WASHINGTON — Rep. Jim McDermott, D-Wash., soon plans to introduce legislation that would remove the cap on clean renewable energy bonds, following the transition of CREBs to a direct-pay system where issuers receive a 70% subsidy from the federal government to help with interest paid to bond holders.

The legislation is currently being drafted with help from the American Public Power Association and other interest groups, and is expected to be introduced as stand-alone legislation instead of as part of a climate change bill, according to McDermott’s office.

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