A shortage of tax equity would hit smaller developers hardest, though the industry remains hopeful that lawmakers will help.

But in that same conversation, investors from First Horizon Bank and M&T Bank said they were decelerating or done with investments for the year. And even as global investment bank RBC Capital Markets expects to nearly double its volume this year, “developers are finding many doors closed,” said Yonette Chung McLean, who works on that bank’s tax equity desk, in the same panel discussion.

That’s put pressure on developers as well as financiers. Jim Spano, who develops projects through his firm Spano Partners and also founded RadiantReit, an investment trust that funds solar projects, said that where once he may have landed approvals for 10 out of 12 projects submitted to an investor, in the current environment, he’s more likely to get just one approved.

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