In the 34th episode of the League Podcast, Benoy Thanjan and David Magid break down the most important trends shaping the renewable energy market today. In just five minutes, we cover the biggest opportunities and risks facing developers, investors, and innovators in solar, storage, and beyond.
Key Takeaways
- Data Centers Driving Demand – Over 9.4 GW of interconnection applications in New Jersey’s PSEG market in the last 12 months, led by data centers and advanced manufacturing.
- Community Solar Boom – New Jersey targets 3 GW by 2029, opening opportunities for rooftop developers; Illinois, Maryland, and New York projects can now pencil without the ITC if interconnection and lease terms align.
- Hybrid Power Solutions – A 944 MW behind-the-meter natural gas + battery storage plant in Pennsylvania highlights the shift toward hybrid generation and reliability models.
- Solar + Storage vs. Gas – New Jefferies analysis shows solar + storage is now cheaper than natural gas on a levelized cost basis.
- Safe Harbor Updates – New rules replace the 5% test with “beginning of construction” standards for projects above 1.5 MW AC, requiring four-year continuity and physical work tests.
- Capacity Growth Outlook – EIA forecasts 64 GW of solar and 18 GW of storage additions in 2025, making solar nearly half of all new U.S. capacity.
Why It Matters
David highlights how developers can prepare for interconnection competition, leverage new community solar programs, and navigate shifting tax credit rules. I share insights on the new safe harboring provisions and what they mean for financing and project timelines. Together, we paint a picture of a rapidly scaling clean energy sector where solar is poised to supply 50–60% of U.S. electricity within two decades.
Host Bio: David Magid
David Magid is a seasoned renewable energy executive with deep expertise in solar development, financing, and operations. He has worked across the clean energy value chain, leading teams that deliver distributed generation and community solar projects. David is widely recognized for his strategic insights on interconnection, market economics, and policy trends shaping the U.S. solar industry.
Connect with David on LinkedIn: https://www.linkedin.com/in/davidmagid/
Host Bio: Benoy Thanjan
Benoy Thanjan is the Founder and CEO of Reneu Energy, solar developer and consulting firm, and a strategic advisor to multiple cleantech startups. Over his career, Benoy has developed over 100 MWs of solar projects across the U.S., helped launch the first residential solar tax equity funds at Tesla, and brokered $45 million in Renewable Energy Credits (“REC”) transactions.
Prior to founding Reneu Energy, Benoy was the Environmental Commodities Trader in Tesla’s Project Finance Group, where he managed one of the largest environmental commodities portfolios. He originated REC trades and co-developed a monetization and hedging strategy with senior leadership to enter the East Coast market.
As Vice President at Vanguard Energy Partners, Benoy crafted project finance solutions for commercial-scale solar portfolios. His role at Ridgewood Renewable Power, a private equity fund with 125 MWs of U.S. renewable assets, involved evaluating investment opportunities and maximizing returns. He also played a key role in the sale of the firm’s renewable portfolio.
Earlier in his career, Benoy worked in Energy Structured Finance at Deloitte & Touche and Financial Advisory Services at Ernst & Young, following an internship on the trading floor at D.E. Shaw & Co., a multi billion dollar hedge fund.
Benoy holds an MBA in Finance from Rutgers University and a BS in Finance and Economics from NYU Stern, where he was an Alumni Scholar.
Connect with Benoy on LinkedIn: https://www.linkedin.com/in/benoythanjan/ Learn more: https://reneuenergy.com
Action Items for Developers & Investors
- Move quickly to secure rooftop leases under NJ’s 3 GW community solar target.
- Explore Illinois, Maryland, and New York for non-ITC community solar opportunities.
- Consult legal experts on safe harbor compliance.
- Track solar + storage cost trends versus gas for future investment decisions.
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