October 02, 2023
Utility Scale Clean Power
Debt Capital Markets
Tax Credit Advisory
Marathon Capital, LLC (“Marathon Capital”) announces it has advised Ashtrom Renewable Energy, a global independent power producer and subsidiary of Ashtrom Group Ltd., on a $270 Million financing for a 400MW solar project in Texas, Tierra Bonita. The financing was provided by BHI, the U.S operation of Bank Hapolaim Group, Bayerische Landesbank, ING Capital, Rabobank and Société Générale.
The Tierra Bonita project is also one of the very first solar projects in the U.S. to complete a Tax Credit Transfer Agreement for solar PTCs under the new Inflation Reduction Act (IRA), and complete financing under a project finance structure.
Marathon Capital acted as exclusive financial advisor to Ashtrom Renewable Energy on the transaction, and Morgan, Lewis & Bockius LLP served as legal advisor.