Glossary of Municipal Securities Terms

NEW CLEAN RENEWABLE ENERGY BONDS (NEW CREBS)

Bonds issued to finance renewable energy projects such as solar, wind and geothermal, among others. In contrast to the original CREBs, at the election of the issuer, the issuer is entitled to receive a direct pay subsidy or the bondholders are entitled to receive federal tax credits. There are also differences between original CREBs and new CREBs with respect to the financing of projects and the level of tax credits. See: DIRECT PAY SUBSIDY BONDS; TAX CREDIT BONDS. Compare: CLEAN RENEWABLE ENERGY BONDS.

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