2010 Novogradac Journal of Tax Credits Development of Distinction: Renewable Energy
Winner
Coastal Energy ProjectLocation: Grayland, Wash. Coastal Community Action Program of Aberdeen, Washington, and its Coastal Energy Project completed a 6 megawatt wind development near the Washington coastline in Grayland, Washington that encompasses a four-turbine wind system that is anticipated to produce 13.5 million kilowatt-hours of electrical energy annually, potentially generating as much as $500,000 a year for 20 years to fund CCAP's programs in Grays Harbor and Pacific counties. Development Team: Coastal Community Action Program, Shorebank Enterprise Cascadia, Wells Fargo, United Fund Advisors, Seminole Companies, Nixon Peabody and US Bank. |
Honorable Mention
Make It Right - SOLARLocation: New Orleans, La. Make It Right – SOLAR is a subsidiary of the Make It Right Foundation, founded by actor Brad Pitt, and serves as a renewable energy developer focused on affordable housing. MIR-Solar has completed more than 40 residential solar panel installations in New Orleans’ historic Lower 9th Ward, thanks in part to two new market tax credit transactions in the past 10 months. The developer’s goal is to have 30 more installations complete by year’s end, bringing the total number to 73 homes with solar on the roof. The Make it Right Foundation has set its housing goal at 150 in the next two years. Most of the cash outflow associated with the building of the solar systems will be recouped in the form of government subsidies — MIR-Solar applied for a 50 percent refundable Louisiana tax credit along with a 30 percent federal grant. Through these programs, MIR-Solar is able to offer financing programs that will make solar energy available and affordable to low-income housing developments. Development Team: Make It Right Foundation, Make It Right – Solar and Fat Spaniel Technologies. |