News & Events
Marathon Capital Advises Hanwha Qcells on Sale of 446 MWdc Solar Portfolio to ContourGlobal
January 23, 2025
January 23, 2025
Utility Scale Clean Power
Mergers and Acquisitions
CHICAGO, IL – January 23, 2025 - Marathon Capital has advised Hanwha Qcells (“Qcells”) on the sale of a 446 MWDC portfolio of solar PV projects located in Colorado (WECC) and Virginia (PJM) to ContourGlobal. The Colorado projects include 185 MWDC already in construction and 139 MWDC expected to start construction in 1Q 2025, reaching COD by 2026. Development work for the 122 MWDC Virginia project is nearly complete, and construction on the project is expected to begin in 2026, with an expected COD in 2027. All projects have secured grid connections, Power Purchase Agreements (PPAs) and Engineering, Procurement and Construction (EPC) contracts.
Qcells will complete development, provide domestically produced solar panels from their Georgia manufacturing facilities, and perform EPC services, showcasing their differentiated, vertically integrated offering in the U.S. The acquisition will increase ContourGlobal’s existing U.S. renewables portfolio to nearly 1.5 GW, positioning the company for continued growth.
Marathon Capital acted as the exclusive financial advisor to Qcells, leading the marketing, valuation, structuring, and due diligence throughout the sale process, in addition to supporting negotiations to achieve a successful outcome for all parties.
“Qcells offers a truly differentiated value proposition to the U.S. renewables market, and Marathon Capital is pleased to have supported their best-in-class team in this strategic transaction, furthering Qcells’ growth as an industry leader.” – David Kirkpatrick, Global Co-Head of Investment Banking
