Delano & Brown Explain Securities Law Exemptions for Oregon Solar Energy Cooperatives
August 27, 2014
Duncan Delano and Claire Brown
were speakers at an August 1st event to help solar energy stakeholders understand Oregon's new securities registration exemption for renewable energy cooperatives. The exemption was passed in March of this year, but will not be effective until Oregon's securities regulator finalizes rules governing the exemption.
Delano and Brown explained the relatively limited scope of Senate Bill 1520, passed by the 2014 Oregon Legislature. It provides a state exemption from securities registration for community renewable energy cooperative projects in Oregon where offers or sales of investments are made only to Oregon residents. Delano, who was involved in drafting the legislation, discussed the features of the exemption and how proponents hope it will encourage further solar energy development in local communities. Brown provided cautionary details about meeting securities law requirements and what the exemption will and will not allow in terms of advertising, reaching certain investors and financing large-scale projects.
Delano is a member of Tonkon Torp's Energy Law and Real Estate & Land Use practice groups. He helps clients develop renewable energy projects and is a frequent speaker on Oregon energy policies and laws that encourage development of sustainable energy resources. Brown is a member of the firm's Business Department and the Entrepreneurial Services practice group. She works with companies seeking to finance growth through traditional means as well as emerging channels such as crowdfunding.
The event, held at Tonkon Torp's downtown Portland office, was hosted by Obsidian Renewables and Sustainable Northwest.