Marathon Capital, LLC (“Marathon”) has announced that it advised on the successful closing of project financing for the Summit Wind Project (“Summit Wind” or “Project”) owned by Altamont Winds LLC (“Altamont”). Summit Wind is a 57.5 MW wind project currently under construction in Alameda County, California. Summit Wind executed a 20-yr PPA with East Bay Community Energy (“EBCE”) for the Project’s full energy output in the second half of 2019. Marathon arranged a tax equity commitment provided by GE Energy Financial Services (“GE EFS”), as well as term debt commitments and construction debt financing provided by Rabobank and NordLB.
Marathon acted as the exclusive financial advisor to Altamont initially assisting in the structuring and negotiation of the offtake agreement with EBCE. Marathon then led the identification and selection of financing partners for the project, thereafter supporting the structuring, financial modeling and negotiation supporting the execution of all project financing commitments.
“We had the privilege of working alongside a talented and resilient sponsor, flexible and pragmatic financing partners in GE EFS, Rabobank and NordLB, and a very supportive offtake client in EBCE. The collection of this team allowed the financing to navigate a defined schedule driven by the 2020 PTC sunset, the typical challenges of development in California, and the atypical but very real challenge of navigating a global pandemic during the closing process. We are proud to have been part of this important project milestone.” – Felipe Arrazola, Director at Marathon Capital.