Seminole Financial Services provided a $5.1m interim construction loan to bridge United Fund Advisors (UFA) Investment Tax Credit (ITC) Equity contribution for this transaction. This wind project is believed to be a community wind transaction in the US to combine New Market Tax Credits and the Investment Tax Credits.
Robert Banks, CEO and chairman of the Seminole companies, said: “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.”
Chris Diaz, senior vice president of Seminole Financial Services, said: “We are in a unique position to deploy capital and have budgeted for $100m of renewable energy finance transactions in 2010.”
The 6MW 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.
