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Marc D. Nickel

Marc D. Nickel Partner

San Francisco T +1 415 490 0878 F fax +1 415 490 0943
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Marc Nickel advises developers, tax equity investors, financial institutions, and corporate taxpayers on the structuring, financing, and monetization of clean energy tax credits. His practice encompasses the full range of clean energy and advanced manufacturing incentives, including investment tax credits (ITCs) under Sections 48 and 48E, production tax credits (PTCs) under Sections 45 and 45Y, and Sections 45Q, 45U, 45X, and 45Z.

Marc’s practice encompasses tax equity partnership structures, transferred tax credit transactions, the elective pay and transferability regimes under Sections 6417 and 6418, bonus credit adders, prevailing wage and apprenticeship compliance, and foreign entity of concern restrictions governing credit eligibility. He advises clients at each stage of a transaction – from initial structuring through diligence, documentation, and closing.

Marc brings a distinctive cross-sector background to his practice. His career spans Am Law 100 firms, in-house positions at a major regulated utility and a residential solar company, and a senior advisory role at a leading global insurance brokerage. Prior to returning to private practice, Marc served as a tax insurance broker with a focus on transaction risk insurance – experience that provides direct insight into how insurers evaluate and price energy tax credit risk, a standard feature of today’s credit transfer transactions. This background informs his counsel across both tax equity and credit transfer matters, and positions him to advise effectively at the intersection of tax structuring and insurance.

Marc writes and speaks regularly on clean energy tax credit developments, with a focus on the Inflation Reduction Act and One Big Beautiful Bill Act implementation, the evolving transferability market, and transaction risk insurance.

Experience
  • Representation of dozens of tax credit sellers, including a PTC seller in one of the first Section 6418 tax credit transfer agreements to come to market in 2023.
  • Representation of a publicly-traded solar company on the successful design of federal ITC safe harbor program under Notice 2018-59.
  • Advised on the drafting of key pieces included in the Inflation Reduction Act, including the LMI Adder under Sections 48(e)/48E(h) and the 1MW exclusion from Prevailing Wage & Apprenticeship rules.
  • Representation of clients on the function, use cases, and financial impact of tax statutes and regulations relevant to the renewables industry.
  • Defense of client tax positions for income, sales/use, and property tax matters, including retention of tax credits/exemptions for energy projects and deductions for tangible repairs.

Events

  • Speaker, "Tax Credit Direct Transfers: Risk Mitigation Strategies," Mickelson & Company Webinar, March 25, 2026
  • Panelist, "Tax Credit Monetization & Project Execution: Strategies for Working within OBBB Act Timelines," Infocast Solar + Wind Finance & Investment Summit, March 17, 2026
  • Panelist, "45Z: Unlocking Opportunities, Navigating Uncertainty," National Ethanol Conference, February 25, 2026
  • Panelist, "Tax Issues," Novogradac Renewable Energy Tax Credit Conference, November 6, 2025
  • Panelist, "Insuring the Uncertain: A Practical Introduction to Tax Insurance," Procopio International Tax Institute, October 30, 2025
  • Panelist, "Impact of the OBBB Act │Tax Credit Insurance Market Update," 4th Annual Tax Liability Insurance ExecuSummit, October 21, 2025
  • Moderator, "Tax Opinion Insurance Strategies and the Post-OBBBA Landscape," Aon M&A and Transaction Solutions Half Day Symposium, September 4, 2025
  • Moderator, "Investors: Discussing the Market," Novogradac Renewable Energy Tax Credit Conference, May 13, 2025
  • Panelist, "Developer Debrief: Best Practices to Apply to New Projects Moving Forward," Solarplaza Asset Management North America, April 23, 2025
  • Panelist, "M&A and Diligence Insights on Climate & Infrastructure," Aon M&A and Transaction Solutions Symposium, January 29, 2025
  • Panelist, "Transferable Energy Credits │Lessons Learned and Continuing Challenges," Tax Executives Institute 79th Annual Conference, October 28, 2024
  • Panelist, "New IRS Guidance for PTC and ITC Domestic Content Bonus Credit," Strafford live webinar, August 8, 2024
  • Panelist, "Project Development & Acquisition from Financier Perspectives," EUCI Solar Development & Transaction Due Diligence, July 25, 2024
  • Speaker, "Tax credits for Renewable Energy Projects and Getting Transactions Done," New York Energy Week, June 28, 2024
  • Panelist, "Clean Energy Tax Matters," Novogradac Renewable Energy Tax Credit Conference, May 16, 2024
  • Panelist, "Energy Tax Credits: Recent IRS Guidance, Energy Communities, Low-Income Communities, Domestic Content, and Section 48," Strafford live webinar, April 25, 2024
  • Speaker, "Demystifying the Federal Funding Landscape," Intersolar North America and Energy Storage North America Conference, January 17, 2024

Podcasts

  • Guest, "3 Risk ‘Buckets’ Every Developer Needs," Omnidian – The Future of CRE Sustainability Podcast, May 29, 2025

Insights

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