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.

Marathon Capital | www.marathon-cap.com

U.S. Bancorp Community Development Corporation | www.usbank.com

Coronal Energy | www.coronalenergy.com