In our November newsletter, we provided reassurance about the future of the renewable energy industry in America. We believe renewable energy is here to stay, and is the future of energy in our country, based on a decade of exponential growth driven by institutional investor interest in both the stable cash flows and tax attributes available to real assets in the space. In short, the industry can support itself based on underlying financial returns, not on government intervention or incentives. The renewable energy asset class is widely accepted by the largest financial institutions. It is an economic engine driving job creation and contributing hundreds of millions of dollars to local economies. There is public support among 90% of the American population for advancement in the amount of power we produce from renewable energy. Diane Regas, former advisor to Republican and Democratic presidents, who for 19 years worked for the Environmental Protection Agency and at one point ran the office charged with protecting America’s clean water, believes that a cleaner environment and safer climate are a core American value, shared by a huge majority of citizens. Regas says, “Every major piece of environmental legislation, from the Clean Air Act to the toxic chemicals protection bill … has been passed by bringing together ideas from Republicans and Democrats – ultimately earning overwhelming support from both sides.” Regas points out that environmental “regulations cannot be issued or rescinded without an extensive effort to gather and respond to detailed comments from stakeholders on all sides,” and that “such formal rulemaking takes years and would be challenged in court every step of the way.” For example, it takes four years’ notice to withdraw from the Paris Agreement, and Regas says, “Opposition won’t just come from the environmentalists and the majority of the American people, but also from prominent U.S. businesses … and from virtually the entire world, as well.” Clean Energy Advisors will continue to provide investment opportunities providing above market rates of return through predictable income, preservation of capital, and positive impact on the environment. And we will advocate for continued historical cooperation in protecting the environment for the generations to come.