Marathon Capital

In 1999, Ted Brandt and Gregg Elesh co-founded Marathon Capital.[4] Brandt serves as the CEO.[5] Both have backgrounds in commercial finance, leasing, and structured finance. During 2001, Marathon Capital began its focus on alternative energy. The firm competes with “bulge bracket” firms for its engagements.[6] Marathon Capital periodically acts as a co-manager with other investment banks to facilitate client transactions. Marathon Capital has been involved in several high-profile wind power mandates from American Wind Capital Corporation (USA), Suzlon Wind Energy Corporation (USA), EchoFirst (USA), SkyPower Corp. (Canada), Allco Finance Group (Australia) and Greenlight Energy (USA).[7]

Marathon Capital employs over 100 investment bankers[8] in the areas of capital raising, commercial finance, engineering, mergers and acquisitions, power plant development, project finance,  renewable energy and restructuring[9] for the wind, solar, energy storage, renewable fuels, sustainable technology, e-mobility, hydrogen and distributed generation sectors.[10]

The firm has offices in Chicago, London,[11] New York City, Houston, and San Francisco and a representative office in Canada.[12]

Marathon Capital's clients include developers, independent power producers, utilities, government entities, oil and gas companies and energy service providers focused on buying, selling, capitalizing, leveraging and/or restructuring a specific situation, company, project or asset. Marathon Capital has completed transactions involving district energy, cogeneration, geothermal power, wind power, solar power, landfill gas, demand-side energy conservation and has interest in additional transactions focusing on alternative fuel and chemicals, biomass power, energy management system, fuel cell, hydro, and energy-efficiency.[13]

Marathon Capital has handled the transactions for the following clients: American Wind Capital Company's sale of company and portfolio to Hannon Armstrong;[14] Suzlon's sale of 240MW Big Sky Wind Farm to EverPower,[15] the restructuring and sale of Middlesex Generation to General Electric (landfill gas to electric); Steamboat II/III to Ormat Technologies (Geothermal); the sale of Greenlight Energy to BP plc (Wind),[16] AMP Resources to Enel (Geothermal),[17][18][19][20] Heelstone Energy Holdings LLC to Sammons Renewable Energy,[21] OCI Solar Power’s 66MW Project Ivory to Desri,[22] Empower Energies’ DG Solar Fund,[23] CPV Wind to Iberdrola (Wind),[24] SkyPower Corp. to Lehman Brothers (Wind and Solar)[25][26] and Ridgeline Energy to Veolia Environment (Wind).[27] The sale of the project by Allco Finance Group generated cash proceeds of A$346 million.[28]

Other transactions Marathon Capital has played a key role in include: the sale of Tehachapi 3.1 GW wind project,[29] the creation of the leading IPP with Pattern Energy and Riverstone Holdings,[30] the formation of a private Yield co for Edison International with AMP Capital and TIAA-CREF,[31] the sale of First Wind to SunEdison[32] and Terraform,[33] and the sale of Alterra and development pipeline to Innergex.[34]

Marathon Capital has been named ‘Best Renewable Asset M&A Adviser’ four times[35] and ‘M&A Advisor of the Year’ twice[36] in Power Finance & Risk’s Annual Power Finance Deals and Firms Awards.