|By PR Newswire||
|November 30, 2016 02:51 PM EST|
CHICAGO, Nov. 30, 2016 /PRNewswire/ -- Marathon Capital is pleased to announce the successful closing of the Empower Energies, Inc. ("Empower" or the "Company") Distributed Generation Fund ("DG Fund") for commercial and industrial ("C&I") photovoltaic solar projects originated and developed by Empower and its co-development partners.
Marathon Capital served as the exclusive financial advisor and evaluated a variety of tailored, structuring options in the process of successfully raising a substantial commitment of tax equity and cash equity financing for the DG Fund.
WGL Energy Systems, Inc. ("WGL Energy"), a Washington Gas Light company, has committed to provide construction financing and permanent sponsor equity for the portfolio of PV solar projects originated and/or acquired by Empower over the next two years. Tax equity financing will be provided by a major strategic investor.
The DG Fund enables Empower to offer a complete 'capital stack', including development capital, construction financing, and project buyouts at different points during the development process, depending on the needs of the co-developer. The DG Fund also creates efficiencies for C&I customers, simplifying the project approval process, and enabling a single decision point, thereby accelerating development.
"We are pleased to announce the launch of our DG Fund and our partnership with two leading strategic investors," said John Clapp, Chief Financial Officer of Empower. "The DG Fund gives us immediate access to tax equity at a time when availability is an issue in the marketplace. In addition, we are able to provide construction financing and development capital for our own projects and those of other developers looking for a financing solution. The fund structure is well-suited to the distributed generation space. We can invest in projects in SREC and non-SREC markets, as well as across the credit spectrum."
"Marathon Capital is pleased to have worked with the experienced Empower management team to structure and secure the capital necessary to fund the deployment of a sizeable and diversified C&I portfolio in the distributed solar space," said Terry Grant, Managing Director at Marathon Capital. "Len Jornlin and his team bring many years of industry experience and contacts to lead this formative company."
About Marathon Capital
Marathon Capital, LLC, 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 global energy and infrastructure markets. Marathon Capital is a three-time recipient of the "Best Renewable Asset M&A Advisor" Award (2013, 2014, 2016), as well as the "Renewable Generating Project Finance Deal of the Year" Award (2015) in Power Finance & Risk's Annual Power Finance Deals and Firms Awards.
About Empower Energies
Empower Energies, Inc., is a clean energy project solutions provider focused on applying a multi-technology mix of PV solar, combined heat and power (CHP), and energy optimization solutions – with financing – to meet the profitability, resiliency and sustainability objectives of hospitals, universities, municipalities, and schools, as well as multi-facility commercial and industrial organizations.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/marathon-capital-announces-the-successful-closing-of-empower-energies-dg-solar-fund-300370744.html
SOURCE Marathon Capital
Dec. 9, 2016 10:15 AM EST Reads: 1,921
Dec. 9, 2016 10:15 AM EST Reads: 1,979
Dec. 9, 2016 10:15 AM EST Reads: 412
Dec. 9, 2016 10:13 AM EST
Dec. 9, 2016 08:45 AM EST Reads: 982
Dec. 9, 2016 08:30 AM EST Reads: 1,135
Dec. 9, 2016 08:30 AM EST Reads: 2,228
Dec. 9, 2016 08:00 AM EST Reads: 997
Dec. 9, 2016 07:45 AM EST Reads: 1,211
Dec. 9, 2016 07:00 AM EST Reads: 4,360
Dec. 9, 2016 06:00 AM EST Reads: 837
Dec. 9, 2016 05:00 AM EST Reads: 3,162
Dec. 9, 2016 04:45 AM EST Reads: 524
Dec. 9, 2016 04:30 AM EST Reads: 1,049
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Dec. 9, 2016 04:15 AM EST Reads: 1,471