Seminole Financial Services announced July 25 the closing of $7.35m to fund the construction and installation of three separate wind projects located throughout the California with developer Foundation Windpower (FWP).
The three wind projects represent a combined capacity of 3.6 MW. They include:
- the 1.0-MW single turbine Soledad Wind Project situated at the City of Soledad Wastewater Treatment Plant located in Monterey County, and expected to generate 3.5 million kilowatt-hours of electricity per year;
- the single turbine Golden Acorn Casino Wind Project located at the Golden Acorn Casino on the Campo Indian Reservation in San Diego County, with a total installed capacity of 1.0 MW and anticipated to produce over 4 million kilowatt-hours of electricity per year; and
- the 1.6-MW single turbine Anheuser-Busch II Wind Project.
This is the second wind energy facility financed by Seminole for Foundation Windpower at Anheuser-Busch’s Fairfield, Solano County facility. The project will be situated near the original wind turbine constructed in 2011, will have a total installed capacity of 1.6 MW, and is expected to produce 3.8 million kilowatt-hours of electricity per year.
“We are pleased to announce the completion of three new wind construction loans, reinforcing Seminole’s active participation in the renewable energy space,” said Seminole Senior Vice President Chris Diaz.
Since 2009, Seminole has closed over 150 MW totaling more than $490m in construction financing and permanent debt financing for solar and wind transactions.
“Successful completion of these projects from our seventh fund closing bring Foundation Windpower to a total of almost 40MW of distributed and community wind resources. We have built and now own and operate over $130 million of 100% renewable wind generation equipment,” said Matt Wilson, CEO of Foundation Windpower. “In the next few years, Foundation Windpower expects to continue the growth of our PPA-based distributed wind model for large industrial and municipal customers across the country, and we expect to be buying more late-stage development projects which are 10 to 30 MW in size.”
Since 2009, Foundation Windpower said it has been a market leader in the niche category of utility-scale distributed wind energy generation systems for forward-thinking industrial and municipal customers who seek to reduce energy costs and improve sustainability content.
Seminole Financial Services (SFS) originates debt and equity real estate investments throughout the country for institutional investors. SFS, based in Belleair Bluffs, Fla., is the operating entity of six companies that collectively make up the Seminole Companies.