Marathon Capital LLC, a financial advisory and investment banking firm, has advised the successful sale of the High Desert Solar Project (HDSI) on behalf of Middle River Power (MRP), the operating and development platform of Avenue Capital, to Goldman Sachs Renewable Power (GSRP).
HDSI is a 100 MW AC solar and 50 MW AC battery storage project currently under development in San Bernardino County, Calif. HDSI executed a 15-year power purchase agreement with Clean Power Alliance (CPA) for the project’s full energy output, resource adequacy and ancillary attributes, for delivery in August 2021.
“The MRP team brought to market a meticulously developed, contracted solar+storage project, and found in the GSRP a team able to digest the development nuances in California, navigate the financing challenges posed by COVID, and oversee the procurement effort and construction of the project around a strict deployment schedule set forth by CAISO,” says Felipe Arrazola, director at Marathon Capital.
“We are glad to have brought these two excellent teams together and look forward to the successful deployment of further renewable resources for California’s community choice aggregators,” he adds.
Marathon advised MRP during the power marketing phase and through the ultimate sale of the project, leading the identification and selection of an investor capable of meeting a rigid deployment timeline, notes the company.