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Contact:
Tracy Warren, NRECA
703-907-5746
Mobile: 703-517-3411
October 30, 2009 - The U.S. Department of Treasury has announced the allocation of $2.2 billion in Clean Renewable Energy Bonds (CREBs) for 805 recipients across the country. Of this total, electric cooperatives received $458,204,555 for projects in 13 states.
“Renewable energy is flourishing in rural America, thanks to the CREB program” said Glenn English, CEO of the National Rural Electric Cooperative Association, which worked with Congress to create the program.
In 2006, co-ops owned or purchased 646 MW of non-hydro renewable capacity; in 2008, this number jumped to 1720 MW. In 2007, growth in both owned and purchased, non-hydro renewable energy capacity grew 61 percent; in 2008, renewable capacity grew 65 percent—for comparison, in 2007 growth in renewable capacity nationwide was less than 25 percent.
The 2009 allocations will help cooperatives finance solar, small hydropower, biomass and wind energy projects. Highlights include $100 million for a planned biomass facility in Georgia (Oglethorpe Power Corporation) and $93 million for wind energy development in Alaska (Golden Valley Electric Association).
The funds, authorized by the Energy Improvement and Extension Act of 2008 and the American Recovery and Reinvestment Act of 2009 (Recovery Act), will help electric co-ops obtain lower cost financing for clean energy development projects.
Cooperatives received $143 million in CREB allocations in 2007 and a little over $300 million in 2006.
IRS documents state that cooperatives were eligible for $800 million and were awarded 609,204,555; however, one of the recipients, the American Municipal Power, Inc. is not a cooperative. The correct total allocation amount awarded to cooperatives is therefore $458,204,555.
The IRS has said it is considering a supplemental application round to award unallocated volume cap for cooperatives.
Issuer name |
Project type |
City |
State |
Allocation |
Golden Valley Electric Association |
wind |
Ferry |
AK |
93,341,555.00 |
Kodiak Electric Association, Inc. |
wind |
Kodiak |
AK |
6,300,000.00 |
Kodiak Electric Association, Inc. |
wind |
Kodiak |
AK |
25,000,000.00 |
| |
|
|
|
|
Sulphur Springs Valley Electric Cooperative, Inc. |
solar |
Sonoita |
AZ |
6,000,000.00 |
| |
|
|
|
|
National Rural Utilities Cooperative Finance Corporation |
Hydropower |
Montrose |
CO |
28,340,000.00 |
| |
|
|
|
|
Seminole Electric Cooperative, Inc. |
solar |
Bowling Green |
FL |
34,000,000.00 |
| |
|
|
|
|
Oglethorpe Power Corporation |
biomass |
Warren, Baxley |
GA |
100,000,000.00 |
| |
|
|
|
|
Fall River Rural Electric Cooperative, Inc. |
hydropower |
Chester |
ID |
15,000,000.00 |
Kootenai Electric Cooperative |
biomass |
Coeur D'Alene |
ID |
7,000,000.00 |
| |
|
|
|
|
Adams Electric Cooperative |
wind |
Mt. Sterling |
IL |
1,750,000.00 |
| |
|
|
|
|
Wabash Valley Power Association |
biomass |
Buffalo |
IN |
5,400,000.00 |
Wabash Valley Power Association |
biomass |
Buffalo |
IN |
5,400,000.00 |
Wabash Valley Power Association |
biomass |
Danville |
IN |
8,100,000.00 |
Wabash Valley Power Association |
biomass |
Elkhart |
IN |
8,100,000.00 |
Wabash Valley Power Association |
biomass |
Fair Oaks |
IN |
5,000,000.00 |
| |
|
|
|
|
National Rural Utilities Cooperative Finance Corporation |
wind |
Brewster |
MA |
10,000,000.00 |
National Rural Utilities Cooperative Finance Corporation |
wind |
Hanwich |
MA |
10,000,000.00 |
| |
|
|
|
|
Hoosier Energy Rural Electric Cooperative, Inc. |
biomass |
Wayne |
MI |
22,500,000.00 |
| |
|
|
|
|
Steuben Rural Electric Cooperative, Inc. |
biomass |
Bath |
NY |
1,540,000.00 |
| |
|
|
|
|
Umatilla Electric Cooperative |
solar |
Hemiston |
OR |
433,000.00 |
| |
|
|
|
|
East Texas Electric Cooperative, Inc. |
hydropower |
Lake Livingston |
TX |
25,000,000.00 |
East Texas Electric Cooperative, Inc. |
biomass |
Woodville |
TX |
40,000,000.00 |
| |
|
|
|
|
Total cooperative allocations |
|
|
|
458,204,555 |
The National Rural Electric Cooperative Association is the national service organization that represents the nation’s more than 900 private, not-for-profit, consumer-owned electric cooperatives, which provide service to 42 million people in 47 states.
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