Solar developer Coronal Energy has hired a boutique investment bank to auction off a recently completed, contracted project.
EOS Capital Advisors is advising on the sale of the 15 MW Latitude Solar Center in Hardeman County, Tenn., PFR has learned.
Coronal obtained a 20-year power purchase agreement for Latitude with the Tennessee Valley Authority through its renewable standard offer program (PFR, 7/13).
Contractor McCarthy began construction on the facility last summer. As of December, it was listed as "complete, but not yet in commercial operation" in a table produced by the U.S. Energy Information Administration.
It is interconnected to the grid via facilities owned and operated by Bolivar Energy Authority, which serves customers in Hardeman County and parts of Fayette, Chester, Madison and Benton counties.
A spokesperson for Coronal based in Charlottesville, Va. and EOS principals in San Francisco and Washington D.C. did not respond to inquiries by press time.
Coronal itself was recently going through a process that could lead to the sale of its entire operational portfolio and development pipeline. Bank of America Merrill Lynch and Scotia Capital reached out to potential buyers last June (PFR, 7/19).
"I would be surprised if they're still in a process," says a deal watcher. "Maybe they stopped the process and [are] now selling a project to raise capital"."
The developer, which is backed by Japanese electronics firm Panasonic, owns a 20-project portfolio of operating and contracted assets totaling 345 MW, including Latitude.
Additional reporting by Shravan Bhat.