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IRS Announces New Clean Renewable Energy Bonds Allocations

Notice 2009-33 solicited applications for and provided guidance on the allocations of the national bond volume limitation authority (“volume cap”) to issue new clean renewable energy bonds under section 54C of the Internal Revenue Code. Section 2 of the Notice noted that section 54C(c) of the Internal Revenue Code provides that the Secretary shall allocate no more than one-third of the volume cap to qualified projects owned by public power providers, governmental bodies, and cooperative electric companies, respectively.  Section 6 of the Notice provides guidance on the methodologies to be used in allocating up to $800 million (one-third) of the $2.4 billion in volume cap to qualified projects owned by governmental bodies, cooperative electric companies, and public power providers, respectively.

The Service received 997 applications requesting a total of $3,067,934,792.47 in volume cap for projects to-be-owned by governmental bodies. Pursuant to the Notice, the Service allocated $800,000,000 in volume cap for governmental bodies to 739 projects using a smallest-to-largest methodology. The Service received 31 applications requesting a total of $609,204,555 in volume cap available for projects to-be-owned by cooperative electric companies. Pursuant to the Notice, the Service allocated $609,204,555 in volume cap for cooperative electric companies to 31 projects using a smallest-to-largest methodology until all qualified applications from cooperative electric companies have been granted.  The Service received 38 applications requesting a total of $1,445,771,056 in volume cap available for projects to-be-owned by public power providers.  Pursuant to the Notice, the Service allocated $800,000,000 in volume cap for public power providers to 35 projects using a pro rata methodology.

Pursuant to consents to public disclosure provided by the applicants in 805 approved applications, the Service released an allocation schedule showing the name of the applicant, the type and location of the project described in the application, and the amount of the awarded allocation, for each of the three statutorily listed groups (governmental bodies, cooperative electric companies, and public power providers).

The Service will consider a supplemental application round to award unallocated volume cap for cooperative electric companies.

View Allocation Schedule


View Treasury News Release

Page Last Reviewed or Updated: 18-Apr-2014