Gulf Coast Power Solar Projects
Tax Equity Raise for 120 MWac Gulf Coast Power Solar Projects provided by:
Marathon Capital successfully secured a tax equity raise for Coronal Energy's ("Coronal") 120MW Gulf Coast Solar Center Portfolio, located in Northwest Florida. 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. Coronal’s finance partners included Marathon Capital, which served as Coronal’s exclusive financial advisor for placement of the tax equity funding for the portfolio, U.S. Bank and Sumitomo Mitsui Banking Corporation (“SMBC”). Marathon Capital provided structuring, modeling, due diligence, negotiation, and transaction execution support throughout the tax equity financing process.
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.