Coronal Energy announced that it has closed $235 million in total financing, which includes tax equity and debt, for its Gulf Coast Solar Center portfolio.
"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."
"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."