United Fund Advisors and U.S. Bancorp finance wind project in Washington
A Portland-based partnership announced Wednesday that it would provide financing for the Coastal Community Action Program (CCAP) to develop a six megawatt wind development near Grayland, WA. The four turbine system is already under construction and is planned to be operational in June. The project's electricity revenues will be used to enhance CCAP's existing community services.
CCAP is a nonprofit social services group s in Grays Harbor and Pacific Counties.
United Fund Advisors' (UFA) affiliate, National Community Fund I, LLC and a subsidiary of U.S. Bancorp (NYSE: USB) provided tax equity financing for the CCAP project using $7 million of New Markets Tax Credit allocation in addition to the available renewable energy Investment Tax Credits.
"At UFA, we ensure that each of our investments has a meaningful social or environmental impact," said Chris Hasle, Principal, UFA. "The CCAP project is a home run for everyone because it has tremendous returns for both the second and third bottom lines."
The six megawatt wind system will be installed off the coast in Grays Harbor and Pacific Counties in Washington. The system is estimated to produce 13,500,000 kWh of clean energy annually.
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