Seminole Financial Services continues to establish itself as a national leader in Renewable Energy lending by closing on nine solar projects for the solar developer, Clean Focus Corporation. Construction lending for these projects totals over $59 million with another $29 million in permanent debt financing. American Capital Energy (ACE) is providing the EPC work.
The nine ground-mounted solar facilities are located throughout Cape Cod and Martha’s Vineyard, Massachusetts and range in size from 587kW to 5.91MW, for a combined capacity of 22MW. Seven of the nine systems are located on “brownfield” closed landfills. Combined annual energy production is expected to generate over 28 million kilowatt-hours of electricity per year. All will deliver clean solar energy to the Cape and Vineyard Electric Cooperative (“CVEC”) or to the Town of Dennis, and each town will realize power savings by purchasing the Net Metering Credits issued by the local utility, NSTAR, for their own use.
“The decommissioned landfills present a unique opportunity for solar systems, making good use of land that was previously a cost burden,” said Seminole Senior Vice President, Chris Diaz. “Seminole is proud to contribute to such groundbreaking and economically viable solar energy projects to benefit local municipalities. This approach by the Cape and Vineyard Electric Cooperative represents a forward-thinking initiative by Clean Focus and continues the advancement of solar power in Massachusetts.”
“By financing the largest portfolio of solar projects on landfills in the United States, we are demonstrating that investors and lenders are willing to put large amounts of capital behind distributed solar projects, even with the complexities of financing brownfield risks, SRECs, and various structuring and legal issues. This portfolio financing required significant problem solving and our partners at Seminole and ACE were critical to solving those problems,” offered Stanley Chin, President & CEO of Clean Focus.
Since 2009, Seminole has closed over 144MW totaling nearly $460 million in construction financing and permanent debt financing for solar and wind transactions. Seminole focuses on wind and solar transactions 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.
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. Transactions are generally between $2 and $30 million in value.
Based in Belleair Bluffs, Florida, SFS 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
Clean Focus Corporation develops, finances, owns, and operates large commercial, small utility, and municipal solar power installations across the United States and selectively throughout the Americas. Clean Focus fosters strategic partnerships with early stage developers and EPCs to achieve project-specific goals. Clean Focus provides flexible financing (long-term PPAs or leases) to accommodate a wide range of sites and offtakers and to satisfy complex stakeholder relationships. Founded in 2008 and headquartered in Silicon Valley, Clean Focus delivers reliable and highly competitive financing solutions for solar power projects. www.CleanFocus.us