Energy Tax Update: New Material Assistance/FEOC Guidance Released

1 hour watch | February.27.2026

On Thursday, February 19 Orrick’s Energy Tax Team hosted a webinar discussing IRS Notice 2026-15. The Notice, which was released on February 12, provides interim guidance on the application of restrictions related to prohibited foreign entities (PFEs) for energy credits under Sections 45X, 45Y and 48E. It also outlines interim safe harbors, definitions and compliance requirements for taxpayers seeking to claim clean energy credits, while ensuring compliance with new PFE restrictions.

Our discussion focused on breaking down the key provisions of The Notice, the implications for renewable and alternative energy project development and investment and providing practical insights on compliance, substantiation and risk mitigation for taxpayers and industry stakeholders.

A recording of the discussion is provided below. Please also refer to Orrick’s Energy Tax Resource Center for the latest updates.

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Speakers

John Eliason Partner, Energy & Infrastructure, Tax

Washington, D.C.

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D:+1 202 339 8546
E: [email protected]

Practice:

Energy & Infrastructure Sector
Finance Sector
Energy & Infrastructure
Tax
Renewable Energy
Energy

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John Eliason Partner

Washington, D.C.

John advises major financial institutions (tax equity investors and infrastructure funds), lenders, developers, and sponsors, particularly those in the wind, solar, storage, biomass and energy tech space. He helps clients structure financings for their projects to take advantage of federal and state tax incentives, like the Federal production tax credit (PTC), energy investment tax credit (ITC) and accelerated depreciation (MACRS and “bonus”) using partnership flips, sale-leasebacks, public/private partnerships, and other structuring options. He has been particularly focused on providing clients with the latest guidance and opportunities relating to the Inflation Reduction Act, including with respect to Section 6418 tax credit transfers and Section 6417 direct pay opportunities.

Recognized by Chambers USA and Chambers Global in Band 2 for Projects: Renewables & Alternative Energy, clients describe John as “extremely knowledgeable, flexible and can put technical jargon into plain terms.” Client sources also state “he knows the tax equity markets very well and is very commercial.”

Prior to law school, John founded an information management company based in Austin, Texas. He is also a veteran of the Texas Army National Guard.

Mark Christy Partner, Renewable Energy, Tax

Chicago

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D:+1 312 924 9832
E: [email protected]

Practice:

Energy & Infrastructure Sector
Renewable Energy
Tax
Energy & Infrastructure
Structured Finance

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Mark Christy Partner

Chicago

Mark has nearly 15 years of experience in project finance. His clients include major financial institutions (tax equity investors and infrastructure funds), lenders, developers, and sponsors, particularly those active in the renewable energy sector. He regularly advises clients on opportunities stemming from the Inflation Reduction Act, specifically Section 6417 direct pay opportunities and Section 6418 tax credit transfers.

Mark also advises clients in a wide variety of structured finance, including transactions relating to CLOs, warehouse/leverage facilities, and other securitization structures, real estate mortgage investment conduits (REMICs), commercial mortgage-backed securities (CMBS), and real estate investment trusts (REITs).

Wolfram Pohl Partner, Energy & Infrastructure, Tax

San Francisco

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D:+1 415 773 4252
E: [email protected]

Practice:

Finance Sector
Energy & Infrastructure Sector
Energy & Infrastructure
Tax

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Wolfram Pohl Partner

San Francisco

Wolf represents many of the country’s most prominent developers and financing parties in structuring transactions to take advantage of tax credits, Treasury cash grants, depreciation benefits, and other available tax benefits. He has represented developers and tax equity investors in financings of both wind and solar projects, as well as on tax planning for energy storage, carbon capture, and carbon sequestration projects.