By Julie Marion, Eli Katz, Miriam Fisher and Michael Zucker (August 14, 2018, 4:34 PM EDT) -- On July 27, 2018, the U.S. Court of Appeals for the Federal Circuit handed down its decision in Alta Wind Owner Lessor C et al. v. United States,[1] reversing a taxpayer-friendly decision by the Court of Federal Claims in 2016 that had been widely applauded by the renewable energy sector, which benefits from valuable federal income tax subsidies generated by their projects. The Federal Circuit decision is narrow and its implications for the renewable energy sector are not yet clear. While Alta Wind centered on a now-expired cash grant program under Section 1603 of the American Recovery and Reinvestment Tax Act, the decision has implications for renewable energy projects eligible for the IRC Section 48 investment tax credit — generally equal to 30 percent of the basis of qualified energy property....