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    William Grippin • UBS Financial

    William Grippin's questions to Ameresco Inc (AMRC) leadership

    William Grippin's questions to Ameresco Inc (AMRC) leadership • Q4 2024

    Question

    William Grippin questioned the significant gap between the large contracted project backlog and the 2025 revenue guidance, and asked about potential EPA approval delays for new RNG plants.

    Answer

    CFO Mark Chiplock clarified that the full contracted backlog is executed over 12-36 months, not a single year, and pointed to the $1.1 billion in 12-month contracted backlog as the key indicator for 2025 revenue. Executive Mike Bakas addressed the RNG question, stating the company is comfortable with the EPA certification timeline, noting past approvals took only a month or two and that they can sell environmental attributes even while awaiting final certification.

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    William Grippin's questions to Ameresco Inc (AMRC) leadership • Q3 2024

    Question

    William Grippin from UBS Financial asked if Ameresco is considering safe-harboring equipment to protect against potential changes to the Investment Tax Credit (ITC). He also inquired if the company is getting closer to monetizing ITCs from its RNG capital expenditures.

    Answer

    CEO George Sakellaris confirmed they will look to safe-harbor some equipment for RNG plants but less so for solar, as he believes the solar ITC is secure. He also stated that the company has started exploring the sale of ITCs related to its RNG assets, noting the potential is significant, and they are evaluating the opportunity.

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    William Grippin's questions to Brookfield Renewable Corp (BEPC) leadership

    William Grippin's questions to Brookfield Renewable Corp (BEPC) leadership • Q4 2024

    Question

    William Grippin of UBS asked for more detail on framework agreements with equipment suppliers and the extent to which these agreements help safe harbor U.S. development projects from potential changes to PTC and ITC levels.

    Answer

    Executive Connor Teskey clarified that over the last few years, the company has negotiated large-scale arrangements with equipment suppliers, particularly in the U.S. He explained that these agreements leverage the company's scale to secure best-in-class pricing and priority on order lists. This positions them favorably to procure equipment domestically if tariffs make that option more valuable, helping to mitigate policy-related cost risks.

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    William Grippin's questions to Brookfield Renewable Corp (BEPC) leadership • Q3 2024

    Question

    William Grippin asked about the company's use of IRS 'safe harboring' guidelines to mitigate policy risk for tax credits and inquired about the specific drivers for the accelerating FFO per share growth implied in the Q4 guidance.

    Answer

    Executive Connor Teskey confirmed the company is always across initiatives like safe harboring to de-risk the business, leveraging its scale and diversification. For Q4 FFO growth, Teskey and fellow executive Wyatt Hartley identified four key drivers: 1) run-rate contributions from recent M&A and development, 2) strong underlying performance from businesses like Colombian hydro and Westinghouse, 3) gains from asset sales, and 4) capturing stronger prices from inflation indexation and hydro recontracting.

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    William Grippin's questions to Brookfield Renewable Partners LP (BEP) leadership

    William Grippin's questions to Brookfield Renewable Partners LP (BEP) leadership • Q4 2024

    Question

    William Grippin asked for more detail on how framework agreements with equipment suppliers help safe harbor the company's U.S. development plans against potential changes to PTC and ITC levels.

    Answer

    Connor Teskey (executive) clarified that the company's scale, advanced pipeline, and access to capital are key differentiators. Specifically on equipment suppliers, he explained that large-scale framework agreements, particularly with U.S. domestic manufacturers, ensure best-in-class pricing and priority for securing volumes, providing a strong competitive position regardless of how tariff discussions play out.

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    William Grippin's questions to JinkoSolar Holding Co Ltd (JKS) leadership

    William Grippin's questions to JinkoSolar Holding Co Ltd (JKS) leadership • Q2 2024

    Question

    William Grippin inquired about the development status of JinkoSolar's tandem cell technology and its potential commercialization timeline. He also asked about the company's confidence in its TOPCon intellectual property position amid ongoing industry litigation.

    Answer

    Haiyun 'Charlie' Cao, CFO, explained that the tandem cell technology is still in the 'early stage' and that commercialization is unlikely for at least five years. Regarding TOPCon IP, Cao expressed strong confidence in their patent portfolio, citing their role as a technology leader and significant R&D investments. He noted that JinkoSolar has already granted a patent license to another company, which he said 'demonstrates our strong capabilities on R&D and patent position.'

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