CHICAGO, May 4, 2016 /PRNewswire/ — Marathon Capital is pleased to announce the successful sale of Global Resource Options, Inc. (dba: groSolar), one of the nation’s leading distributed generation solar firms, to EDF Renewable Energy (EDF RE).
groSolar, a privately owned company with SJF Ventures and NGP Energy Technology Partners as major owners, has developed, designed, and constructed more than 150 MW of solar PV systems across the U.S. with more than 2,000 installations. Marathon Capital acted as exclusive financial advisor to groSolar.
Together with groSolar, Marathon Capital developed materials to present groSolar’s strategic business plan to the market. Marathon Capital then conducted a comprehensive process to explore financial and strategic investor interest in partnering with groSolar to further accelerate its growth in the distributed marketplace and was pleased to help facilitate the transaction between two strongly aligned players with a great strategic fit. “We believe groSolar’s successful distributed generation business combined with EDF RE’s financial acumen and market presence will enable the platform to expand significantly in the years ahead,” stated David Kirkpatrick, of Marathon Capital who led the M&A process for groSolar.
“We were very pleased with Marathon Capital’s expertise in the renewable energy sector and their ability to manage a thorough and confidential process,” said groSolar CEO Jamie Resor.
groSolar will continue to operate throughout the U.S. as a wholly owned subsidiary of EDF RE.
About Marathon Capital
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 global energy and infrastructure markets. Marathon Capital is a two-time recipient of the “Best Renewable Asset M&A Advisor” award in Power Finance & Risk’s Annual Power Finance Deals and Firms Awards (2013 & 2014). For more information, visit: www.marathon-cap.com.
groSolar is an industry-leading large commercial- and utility-scale solar development, engineering, procurement, and construction firm serving the 1 to 30 MW market. With over 2,000 installations nationwide, groSolar’s experience spans a broad spectrum of applications. These include applications atop brownfields/landfills, agricultural properties, and municipal, corporate, educational, and manufacturing facilities. groSolar provides a one stop source for all your solar project needs including on-going operations and maintenance.
About EDF Renewable Energy
EDF Renewable Energy is a leading US independent power producer with nearly 30 years of expertise in the renewable industry, covering all range of services from project origination, development, sales and marketing, to long-term asset management. EDF Renewable Energy specializes in wind and solar photovoltaic with presence in other segments of the renewable energy market: storage, biogas, biomass, hydro, and marine energy. EDF Renewable Energy’s North American portfolio consists of 8 gigawatts of developed projects with 4.1 gigawatts of installed capacity throughout the US, Canada, and Mexico. The operations and maintenance subsidiary, EDF Renewable Services, operates over 10 GW throughout North America. EDF Renewable Energy is a subsidiary of EDF Energies Nouvelles. EDF Energies Nouvelles is the renewable energy arm of the EDF group, the leading electricity company in the world. For more information, visit: www.edf-re.com.