Marathon Capital and NorthStar Clean Energy Complete Financing for Branch and Genesee Solar Projects in Michigan
Marathon Capital and NorthStar Clean Energy have announced the successful completion of tax equity financing and tax credit sale transactions supporting two major solar developments in Michigan: the Branch Solar and Genesee Solar projects. The financings mark a significant milestone in NorthStar’s ongoing expansion of its U.S. renewable energy portfolio and highlight continued investor confidence in high-quality clean energy assets.
The Branch Solar project, located in Branch County, Michigan, is a 200-megawatt alternating current (MWac) facility and represents NorthStar’s largest solar asset to date. Complementing it is the Genesee Solar project, a 41 MWac facility situated in Genesee County. Together, the two projects strengthen Michigan’s growing renewable energy infrastructure while reinforcing NorthStar’s long-term strategy of owning and operating sustainable energy assets across the country.
Advancing a Scalable Renewable Energy Portfolio
The successful financing transactions reflect NorthStar Clean Energy’s steady progress in building a diversified and scalable renewable generation portfolio. As both a developer and independent power producer (IPP), the company has consistently demonstrated its ability to originate, finance, construct, and operate utility-scale renewable projects.
The Branch and Genesee Solar projects are central to this strategy. The 200 MWac Branch Solar facility significantly expands NorthStar’s operational footprint and positions the company among leading renewable energy asset owners in the Midwest. As its largest solar installation to date, Branch Solar represents both a milestone and a model for future projects, combining strong fundamentals, efficient development execution, and attractive financing structures.
Meanwhile, the 41 MWac Genesee Solar project, though smaller in scale, plays an important role in delivering distributed clean energy capacity to Michigan’s grid. By advancing projects of varying sizes, NorthStar demonstrates flexibility in addressing regional energy demands while maintaining consistent financial and operational standards.
Strategic Tax Equity and Tax Credit Transactions
The financing packages for Branch and Genesee were structured to optimize capital efficiency and align with NorthStar’s long-term ownership objectives. Both transactions included tax equity financing and tax credit sales—two key tools widely used in the U.S. renewable energy sector to monetize federal incentives and reduce the overall cost of capital.
Tax equity financing enables renewable developers to partner with institutional investors that can efficiently utilize federal tax credits generated by projects. Meanwhile, tax credit transfer mechanisms allow companies to directly sell certain credits to third parties, providing additional liquidity and financial flexibility.
By successfully executing both structures, NorthStar was able to enhance project economics, improve capital stack efficiency, and secure competitive financing terms. The approach supports the company’s strategy of retaining ownership of high-performing assets while minimizing financing costs.
Marathon Capital’s Advisory Role
Marathon Capital served as exclusive financial advisor to NorthStar Clean Energy for both transactions. The firm provided comprehensive advisory support throughout the structuring and execution process, leveraging its deep expertise in renewable energy finance and its extensive network of tax equity investors and institutional capital providers.
Wayne Chomitz, Managing Director at Marathon Capital, emphasized the significance of the milestone. He noted that NorthStar’s disciplined development practices and operational expertise contributed to highly efficient processes and strong investor interest. According to Chomitz, the company’s established track record and deep market relationships played a key role in attracting robust participation from financing partners.
Marathon Capital’s involvement included guiding the structuring of tax equity investments, facilitating tax credit transfer negotiations, coordinating due diligence, and ensuring competitive execution timelines. By carefully aligning financing solutions with NorthStar’s ownership and operational strategy, Marathon helped deliver transactions that maximize long-term value.
A Disciplined Development and Execution Model
NorthStar Clean Energy’s leadership highlighted the importance of moving efficiently from project development through financing into construction and eventual operations. President and CEO Brian Hartmann underscored that Branch and Genesee reflect the company’s integrated approach, which leverages long-standing relationships across lenders, tax equity providers, tax credit buyers, and offtake partners.
As a seasoned IPP, NorthStar prioritizes creating bankable structures that attract institutional capital while preserving economic upside. This includes careful site selection, interconnection planning, permitting, and power purchase arrangements—each designed to reduce risk and enhance financial certainty.
The Branch and Genesee projects demonstrate how disciplined execution can translate into successful capital raises. By presenting well-structured opportunities with clear development pathways and stable long-term revenue prospects, NorthStar was able to secure attractive financing outcomes even within a competitive renewable investment landscape.
Strengthening Michigan’s Clean Energy Landscape
Both projects contribute meaningfully to Michigan’s transition toward cleaner energy sources. Utility-scale solar generation plays a growing role in diversifying the state’s energy mix, reducing greenhouse gas emissions, and enhancing grid resilience.
The 200 MWac Branch Solar project will deliver substantial zero-carbon electricity to the region, helping to offset fossil fuel generation while supporting local reliability. As NorthStar’s largest solar asset, it also represents a sizable addition to the state’s renewable capacity.
The Genesee Solar project further expands access to low-cost, carbon-free power in its host community. Together, the projects provide energy customers with stable pricing and long-term sustainability benefits, aligning with broader corporate and municipal clean energy goals.
In addition to environmental benefits, large-scale solar developments typically generate economic advantages for local communities. These may include construction employment opportunities, long-term operations and maintenance roles, lease payments to landowners, and increased local tax revenues that support schools and public services.
Investor Confidence in Renewable Assets
The successful completion of the tax equity financing and tax credit sales underscores continued investor appetite for high-quality renewable energy projects. Despite evolving policy frameworks and market dynamics, institutional capital remains strongly interested in assets that offer stable cash flows, long-term contracts, and attractive risk-adjusted returns.
NorthStar’s proven development capabilities and operational track record were key drivers of this investor confidence. By consistently delivering projects on time and within budget, the company has built credibility across the financing community.
Marathon Capital’s advisory role further reinforced the transactions’ credibility, ensuring transparent processes, competitive pricing, and alignment between sponsor and investor interests. The strong response from financing partners reflects both the quality of the underlying assets and the strength of the project execution teams.
Supporting Long-Term Sustainability Goals
By delivering low-cost, carbon-free electricity, Branch Solar and Genesee Solar directly support customer sustainability initiatives. Many commercial and industrial energy buyers are pursuing ambitious decarbonization targets, seeking reliable renewable generation to meet long-term power needs.
The projects help address these objectives while maintaining cost competitiveness. Solar generation, once capitalized and operational, offers predictable pricing over extended time horizons—an increasingly valuable attribute in volatile energy markets.
For NorthStar Clean Energy, these projects represent more than isolated transactions. They form part of a broader strategy to expand renewable generation nationwide while maintaining ownership of high-quality assets. Through disciplined financing, strategic partnerships, and operational excellence, the company continues to strengthen its position as a leading independent power producer.
With Branch and Genesee now fully financed, NorthStar is well positioned to move forward into construction and long-term operations, further solidifying its role in advancing America’s clean energy transition.
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