CHICAGO, July 9, 2018 /PRNewswire/ -- Marathon
Capital, LLC ("Marathon") is pleased to announce that IGS Solar and
a private equity fund managed by Ares EIF, the power and energy
infrastructure strategy within Ares Management, L.P. (NYSE: ARES),
have closed an approximately $145
million tax equity capital partnership with an undisclosed
tax equity investor to finance solar generation assets for
homeowners throughout the United
States.
This partnership is expected to deploy an initial portfolio of
approximately 4,000 residential solar power purchase agreements
(PPAs) in the northeastern United
States. Marathon acted as exclusive financial advisor to IGS
Solar in arranging the equity capital commitment from Ares EIF and
the partnership's tax equity capital commitment.
IGS Solar is the solar development affiliate of IGS Energy, one
of the largest independent retail electricity and gas providers in
the United States. IGS Solar
leverages IGS Energy's best-in-class operations platform, over one
million existing customer relationships and financial strength to
arrange project financing and provide asset management services for
contractors who sell and install residential solar systems.
Ares EIF targets private equity investments across the U.S.
power generation, transmission and midstream sectors. Ares EIF's
more than 30-year track record in energy investing helps IGS Solar
to provide an attractive PPA financing option that enables
homeowners to install solar systems that generate immediate savings
on utility bills at no cost to the customer.
"Ares EIF is a very sophisticated and knowledgeable partner in
the energy markets, and we look forward to working with them on
this and other opportunities as the energy landscape evolves,"
stated Scott White, President and
CEO of IGS Solar.
"Residential solar is a natural extension of our investment
strategy, and we are pleased to have found a partner that shares
our vision for a best-in-class residential solar platform," said
Andrew Schroeder, Partner at Ares
EIF. "We are excited about the opportunity to align with an
experienced and talented management team to grow IGS Solar and
expand our relationship with IGS Energy, which we view as a model
for a 21st century power and energy platform."
Marathon's extensive experience arranging equity capital
partnerships in the distributed solar sector helped IGS Solar
identify Ares EIF as a great partner to grow its residential solar
platform. "We are very pleased to have brought two excellent teams
together and are extremely optimistic about the future prospects of
the partnership," said Gary
Greenblatt, Managing Director at Marathon. "With support
from Ares, IGS Solar is well-positioned to be the first formidable
new entrant in residential solar financing space in several
years."
About Marathon
Marathon Capital is a leading financial advisory and investment
banking firm focused on providing financial advice in the areas of
M&A, capital raising of debt and equity, project finance, tax
equity, financial restructuring, recapitalization, bankruptcy and
workout situations in the energy sector. Marathon Capital is a
four-time recipient of the "Best Renewable Asset M&A Advisor"
Award (2013, 2014, 2016, 2017), "Renewable Generating Project
Finance Deal of the Year" Award (2016) and first-time recipient of
the "Best Asset M&A Advisor (2017) in Power Finance &
Risk's Annual Power Finance Deals and Firms Awards.
www.marathon-cap.com
Media Contacts:
Andrea Rosko, Marathon Capital
arosko@marathon-cap.com
View original
content:http://www.prnewswire.com/news-releases/marathon-capital-announces-a-partnership-between-igs-solar-and-an-ares-management-fund-for-investment-in-residential-solar-assets-300677967.html
SOURCE Marathon Capital, LLC