Coastal Community Action Program (CCAP) announced that it received financing for its six megawatt wind farm near Grayland, WA. The four wind turbines system is already under construction and is planned to be operational in June 2010. The project’s electricity revenues will be used to enhance CCAP’s existing community services.
CCAP is a nonprofit social services group dedicated to enhancing the quality of life of individuals, families, the elderly, children, and people with disabilities in Grays Harbor and Pacific Counties. Some of CCAP’s services include low income energy assistance; transactional housing for homeless families; in-home care for the elderly; and HIV/AIDs services.
Seminole Financial Services, LLC, part of the Seminole Companies, provided a $5.1 million interim construction loan to bridge United Fund Advisors (UFA) Investment Tax Credit (ITC) Equity contribution for this transaction. This wind power project is believed to be the first Community Wind transaction in the United States to combine New Market Tax Credits and the Investment Tax Credits.
“This transaction represents Seminole Financial Services commitment to be a market leader in the Renewable Energy Finance sector for Community Wind transactions as well as solar transactions 500 kW and up”, stated Robert Banks, CEO and Chairman of The Seminole Companies.
“We are in a unique position to deploy capital and have budgeted for $100 million of Renewable Energy finance transactions in 2010,” said Chris Diaz, Senior Vice President for Seminole Financial Services. The six megawatt wind energy system will be installed off the coast in Grays Harbor and Pacific Counties in Washington State. The wind farm is estimated to produce 13,500,000 kWh of clean energy annually.
Seminole Financial Services (SFS) was formed for the purpose of providing investment management services to various real estate investment vehicles and to provide construction/interim financing for Renewable Energy Transactions. SFS is a full-service investment management organization that performs in-house underwriting, asset management and loan servicing.
Currently, SFS manages approximately $313 million in commercial real estate assets nationwide, for the benefit of various public employee pension and retirement plans. SFS has budgeted $100 million to finance Renewable Energy transactions in 2010.