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IRS ANNOUNCES CLEAN RENEWABLE ENERGY BOND ALLOCATIONS

Friday, February 8, 2008 - 8:00AM

The Internal Revenue Service (IRS) today announced that 312 projects are eligible to be financed with tax-credit bonds under the Clean Renewable Energy Bonds (CREB) program. State and local governments as well as electrical cooperatives are able to issue tax-credit bonds under the program. The IRS says it reviewed 342 applications from 33 states for $897 million of CREB financing pertaining to 395 projects. Of the approximately $477 million of available CREB volume cap, governmental borrowers in 28 states will receive $263 million of allocations, ranging from $15,000 to $2.95 million. Approved projects of governmental borrowers include: 138 solar facilities, 88 wind facilities, 41 landfill gas facilities, 12 hydropower facilities, three closed-loop biomass facilities, three trash combustion facilities and one open-loop biomass facility. Cooperative borrowers will receive about $143 million of volume cap allocations for projects in 13 states, ranging from $300,000 to $30 million. Approved cooperative projects include: 14 wind facilities, four landfill gas facilities, six hydropower facilities, one solar facility and one open-loop biomass facility.

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