SECTION 2. BACKGROUND

Section 54C of the Code authorized the issuance of up to $2.4 billion (volume cap) of New CREBs for qualified renewable energy facilities (as defined in § 54C(d)(1)) (projects). Section 54C(c)(2) provided that up to 1/3 of the volume cap is to be allocated to projects to be owned by public power providers, governmental bodies, and cooperative electric companies, respectively.

Notice 2015–12 solicits applications for allocations of the remaining available volume cap of New CREBs for projects to be owned by public power providers, governmental bodies, and cooperative electric companies. Section 4.c. of Notice 2015–12 provides that applications for projects to be owned by governmental bodies or cooperative electric companies may be submitted beginning on March 5, 2015. Section 5.a.(ii) of Notice 2015–12 provides that, except as otherwise provided by section 5 of Notice 2015–12, the Internal Revenue Service (IRS) will allocate the remaining available volume cap designated for projects to be owned by governmental bodies or cooperative electric companies, respectively, on a first-come, first-served basis by order of submission date (as defined in section 4.a. of Notice 2015–12). Notice 2015–12 provides no deadline for applications for projects to be owned by governmental bodies or cooperative electric companies. Under section

4.b. of Notice 2015–12, the deadline for applications for projects to be owned by public power providers is June 3, 2015.

The IRS later identified $379,549,691.35 of remaining available volume cap designated for projects to be owned by public power providers. Notice 2017–66 solicits applications from qualified issuers of New CREBs for projects to be owned by public power providers, and sets forth June 19, 2018, as the due date for submitting applications. See Section 3 of Notice 2017–66.