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Marathon Capital Advises TigerGenCo on $146 Million Senior Debt Financing for Utility-Scale Battery Energy Storage Project in NYISO
April 20, 2026
April 20, 2026
Utility Scale Clean Power
Debt Capital Solutions
Marathon Capital has advised TigerGenCo LLC, a U.S.-based independent power producer, on the successful closing of a $146 million senior debt financing supporting the development of a 50 MWAC / 200 MWh utility-scale battery energy storage system (BESS) in NYISO. The financing included senior debt provided by KeyBank and BBVA, along with an uncommitted tax credit bridge loan.
The project is sponsored by Morgan Stanley Infrastructure Partners and Marathon Capital acted as exclusive financial advisor on the transaction and continues to support TigerGenCo’s Phase II tax equity financing.
The transaction required careful navigation of nuanced annual tolling agreement structures and shared facilities arrangements associated with the collocated thermal asset. Marathon Capital’s experience advising on complex power and energy storage financings was instrumental in delivering a flexible, bankable capital solution aligned with project and sponsor objectives.
