Coronal Energy, headquartered in Pasadena, California, has closed $235 million in total financing for its Gulf Coast Solar Center portfolio which includes tax equity and debt.
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.
“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.”
Spanning more than 900 acres and comprising more than 1.5 million solar panels, the Gulf Coast Solar Center portfolio generates enough electricity 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.
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, and Sumitomo Mitsui Banking Corporation.
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.