Seminole Financial Services, LLC (“Seminole”) announced today the funding of a construction loan to Clean Focus Corporation to install 2MW of photovoltaic systems on the Jersey Gardens Mall, a 1.3 million square foot mega-mall just minutes from Newark Airport and mid–town Manhattan. The total project cost for this transaction are approximately $11.7 million. The installation is expected to be online by Fall, 2011. Clean Focus has entered into a 20-year rooftop lease and a 20-year agreement to sell the power produced to the owner of the Jersey Gardens Mall.
This will be the second project owned and developed by Clean Focus where Seminole has been a partner. Clean Focus recently completed a 2.2MW photovoltaic system also on top of a mega-mall, the Butler Plaza in Gainesville, Florida.
“Clean Focus is a good example of how we look to grow our renewable energy finance business,” said Chris Diaz, Senior Vice President for Seminole Financial Services. “We begin a relationship, do a good job for them in Gainesville, they execute the construction very well, and it’s a natural to roll into another project together. In fact, we are already beginning to put our energies into ‘Jersey Gardens Mall Phase Two’, a similar sized installation at the Elizabeth, New Jersey mall site.”
For more information about this installation or renewable energy financing, please contact Chris Diaz, Senior Vice President for Seminole Financial Services, at (727) 460-0578 or at
Seminole Financial Services, LLC (SFS) is the operating entity of the six companies that collectively make up the Seminole Companies (Seminole). 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. SFS provides debt and equity investments for commercial real estate and renewable energy transactions nationwide, specializing in short and intermediate term investments.
Clean Focus Corporation develops, finances, and operates solar-power installations in the commercial, government, and utility sectors. By working closely with independent developers and system integrators, Clean Focus identifies economically attractive solar projects and finances them through Power Purchase Agreements (PPAs) and long-term leases. Energy users benefit from turnkey, predictably priced solar energy. Based in Silicon Valley, Clean Focus funds and executes projects with domestic and international sources of capital.