Coconut Cake with Mascarpone Frosting
['2 1/2 cups all purpose flour', '2 teaspoons baking powder', '1 2/3 cups sugar', '3/4 cup (1 1/2 sticks) plus 3 tablespoons unsalted butter, room temperature', '1 teaspoon vanilla extract', '4 large eggs, room temperature', '3/4 cup whole milk', '1 1/2 cups finely grated peeled fresh coconut', '2 3/4 teaspoons finely grated lime peel, divided', '3/4 cup mascarpone cheese* (about 6 ounces)', '1/4 teaspoon ground cloves', '2 2/3 cups powdered sugar', '1/2 cup 1-inch-long strips shaved coconut with brown inner coating left intact (about 2 ounces; use vegetable peeler)']
Preheat oven to 325°F. Line bottom of 9-inch diameter springform pan with parchment paper; butter paper and pan.
Whisk flour and baking powder in medium bowl. Using electric mixer, beat sugar, 3/4 cup butter, and vanilla in large bowl until blended. Beat in eggs 1 at a time. Add flour mixture alternately with milk in 2 additions each, beating until just blended. Stir in 1 1/2 cups finely grated coconut and 1 1/4 teaspoons lime peel.
Transfer mixture to prepared pan; smooth top. Bake until tester inserted into center comes out clean, about 1 hour 20 minutes. Cool cake in pan 20 minutes. Cut around sides to loosen; invert onto platter. Cool completely.
Using electric mixer, beat 3 tablespoons butter, 1 1/2 teaspoons lime peel, mascarpone, and cloves in large bowl. Add powdered sugar; beat just until smooth.
Spread mascarpone frosting over top of cooled cake. Garnish top edge with 1/2 cup shaved coconut. DO AHEAD Can be made 1 day ahead. Cover with cake dome and chill. Bring to room temperature before serving.
*An Italian cream cheese; sold at many supermarkets and at Italian markets.
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