Seminole Financial Services, LLC (“Seminole”) announced today the closing of a $4.6 million loan to fund the construction and installation of a 3MW wind project on Bureau of Land Management land in Lime, Baker County, Oregon. The completed project is expected to produce approximately 7,700,000 kWh annually. All generated electricity is being sold to the local utility agency, Idaho Power Company.
Upon completion, this project will be the first wind farm on BLM land located in the State of Oregon. BLM has made environmentally responsible development of renewable energy on public land throughout the country a priority. Local businessman Randy Joseph will develop, manage and own the project throughout its useful life. Randy’s persistence and innovation has been praised by local economic leaders. “Lime Wind represents positive economic development for Baker County. Randy has done an excellent job of stewarding this project forward with the assistance of Baker County Economic Development, Northeast Oregon Business Development, Inc., Business Oregon and the Eastern Oregon Small Business Development Center,” said Fred Warner Jr., Commission Chair of Baker County.
The project will utilize six turbines that were once in service in Germany, but are being fully refurbished in Denmark before being transported to the project site for installation. Construction at the site is expected to begin in July 2011, and the project is scheduled to be complete and placed in service by the end of November 2011.
“The Lime Wind project represents a new and exciting opportunity for Seminole Financial Services to deploy capital in the wind energy sector. We’re equally excited about the effect that this project will have on the economy in Baker County, Oregon. We are continually committed to being the market leader in the community wind finance space,” said Robert Banks, CEO and Chairman of the Seminole Companies.
Chris Diaz, Senior Vice President for Seminole Financial Services, added, “The utilization of rebuilt wind turbines, working with overseas contractors and construction on federally-managed land are all firsts for Seminole Financial Services. The borrower’s already-proven vision and determination will help to make Lime Wind yet another successful renewable energy construction project financed by Seminole Financial Services.”
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.