Banco Santander

Sale Leaseback Financing $298,500,000 102.5 MW Shiloh III Wind Farm to:

enXco, Inc.

Marathon Capital represented Banco Santander S.A. (“Santander”) in the $298 million sale and leaseback financing of the ITC-eligible 102.5 MW Shiloh III
Wind Farm, developed by enXco Inc. (“enXco”). enXco is a subsidiary of EDF Renewables, one of the largest renewable power developers and owners in
the world.

The US subsidiary of Santander, an experienced project finance lender, was interested in using its US tax capacity to act as a tax equity investor in US
renewable projects. Shiloh III was Santander’s first such tax equity investment in the U.S.

Marathon Capital acted as exclusive financial advisor to Santander.

Marathon's Role

Tax Equity Advisory

Client Countries


Counter Party Countries



February 2012