IRS Tells Cooperatives To Issue Bonds

NAW Staff, Tuesday 26 February 2008 - 01:00:00

Electric cooperatives in 11 states have received approval from the Internal Revenue Service (IRS) to issue clean renewable energy bonds (CREBs) worth $143 million.

CREB awards to cooperatives ranged from $3 million to $30 million. Approved projects include 14 wind projects, five landfill gas projects, six hydroelectric projects, one solar project and one open-loop biomass project.

"Most of the nation's renewable energy resources can be found in the service territory of cooperatives," says Glenn English, CEO of the National Rural Electric Cooperative Association. "[CREBs] are the financial instrument that allows cooperatives to unleash that power."

Congress approved approximately $477 million for fiscal year 2007. In addition to awards made to cooperatives, the IRS awarded $263 million to governmental borrowers. Awardees may now apply to the National Rural Cooperative Finance Corp. or other qualified lenders to issue bonds on their behalf.



this content item is from North American Windpower
( http://www.nawindpower.com/e107_plugins/content/content.php?content.1860 )