The Internal Revenue Service (“IRS”) recently released Notice 2015-12 (the “Notice”), which solicits applications for allocations of the approximately $1.4 billion remaining available amount of national bond volume limitation authority to issue new clean renewable energy bonds (New CREBs). Applications for projects to be owned by public power providers must be filed with the IRS no later than June 3, 2015. Applications for projects to be owned by governmental bodies and cooperative electric companies may be submitted beginning March 5, 2015. This Notice also provides guidance on the following: (1) eligibility requirements that a project must meet to be considered for a volume cap allocation; (2) application requirements and the application form for requests for volume cap allocations; (3) the method that the IRS will use to allocate the volume cap; and (4) certain other aspects of the applicable law and interim guidance in this area. The types of projects that can be financed with New CREBs include:

• Wind energy facilities

• Closed-loop biomass facilities

• Open-loop biomass facilities

• Geothermal energy facilities

• Solar energy facilities

• Small irrigation power facilities

• Landfill gas facilities

• Trash combustion facilities

• Marine and hydrokinetic energy facilities

• Qualified hydropower facilities