IRS Adds Round of Applications for Allocations of New CREBs to Cooperatives

September 20, 2010

On Sept. 1, 2010, the IRS released Announcement 2010-54 to solicit applications from cooperative electric companies (cooperatives) for $190,795,445 of New Clean Renewable Energy Bond (New CREBs) volume cap. This supplemental round of allocation arises because the original $800 million of New CREBs volume cap provided exclusively for cooperatives was undersubscribed. See Notice 2009-33 for information on the $609,204,555 of New CREBs volume cap awarded to 31 cooperative applicants.As set forth in the announcement, interested cooperatives must submit applications by Nov. 1, 2010. For additional information regarding New CREBs, please see our prior alert.