Congress Proposes Expanding Master Limited Partnerships To Renewable Energy & Biofuel Projects
On Friday, June 15, Senator Chris Coons (D-DE) introduced S.3275, the bipartisan "MLP Parity Act," a bipartisan bill that would amend Section 7704 of the tax code by enabling Master Limited Partnerships (MLPs) to own and finance renewable energy and biofuel projects. Cosponsors of S.3275 include Senators Jerry Moran (R-KS), Jeanne Shaheen (D-NH), Sheldon Whitehouse (D-RI), Jon Tester (D-MT), Amy Klobuchar (D-MN), and Al Franken (D-MN).
As background, MLPs carry the fund-raising advantages of a corporation: ownership interests are publicly traded and offer investors the liquidity, limited liability, and dividends of classic corporations. MLP market capitalization exceeds $350 billion. With average dividends of just 6 percent, proponents argue MLPs could substantially reduce the cost of financing renewables, which currently rely on the participation of the tax equity market, which primarily consists of a small set of large investment banks.
Over the last several decades, MLPs have proven to be highly effective at attracting private investment in energy projects through the public markets. However, under current law, MLPs have only been able to invest in oil, natural gas, coal extraction, and pipeline projects. Approximately $290 billion (83 percent) of MLP investments have gone into qualifying energy and natural resources. Of that, just over 80 percent has gone into midstream oil and gas pipeline projects.
The MLP Parity Act expands the definition of "qualified" sources to include clean energy resources and infrastructure projects. Specifically included are those energy technologies that...
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