Coronal Energy Closes Nearly Quarter Billion Dollars in Financing for Gulf Coast Solar Center Portfolio

Coronal Energy partnered with Gulf Power, the U.S. Air Force, and the U.S. Navy to build 120 MWac of solar PV across three sites in Northwest Florida, providing clean and resilient power to 18K homes.

Supporting the Department of Defense and its goal for energy resiliency elevates the importance of our work and we’re proud to attract substantial capital to this marquee project.

Today Coronal Energy, a leading independent power producer focused on utility-scale solar and storage projects, announced that it has closed $235 million in total financing, which includes tax equity and debt, for its Gulf Coast Solar Center portfolio. The Gulf Coast Solar Center is a 120-MW, three-site portfolio in Northwest Florida built for Gulf Power in cooperation with the U.S. Navy and U.S. Air Force. Finance partners include Marathon Capital, which served as Coronal’s exclusive financial advisor for placement of the tax equity funding for the portfolio, U.S. Bankcorp Community Development Corporation (USBCDC), and Sumitomo Mitsui Banking Corporation (SMBC).

“It was a pleasure to work with the Coronal and USB teams on the Gulf Coast Solar portfolio financing, which supported a landmark transaction for Coronal,” said Matt Shanahan, managing director at Marathon Capital. “Closing an already complex utility-scale solar tax equity financing in the midst of looming tax reform required a collaborative and creative effort by all parties.”

“The Gulf Coast Solar Center is a phenomenal example of the complexity of the utility-scale solar business today and Coronal’s ability to deliver for its partners. Supporting the Department of Defense and its goal for energy resilience elevates the importance of our work and we’re proud to attract substantial capital to this marquee project,” said Jonathan Jaffrey, CEO of Coronal Energy. “Our finance partners are critical to bringing utility-scale solar projects to fruition, and we remain committed to partnering in 2018 and beyond to build and operate more clean, resilient, domestic renewable energy.”

USBCDC Vice President Adam Altenhofen said of the partnership, “We were excited to be a trusted partner and help realize this important project for the Department of…

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