Coastal Community Action Program (CCAP) announced today that it received financing for its 6MW wind development near Grayland, Washington. The four turbine system is already under construction and 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. Please see www.coastalcap.org for a complete listing of services.
Seminole Financial Services, LLC (“Seminole”), part of the Seminole Companies, provided a $5.1 million interim construction loan to bridge United Fund Advisors (UFA) Investment Tax Credit (ITe) Equity contribution for this transaction. This wind 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 500kW 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,” added Chris Diaz, Senior Vice President for Seminole Financial Services.
The six megawatt wind system will be installed off the coast in Grays Harbor and Pacific Counties in Washington State. The system is estimated to produce 13,500,000kWh of clean energy annually.
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.