Set the alt text!
News & Events

Marathon Capital Advises CarVal Investors on Sale of Operating C&I Solar Portfolio to Argo

August 19, 2021


Mergers and Acquisitions

  • Ammad Faisal, CFA

    Senior Managing Director & Head of New York

  • Gary Greenblatt

    Vice Chairman

  • Josh Cornfeld

    Managing Director

Marathon Capital, LLC (“Marathon Capital”) is pleased to announce the closing of the sale of a 129 MW operating commercial and industrial (C&I) solar portfolio (the “Portfolio”) by certain fund entities managed by CarVal Investors, L.P. (“CarVal”) to Argo Infrastructure Partners (“Argo”). Marathon Capital acted as exclusive financial advisor to CarVal Investors on the transaction.

The Portfolio represents one of the largest operating C&I solar portfolios ever marketed in the U.S. and is comprised of 33 projects diversified across seven state markets. The Portfolio is distinguished by a strong concentration in the Northeast states with attractive SREC programs and a blank-slate capital structure unencumbered by tax equity financing.

Marathon Capital led two simultaneous processes to sell 100% of the equity interests in the Portfolio and also negotiated and structured a debt financing facility to support the sale of the Portfolio. Marathon Capital’s active presence advising on C&I solar asset M&A transactions and broader deep knowledge of the distributed generation market helped CarVal navigate through a highly competitive process to successfully identify and transact with Argo. This transaction demonstrates the strong appetite of institutional investors for scaled, operating C&I solar portfolios.

“Marathon Capital was a trusted advisor to CarVal on this significant and successful transaction,” said Jerry Keefe, a principal for CarVal Investors.

“It was a pleasure working with the CarVal team and we are grateful for their trust executing this critical transaction for their clean energy platform. Argo is a proven investor in our space and this portfolio is a natural fit given their expertise in owning and acquiring similar assets,” said Ammad Faisal, Senior Managing Director and Co-Head of Marathon Capital’s NY Office.



About CarVal Investors
CarVal Investors is an established global alternative investment manager focused on distressed and credit-intensive assets and market inefficiencies. Since 1987, CarVal’s team has navigated through ever-changing credit market cycles, opportunistically investing $130 billion in 5,550 transactions across 82 countries. Today, CarVal Investors has approximately $10 billion in assets under management in corporate securities, loan portfolios, structured credit, and hard assets.


About Argo
Argo Infrastructure Partners is an independent private equity fund manager with a long-term approach to infrastructure investing. Headquartered in New York, Argo’s investment strategy focuses on high quality, regulated and contracted long-term, yield-generating equity investments in developed economies.

Argo’s investment strategy has been purpose-designed for larger institutional investors, providing them with the means to partner with Argo and acquire and hold higher quality, lower risk infrastructure assets. Argo’s investment model enables investors to achieve timely capital deployment via a lower cost framework, coupled with enhanced flexibility and transparency. Argo currently manages more than US$5 billion of AUM on behalf of its institutional investor partners.

For more about Argo, please see Contact:


Set the alt text!

A global financial and strategic advisor focused solely on the clean economy and the energy transition.

  • North America
  • Europe
  • Latin America
  • Asia Pacific
Connect With Us