A developer, owner and operator of utility-scale solar projects has hired a financial adviser as it explores strategic alternatives.

The company, SunEnergy1, is exploring options including partnerships and the sale of its assets, and has hired Marathon Capital as its exclusive financial adviser on the process.

The strategic review has already generated several bids, says a deal watcher.

SunEnergy1 has a 550 MW portfolio of operating and construction-stage projects as well as a 1.6 GW development project pipeline.

Among its assets is the 80 MW Holloman project in Hertford County, N.C., which recently secured tax equity commitments totaling $87 million from U.S. Bank and Progressive Casualty Insurance Co. (PFR, 9/21).

The project has a virtual power purchase agreement with Fifth Third Bancorp.

SunEnergy1 is owned and run from Mooresville, N.C., by Australian NASCAR driver Kenny Habul.

An official at Marathon Capital declined to comment and spokespeople for SunEnergy1 did not respond to inquiries by press time.

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