Seminole Financial Services (“Seminole”), a leading national lender in Renewable Energy, announced today the closing of $7.35 million to fund the construction and installation of three separate wind projects located throughout the State of California with developer, Foundation Windpower (“FWP”).
The three diverse wind projects represent a combined capacity of 3.6 MW. They include the 1.0 MW single turbine Soledad Wind Project situated at the City of Soledad Wastewater Treatment Plant located in Monterey County, and expected to generate 3.5 million kilowatt-hours of electricity per year; the single turbine Golden Acorn Casino Wind Project located at the Golden Acorn Casino on the Campo Indian Reservation in San Diego County, with a total installed capacity of 1.0 MW and anticipated to produce over 4 million kilowatt-hours of electricity per year; and the 1.6 MW single turbine Anheuser-Busch II Wind Project. This is the second wind energy facility financed by Seminole for Foundation Windpower at Anheuser-Busch’s Fairfield, Solano County, facility. The project will be situated near the original wind turbine constructed in 2011, will have a total installed capacity of 1.6 MW, and is expected to produce 3.8 million kilowatt-hours of electricity per year.
“We are pleased to announce the completion of three new wind construction loans, reinforcing Seminole’s active participation in the renewable energy space,” said Seminole Senior Vice President, Chris Diaz. “These transactions further exemplify the solid relationship between Seminole and Foundation Windpower, our well-respected and experienced developer partner. We are proud to once again successfully demonstrate our commitment to renewable energy through our constructive working relationship.”
Since 2009, Seminole has closed over 150MW totaling more than $490 million in construction financing and permanent debt financing for solar and wind transactions. Seminole focuses on wind and solar transactions generally between $2 million and $30 million for a term of 12 months or less. In 2011 Seminole began a pilot permanent financing program for select Renewable Energy transactions. For more information about Seminole Financial Services’ renewable energy financing, please contact Chris Diaz, Senior Vice President, at (727) 460-0578.
“Successful completion of these projects from our seventh fund closing bring Foundation Windpower to a total of almost 40MW of distributed and community wind resources. We have built and now own and operate over $130 million of 100% renewable wind generation equipment,” said Matt Wilson, CEO of Foundation Windpower. “In the next few years, Foundation Windpower expects to continue the growth of our PPA-based distributed wind model for large industrial and municipal customers across the country,” he continued, “and we expect to be buying more late-stage development projects which are 10 to 30 MW in size.”
Since 2009 Foundation Windpower has been the market leader in the niche category of utility-scale distributed wind energy generation systems for forward-thinking industrial and municipal customers who seek to reduce energy costs and improve sustainability content. Foundation Windpower uses long-term PPAs to financing the development, construction and operation of distributed wind systems which deliver low-cost, 100% renewable energy to customers such as: Walmart, Safeway, Nestle, Cemex, Mitsubishi, Anheuser-Busch and NorthWestern Energy.
Seminole Financial Services (SFS) originates debt and equity real estate investments throughout the country for institutional investors. SFS has demonstrated the ability to respond to changing markets and, in addition to traditional commercial real estate, has become a national leader in providing construction/interim and permanent debt financing for below utility scale renewable energy projects.
SFS, based in Belleair Bluffs, Florida, is the operating entity of six companies that collectively make up the Seminole Companies. SFS is responsible for originating, underwriting, servicing and providing asset management for the debt and equity investments originated for institutional investors managed by sister company, Seminole Advisory Services, LLC (SAS). SAS is a registered investment advisor with the SEC and presently has several hundred million dollars in assets under management. Information is available at www.SeminoleFinancialServices.com
Founded in 2009 and headquartered in San Francisco and Menlo Park, California, Foundation Windpower is based on the belief that our economy and environment depend on delivering cost-effective electricity with minimal negative environmental impact by installing wind energy on-site at already disturbed industrial locations. Foundation Windpower designs, builds, owns, and operates almost 40 MW of distributed and community wind energy generation systems through a PPA-based financing and ownership model. More information is available at www.FoundationWindPower.com