e-POSTER: Satisfying Investor and Lender Title Assurance Concerns in Land and Offshore Wind Energy Projects
21 May 19
10:00 AM
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10:25 AM
Tracks:
Finance and Investment, Poster Presentations
Wind power projects may be the latest in clean energy technology, but these projects rely heavily upon the real estate closing and title assurance process. At their core, wind power projects are essentially real estate developments. While the projects use the newest technology, nothing happens until the lenders and investor’s transactional concerns are satisfied. Until the money flows, the turbines don’t turn. The most basic concern is title certainty and insurance of the investors’ interests. Wind projects need unique title insurance coverages, demanded by lenders and investors to assure that their returns are not at risk by title defects. Some of these title defects are traditional in nature, but there are also unique issues in play. Where may lines come ashore? What are the boundaries between state and federal waters? How is title searched for the state and federal waters? Where do transaction documents get recorded give parties “secured creditor status”? How are mechanics liens secured against wind turbines? The presenters are Melanie Kido, Esq., Vice President of CATIC and Christopher Montalbano, Esq. Partner at Montalbano, Belliveau & St. Sauveur. The pair were two of the title underwriters on the Block Island Wind Farm, the nation’s first off-shore wind farm. In addition, both Ms. Kido and Mr. Montalbano are frequent speakers and have closed some of the most complex development transaction in the nation.