Marathon Capital maintained its “strong lock” on mid-market power and renewable energy M&A in 2019 while staying ahead of rivals with its expertise in emerging asset classes, according to the judging panel.
“Ted Brandt deserves accolades for positioning Marathon where it is today,” said an energy and infrastructure attorney. “Very impressive performance.”
The firm was active in 2019 in a wide range of transactions, from corporate capital raises and company sales to auctions for portfolios of projects.
At the corporate end of the spectrum, Marathon advised Heelstone Energy on a capital raise which led to a transformative investment by Ares Management Corp, while at the asset level the firm advised Tyr Energy on the sale of a stake in the 845 MW Shepherds Flat wind farm in Oregon back to developer Caithness Energy.
“They’re hardworking and at the cutting edge,” added a client. “Just very good at what they do.”
A burgeoning sub-sector where Marathon has established a strong foothold is energy storage. In 2019, for instance, the company advised Toronto-based NRStor on the sale of a portfolio of behind-the-meter battery projects and Convergent Energy and Power on the divestment of two storage systems to Energy Capital Partners.
Josh Cornfeld has developed a particular expertise around energy storage, says a client.
Another growing area of interest is renewable energy projects that sell their output to data center operators. Marathon advised SunEnergy1 on the sale of one such project to Dominion Energy last year.
“They’re consistently in the space and consistently successful,” said a project finance banker. “I give them kudos for that. “They’re sophisticated and with a good pulse on the market,” said another client.
The judges also commended Ari Pribadi, Terry Grant, Ammad Faisal, Matt Shanahan and David Kirkpatrick.
See all of the 2019/2020 awards