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.
PASADENA, Calif. January 14, 2018
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 Defense. We share DOD’s goal of energy independence across its footprint.”
The 120-MW Gulf Coast Solar Center includes three sites in Northwest Florida: a 30-MW project at Eglin AFB Reservation, a 40-MW project at NAS Whiting Field’s NOLF Holley, and a 50-MW project at NAS Pensacola’s NOLF Saufley. Spanning more than 900 acres and comprising more than 1.5 million solar panels, the Gulf Coast Solar Center portfolio generates enough electricity annually to power roughly 18,000 homes and reduce CO2 emissions by 3.5 million tons over the 25-year life of the project. Construction of the portfolio created nearly 450 jobs, with 98% of that workforce hired locally.
“SMBC has had a strong relationship with Coronal Energy and Panasonic since the beginning of their partnership. The financing of this Gulf Coast Solar Center project is a further testament to our support of their platform. This portfolio is an example of their exemplary ability in managing partnerships among various stakeholders,” SMBC added. “We are pleased to be involved in this significant effort and look forward to continuing our partnership on future financing initiatives.”
The Gulf Coast Solar Center is now fully operational, following an August 2017 ‘Flip the Switch’ ceremony with Gulf Power, the U.S. Air Force, the U.S. Navy, and other project partners.
About Coronal Energy
Coronal Energy, powered by Panasonic, is a leading independent power producer providing turnkey solar energy solutions tailored for diverse enterprise customers across North America, including utilities, corporations, and the public sector. It unites the financial strength of a Fortune Global 500 company (#110) and Panasonic’s award-winning history of solar innovation and sustainability leadership with the project development, finance, engineering, construction, and asset management experience of Coronal Energy. The result is smarter solar that translates to smarter business for customers. The collective experience of Coronal Energy, powered by Panasonic, includes projects in 40 states totaling 2.3 GW, with more than 3.4 GW of greenfield and brownfield projects under construction/contract or in development. For more, please visit CoronalEnergy.com and follow on Twitter @CoronalEnergy.
About Marathon Capital
Marathon Capital is a leading financial advisory and investment banking firm focused on providing financial advice in the areas of M&A, capital raising of debt and equity, project finance, tax equity, financial restructuring, recapitalization, bankruptcy and workout situations in the energy sector. Marathon Capital is a four-time recipient of the “Best Renewable Asset M&A Advisor” Award (2013, 2014, 2016, 2017), “Renewable Generating Project Finance Deal of the Year” Award (2016) and first-time recipient of the “Best Asset M&A Advisor (2017) in Power Finance & Risk's Annual Power Finance Deals and Firms Awards. http://www.marathon-cap.com
About U.S. Bancorp Community Development Corporation
With $26.3 billion in managed assets as of Dec. 31, 2017, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at USBank.com/cdc.
Sumitomo Mitsui Banking Corporation (SMBC) is a core member of Sumitomo Mitsui Financial Group (SMFG), a Tokyo-based bank holding company that is ranked among the largest 25 banks globally by assets under management.
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