The Internal Revenue Service (IRS) has announced it is now accepting applications for New Clean Renewable Energy Bonds (New CREBs) for government entities (including tribal governments or any political subdivision thereof), electric cooperatives, and certain lenders.
For the 2015 round, the IRS has authorized up to $2.4 billion in New CREBs, $597 million of which has been allocated for government entities alone. The application period will close on June 3, 2015.
The New CREBs may be used to finance qualified renewable energy facilities. Qualified renewable energy facilities generate electricity from wind, closed-loop biomass, open-loop biomass, geothermal or solar, small irrigation, hydroelectric, gas from biodegradation of municipal solid waste, marine and hydrokinetic renewable, and trash combustion facilities. Bond proceeds may not be used to acquire existing facilities.
For more information, please contact Kayla Gebeck, Kayla@nafoa.org or (202) 770-8321.