Coronal Energy closes on $235 million in financing for Florida solar

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Solar finance took a blow in December with the passing of the Republican tax overhaul bill, which made tax equity financing more complex and less desirable for multinational corporations. However, Coronal Energy is showing that there is still big money to be raised for solar, including tax equity.

Yesterday the independent power producer announced that it has closed on $235 million to finance three large solar projects that it holds on the Florida Panhandle, collectively described as its Gulf Coast Solar Center portfolio. Three named funders include Marathon Capital, U.S. Bankcorp Community Development Corporation and Sumitomo Mitsui Banking Corporation.

This financing includes both tax equity and debt. The ratio was not disclosed in a brief press statement; however financial analysts have expressed to pv magazine that they expect less tax equity and more debt in project finance following tax reform, given that the former will be less desirable to many lenders.

The three projects include a 30 MW-AC project at Eglin Air Force Base, a 40 MW project at Naval Air Station Whiting Field and a 50 MW project at Naval Air Station Pensacola, the last of which went online last August. All three supply electricity to local utility Gulf Power.