension Funds
Funds
Insurance
Insurance Companies
Companies
Now
••
••
••
••
••
Venture
Venture Capital
Capital
Strategics
Strategics
Family
Family Offices
Offices
Private
Private Equity
Equity Funds
Funds
“Survivors”
“Survivors”
What Do Private Equity Investors Look For?
• Risk Mitigation:
–
–
–
–
Realistic valuations
Fully financed business plans / limited capital intensity
Limited technology or market development risk
Structured securities with seniority in capital structure
• A validating investment from a strategic or a deeply experienced
VC
• Strong management teams with proven execution track records
• Continued financial and business support from existing investors
• A realistic exit plan which includes strategic acquirers
Global Investment in Renewables by Product Type
US & Canada
50,000
22,500
45,000
20,000
40,000
Transaction Value ($ in millions)
Transaction Value ($ in millions)
Global
35,000
30,000
25,000
20,000
15,000
10,000
17,500
15,000
12,500
10,000
7,500
5,000
2,500
5,000
-
-
2005
Bank
Source:
Bond
Equity
2006
Tax Equity
2007
2008
Cash Grant
2009
Mezzanine Debt
New Energy Finance, Infrastructure Journal and Wall Street Research
2010 YTD
Other
2005
Bank
Bond
Equity
2006
Tax Equity
2007
2008
Cash Grant
2009
Mezzanine Debt
2010 YTD
Other
Global Investment in Renewables by Technology Type
US & Canada
50,000
20,000
45,000
18,000
Transaction Value ($ in millions)
Transaction Value ($ in millions)
Global
40,000
35,000
30,000
25,000
20,000
15,000
10,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
5,000
-
2005
2006
2007
2008
2009
2005
2010 YTD
2006
2007
2008
Wind
Biomass & Biofuels
Solar PV
Wind
Biomass & Biofuels
Solar PV
Solar Thermal
Geothermal
Hydro
Solar Thermal
Geothermal
Hydro
Waste-to-Energy
Source:
16,000
New Energy Finance, Infrastructure Journal and Wall Street Research
Waste-to-Energy
2009
2010 YTD
Global Renewable Energy Debt Markets
Financial Close
8/30/2010
8/20/2010
7/27/2010
7/14/2010
6/9/2010
5/24/2010
5/13/2010
4/23/2010
4/15/2010
3/26/2010
3/24/2010
3/10/2010
3/3/2010
2/18/2010
Project
North Battleford Energy Center
199.5MW Larego Wind Ridge
81MW Larego Wind Ridge
Alta Wind (Terra-gen) Pass Through Cert.
Beech Ridge Wind
Duke Energy Wind
Hudson Ranch Power
Fuente Alamo PV
NextEra Central States
Cellino 43MW PV
Eolia Wind Portfolio
150MW Cedro Hill
150MW Alta Wind I
192MW Waubra Wind
(1) All prices are spread over LIBOR unless stated otherwise
Source:
Infrastructure Journal
Country
Canada
US
US
US
US
US
US
Spain
US
Italy
Spain
US
US
Australia
Term Loan
(USD in MM)
$552.0
$348.0
$140.0
$580.0
$46.0
$325.0
$205.0
$39.0
$255.0
$120.0
$114.0
$135.0
$254.0
$273.0
Tenor
(Years)
C+7
12
C+15
25
10
15
7
18
17
18
18
15
7
5
Price (bps) (1)
+250
+275-350
+275-325
7% fixed (L+313 equiv)
+300-425
+250-350
+325
Euribor+300
+250-375
Euribor+310-335
Euribor+270-300
+300-375
+275-325
+340
Existing RPS Mandates Provide for Real Growth
• If no other climate legislation is passed and the state-specific RPSs remain the only U.S. environmental
requirements, there would still be a considerable amount of renewable energy investment needed
– Current RPS legislation mandates a 5% CAGR for the next 15 years
• Over 25 million MWhs of renewable energy will need to be added each year over the next 10 years
• Potential national RPS could be a boon to development in the Southeast
RPS Legislation by State
RPS Mandated Renewable Growth
18%
700,000
15% by
2020
16%
600,000
25% by
2025
14%
12%
400,000
10%
8%
300,000
6%
200,000
4%
100,000
25% by
2025
33% by
2020
0%
2007
2015
MWh of Renewable Energy
2020
2025+
% of Power from Renwables
Note: Assumes no energy growth over time and straight-line adoption of RPS standards for
simplicity. Includes voluntary programs.
VT: 20%
by 2017
25% by
2025
20% by
2025
15% by
2025
30% by
2020
10% by
2015
20% by
2020
25% by
2025
20% by
2020
15% by
2021
NH: 24%
by 2025
ME: 30%
by 2010
NY: 30%
by 2015
10% by
2015
105 MW
2%
0
10% by
2010
10% by
2015
% Renewable
Mwhs (000s)
500,000
15% by
2015
MA: 15%
by 2020
18% by
2020
12.5% by
2025 25%
by
2025
15% by
2015
CT: 27%
by 2020
12.5% by
2021
RI: 16%
by 2019
NJ: 22.5%
by 2021
DE: 25%
by 2025
DC: 20%
by 2020
MD: 20%
by 2022
5,880 MW
by 2015
VA: 15%
by 2025
40% by
2030
Mandatory RPS States
Voluntary Utility
Commitment States
The Governor’s Conference on
Energy
Where Does the Money Come
From? – Raising Capital
Wednesday, October 13th
3:30pm – 5:00pm
Richmond, Virginia