CREBs activity is picking up. I am pleased to share some items of mutual interest.
FIRST NEW CREBS DEALS PRICED
Neal Skiver reports that Bank of America has priced its first combination CREBs ($2MM) and QCEBs ($2MM) for a solar project in Yolo County. The project also used a low interest (3%) loan from the CEC. The deal is set to close within the week. More information can be made available soon on interest rate and term. We think these are the first ever new CREBS and QECB.
Our partners at Stone & Youngberg are working with Bank of America on a CREBs ($6MM), Tax-Exempt /Build America Bond ($15MM) renewable energy financing for the City of Brea that is likely to close on the heels of the Yolo County project.
SENATE AND HOUSE JOBS BILLS ADDRESS TAX CREDIT BONDS INCLUDING CREBs
The United States Senate is hoping to give final approval to the first in a series of job-creating measures, including language to expand some aspects of the Build America Bonds program. No legislation has been approved yet but it is possible that the Jobs bill will allow New CREBs to be sold as taxable debt with a direct interest subsidy to the issuer, instead of a tax credit. This would create a more liquid market for New CREBs. The direct subsidy provided under the new legislation will be the lesser of: (i) 70% of the qualified tax credit bond rate or (ii) the actual interest rate on the bonds. Action is expected any day. The House also has a bill in play. Below are two links to the action in this area. If meaningful action occurs, Stone & Youngberg has offered to host a webinar to walk us through the potential implications for projects. More to follow.
http://thehill.com/homenews/senate/86015-senate-passes-extension-of-some-unemployment-benefits
http://mcguirewoods.com/news-resources/item.asp?item=4597
IRS PROVIDES GUIDANCE ON EQUIPMENT LEASES
Neal Skiver informs us that the IRS recently gave guidance that equipment lessors under true lease agreements with municipalities/non-profits can now receive the benefit of the 30% Treasury grant. Attached is some information on the guidance and a few slides that Bank of America prepared. It is ground-breaking information that might change the whole PPA dynamic (See attachments).
CPUC APPROVES FUNDING FOR UCSD SOLAR FORECASTING WORK
Just last week, the CPUC approved funding for an expansion of Professor Jan Kleissl’s solar forecasting work seed funded by DOE ARRA’s High PV Penetration grant. The Am Solar Energy Society posted this story for their members. http://ases.org/index.php?option=com_myblog&show=California-PUC-funds-UCSD-forecasting-project.html&Itemid=27http://ases.org/index.php?option=com_myblog&show=California-PUC-funds-UCSD-forecasting-project.html&Itemid=27>
NEW LEADERSHIP COUNCIL HONORS CREBs PARTICIPANTS: APRIL 15
April 15 New Leadership Council Honors CREBs Coalition. On April 15, the San Diego chapter of the New Leadership Council will present its 2010 Community Collaboration Awards at a mixer from 6:00 – 8:00 pm at the W Hotel at 421 B Street in Downtown San Diego. We would be delighted if the entire coalition--muni partners and service providers--could be on hand for this special recognition. More information will be forthcoming. In the mean time, please mark your calendars.
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