Marathon Capital Research
Advisory Approach
Marathon Capital is the largest independent investment bank solely dedicated to the clean economy and energy transition. Founded in 1999 by CEO Ted Brandt, the firm has spent 25 years building specialized expertise in renewable power, sustainable infrastructure, and clean technologies. Their thesis is that deep domain expertise in clean energy—combined with relationships across financial sponsors, strategic buyers, utilities, and corporates—creates superior outcomes for clients navigating the decarbonization transition.
Unlike generalist M&A advisors that occasionally work on energy deals, Marathon Capital's team of 67 professionals focuses exclusively on the clean economy. This specialization allows them to provide nuanced understanding of value drivers across solar, wind, energy storage, low-carbon fuels, data centers, and sustainable technologies. The firm's integrated service model combines M&A advisory with capital markets capabilities (equity, debt, tax equity, offtake advisory) and energy transition strategy consulting.
Sector Focus
Marathon Capital operates across five core clean energy verticals:
Utility-Scale Clean Power: The firm is the most active advisor in utility-scale renewable power, with expertise spanning solar photovoltaics (distributed and utility-scale), onshore and offshore wind, energy storage systems, hydropower, geothermal, and transmission infrastructure. They have completed landmark transactions including the sale of FirstWind to SunEdison for $2.4 billion and the $2 billion+ sale of ib Vogt, the largest global independent utility-scale solar developer.
Distributed Energy: Extensive experience across residential, commercial & industrial (C&I), and community solar, plus microgrids and behind-the-meter storage systems. Recent transactions include Generate Capital's sale of a 117-project distributed solar portfolio spanning nine U.S. states to GoodFinch, and Radial Power's $355 million tax equity and debt financing for 214 MW of distributed solar across 106 projects.
Data Centers & Digital Infrastructure: Advising hyperscale, cloud, colocation, and edge computing data center developers on innovative energy solutions, M&A, joint ventures, and financing strategies. Notable work includes Overwatch Capital's 1 GW partnership with Idemitsu to build high-density AI data centers across ten U.S. states.
Low Carbon Molecules: Leadership in renewable natural gas, renewable diesel, sustainable aviation fuel (SAF), clean hydrogen, clean ammonia, and other emerging fuels. The firm completed the first private section 45Q tax credit transfer transaction for carbon dioxide.
Sustainable Technologies: E-mobility and electric vehicle infrastructure, battery storage, grid technology, climate and carbon management software, sustainable materials, and applied industrial technologies. Transaction experience includes Hyliion's SPAC and concurrent PIPE capital raise.
Deal Track Record
Marathon Capital has completed 126 transactions since 1999 across M&A, capital raising, and strategic advisory. Recent representative transactions include:
M&A Transactions: Origami Solar (US-based steel solar frame developer) sold to Nextracker (Nasdaq: NXT); ClearGen (distributed energy capital provider) sold to CBRE Investment Management; Hexagon Energy's 1.56 GW Steward Creek Solar project sold to TerraForm Power (Brookfield affiliate); SunPower's C&I Solutions business sold to TotalEnergies; microinverter business sold to Enphase; Black Bear Energy, GroSolar, FLS, Peak Clean Energy, and Mainstreet Power sold to various buyers.
Financing Transactions: Radial Power secured $355 million in tax equity and debt financing from Goldman Sachs for 214 MW of distributed solar; NorthStar Clean Energy closed tax equity financing for 200 MW Branch Solar and 41 MW Genesee Solar projects in Michigan; Competitive Power Ventures closed third solar tax equity financing with U.S. Bank; Earthrise Energy secured $630 million financing for MISO-based solar project.
Strategic Partnerships: Overwatch Capital formed partnership with Idemitsu for 1 GW of natural gas-powered AI data centers across ten states; Kyuden International invested in Spearmint Energy's Texas battery storage projects; Vitol monetized wind and solar assets; TC Energy developed energy transition strategy.
Process & Fee Structure
Marathon Capital runs institutional-quality processes tailored to clean energy transaction complexity. Their approach leverages 25 years of product-specific expertise, relationships across 2,000+ capital providers (financial sponsors, strategic investors, lenders, tax equity investors), and integrated service capabilities.
For M&A sell-side engagements, the firm conducts exhaustive buyer outreach to financial sponsors, strategic acquirers, utilities, and corporates—often 200-400 targeted buyer contacts per transaction. Their tax credit advisory practice includes sourcing, placement, and syndication services for developers, plus climate credit market making. The debt capital markets team offers unbiased advisory across bank debt, senior/mezzanine capital, development loans, project debt, warehouse facilities, and green bonds.
Fee structures are negotiated per engagement and not publicly disclosed. Given the firm's specialization and the complexity of clean energy transactions, fees likely follow market rates for specialized investment banking services.
Buyer Network
Marathon Capital maintains active dialogues with key decision makers across the clean economy ecosystem:
Private Equity & Infrastructure Sponsors: Brookfield (TerraForm Power), Magnetar (Vesper formation), Riverstone (Pattern Energy formation), generate capital platforms, and institutional investors.
Strategic Acquirers: TotalEnergies, Nextracker (NXT), Enphase Energy, CBRE Investment Management, Goldman Sachs, U.S. Bank, Idemitsu, major utilities, and corporates executing net-zero strategies.
Tax Equity Investors: Major banks including Goldman Sachs, U.S. Bank, and institutional tax equity providers.
International Buyers: Vitol, Osaka Gas, Kyuden International, and European and Asian strategic investors seeking US clean energy exposure.
Competitive Positioning
Marathon Capital differentiates through:
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Sole Focus on Clean Economy: 25 years dedicated exclusively to clean energy vs. generalist firms that treat energy as one of many sectors.
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Integrated Service Model: M&A + equity + debt + tax equity + offtake + energy transition advisory under one roof.
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Global Reach: Eight offices across North America, Europe, and Asia provide cross-border transaction capability and international buyer access.
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Deep Technical Expertise: Team members include former engineers, project developers, tax equity investors, and operators who understand technology-specific value drivers.
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Transaction Scale: Experience ranging from early-stage developer sales to multi-billion dollar corporate M&A and utility-scale project portfolios.
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Policy & Regulatory Knowledge: In-depth understanding of Inflation Reduction Act tax credit transferability, state clean energy policies, and international carbon markets.
Not a Fit If
Marathon Capital typically declines engagements outside their clean economy focus. They are not suitable for:
- Conventional fossil fuel businesses (oil & gas exploration, coal, traditional power generation without transition strategy)
- Small transactions below $50 million in enterprise value
- Non-energy businesses without sustainability/decarbonization angles
- Clients seeking limited process or regional-only buyer outreach
Team
The firm is led by Founder & CEO Ted Brandt, who has managed Marathon Capital since 1999 and overseen 300+ clean energy transactions. Leadership includes:
Ari Pribadi, Global Co-Head of Investment Banking: 30+ years power sector experience, 21 years at Marathon. Notable transactions include Vitol asset monetization, FirstWind sale to SunEdison ($2.4B), ib Vogt sale (largest global utility-scale solar developer sale), and Babcock & Brown development subsidiary sale to form Pattern Energy. Previously held senior positions at ABB Power Generation and Alstom Power. MBA University of Chicago, BS Chemical Engineering University of Washington.
David Kirkpatrick, Global Co-Head of Investment Banking: 30+ years cleantech and renewable energy experience based in San Diego. Advises on M&A, corporate equity raises, tax equity, and strategic consulting. Transformative transactions include SunPower C&I sale to TotalEnergies, microinverter business sale to Enphase, multiple PosiGen equity raises, Generate fuel cell tax equity, and numerous utility-scale project sales. Previously at Boston Consulting Group, GE Wind, Imperium Biofuels, NRG Solar, and EDF EN (North American M&A head). MBA Harvard Business School, BA Emory University.
Felipe Arrazola, Managing Director & Co-Head of Chicago: M&A, private placement, and project finance specialist. Led transactions including Migdal's investment in Global Energy Generation, Vesper formation (Magnetar investment in Lendlease renewables team), and Apricus formation (Osaka Gas investment in Novi Energy). Previously Vice President at SoCore Energy and Wind Capital Group ($600M+ project finance commitments). MBA Yale School of Management, BA Indiana University Kelley School.
Additional Key Team Members: Ammad Faisal, CFA (Senior Managing Director, Head of NYC & Capital Markets); Chris Shaw (Senior Managing Director, Head of EMEA); Matt Bigham (Managing Director & Co-Head of Chicago); Josh Cornfeld (Senior Managing Director); Wayne Chomitz (Managing Director, Tax Credit Advisory).
Geographic Coverage
Marathon Capital operates globally with eight offices:
North America: Chicago (HQ, 200 West Madison Street), New York City (2 offices), San Francisco, San Diego, Houston Europe: London, United Kingdom North America: Calgary, Canada Asia Pacific: Seoul, South Korea
This global footprint enables cross-border transactions and access to international buyers. Recent transactions span the United States, Canada, Mexico, Europe, and Asia Pacific markets.