30 October 2009– The U.S. Treasury Department awarded $2.2 billion in Clean Renewable Energy Bonds (CREBS) to 805 projects, but solar developments came out with $840 million of the share. Wind projects got $600 million, hydropower got $530 million, biomass got $217 million and geothermal got $4 million.
CREBS are tax credit bonds where the federal government pays the interest on the bond in the form of a tax credit to the bondholder. The Treasury said that the CREBS will cover 70 percent of the interest on the bonds. They will lower financing costs for government bodies, power providers and electric co-ops investing in renewable energy projects such as solar, wind and geothermal.
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