North American Windpower: IRS Announces CREB Awards

IRS Announces CREB Awards

by NAW Staff Monday November 20 2006

The Internal Revenue Service, Washington, D.C., has announced that a total of 610 projects for state and local governmental borrowers and for electrical cooperative borrowers will be awarded $800 million over the next two years to support clean energy projects under the Clean Renewable Energy Bonds (CREBs) program.

Under the act, potentially qualified types of projects include wind, closed-loop and open-loop biomass, geothermal, solar, small irrigation power, landfill gas, trash combustion, refined coal production and certain hydropower facilities. Of the approved government projects for the government borrowers, 401 are for solar facilities, 99 for wind, 23 for landfill gas, eight for hydropower and one for an open-loop biomass facility. Among the projects approved for the cooperatives, 33 are for solar, 13 for wind, 13 for landfill gas, 12 for open-loop biomass, six for hydropower and one for a refined coal production facility.

Overall, there were 709 total applications from 40 different states and the District of Columbia requesting allocations for approximately $2.6 billion in CREBs to finance 786 projects. There were 231 proposed projects in California, 67 in New Mexico, 64 in Minnesota, 41 in New Jersey, 38 in Montana, 27 in Colorado, 24 in Massachusetts, 13 in New York and 12 in Ohio, the IRS says. The size of the proposed projects in the applications ranged from $23,000 to $80 million.

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