November 28, 2006

IRS Approves 610 CREBs Applications

Last week, the IRS announced that 610 projects have been given the authority to issue Clean Renewable Energy Bonds, New Rules Project reports.

Projects for the governmental borrowers will receive allocations in 24 states and projects for the cooperative borrowers will receive allocations in 22 states. The allocations for the governmental borrowers range from $23,000 to about $3.2 million and for the cooperatives ranged from $120,548 to $31 million.

Of the approved projects for the governmental borrowers, 401 are for solar facilities, 99 for wind facilities, 23 for landfill gas facilities, eight for hydropower facilities and one for an open loop biomass facility. Of the projects approved for the cooperatives, 33 are for solar facilities, 13 for wind facilities, 13 for landfill gas facilities, 12 for open-loop biomass facilities, six for hydropower facilities and one for a refined coal production facility.

Not surprisingly, California led the way with 231 proposed projects. The size of the proposed projects in the applications ranged from $23,000 to $80 million.

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