The Coastal Community Action Program has announced that it has received financing for the construction of four 1.5-megawatt wind turbines on 29 privately owned acres in the hills off County Line Road in Grayland.
Known as the Wind Energy Project, the energy produced by the turbines will be sold to the Grays Harbor PUD and the profits used to fund CCAP’s many social service programs, including Meals-On-Wheels and in-home care assistance for seniors, transportation services for the disabled and HIV/AIDS medical management.
It is believed to be the first wind project developed to fund a community action organization.
“We’re excited,” Craig Dublanko, the chief financial officer for CCAP and the project’s manager, told The Daily World. “For the community, it’s a renewable energy project. For us, it’s a social service project using renewable energy.”
According to Dublanko, the non-profit social services group will receive $3 million in New Market Tax Credit financing from Shore Bank Enterprise Pacific Coast V, a partnership between Shore Bank Enterprise Cascadia in Ilwaco and Wells Fargo Community Development Corporation.
In addition, the National Community Fund I, an affiliate of United Fund Advisors in Portland, Ore., and a subsidiary of U.S. Bancorp in Minneapolis, Minn., monetized $7 million of New Markets Tax Credit, as well as renewable energy Investment Tax Credits.
“At UFA, we ensure that each of our investments has a meaningful social or environmental impact,” said Chris Hasle, a principal at United Fund Advisors, in a press release. “The CCAP project is a home run for everyone because it has tremendous returns for both the second and third bottom lines.”
The financing will supplement a $5 million state grant secured by state Sen. Jim Hargrove in 2007.
CCAP estimates the wind project will produce 13.5 million killowatt hours of clean energy annually, as well as net revenues of $500,000 per year. The lifespan of the turbines is expected to be 25 years.
“It has been a long road to reach this point,” said Troy Colley, the executive director of CCAP, in a statement, “but we see a bright future ahead with clean renewable energy not only lighting up homes, but making a difference every day in our community by supporting CCAP.”
According to Dublanko, preparation for construction of the wind turbines is under way at the site.
“We’re making sure all the pieces are in place before the delivery of the turbines happens,” he said, adding that General Electric could deliver the turbines as early as the first or second week of March, with the turbines expected to be up and running by June.
Mike Marsh, Daily World – http://www.thedailyworld.com/articles/2010/01/29/local_news/doc4b632f1a00330147458480.txt