OCC APPROVES PRECEDENT SETTING RENEWABLE ENERGY INVESTMENT

Wednesday, September 10, 2008 - 7:00am

A national bank may invest in limited liability entities each of which will develop, acquire, install and maintain solar energy-producing facilities and provide electricity for specified properties under the part 24 public welfare investment authority, according to recent guidance provided by the Office of the Comptroller of the Currency (OCC). In Community Development Investment Letter 2008-1, the OCC says that such an investment complies with the public welfare and the investment limit requirements of CFR Part 24, which requires that a bank's investment must be designed primarily to promote the public welfare, such as by providing housing, services or jobs.

To learn more about trends in renewable energy investment and the latest industry guidance, join Novogradac & Company LLP at the Financing Renewable Energy Conference on November 13 - 14 in Washington, D.C.