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Marathon Capital Advises Osaka Gas USA on Joint Venture with NOVI Energy to Develop Utility-Scale Solar Portfolio in the US

July 14, 2021


Mergers and Acquisitions

Marathon Capital, LLC (“Marathon Capital”) has successfully advised Osaka Gas USA Corporation (“OGUSA”), a subsidiary of Osaka Gas Co., Ltd., on its joint venture with NOVI Energy (“NOVI”), a US based power project developer, to develop a portfolio of more than 1 GW of utility-scale solar projects throughout certain US markets. The joint venture will develop enough projects to power 150,000 homes with clean, renewable energy. Marathon Capital acted as exclusive financial advisor to OGUSA on the transaction.

Marathon Capital conducted a comprehensive survey of the utility scale solar market as OGUSA’s exclusive financial advisor and provided structure advisory services for the formation of a JV between NOVI and OGUSA, Apricus Energy.

The joint development activities of the partnership will focus initially on a portfolio of utility-scale solar projects as Apricus Energy.

“Marathon Capital was instrumental in helping us effectively identify the right partner and structuring a complementary joint venture. This is our first deployment of development capital in the utility-scale solar space, supporting our commitment to advance clean energy.” – Shigeki Enomoto, Senior Vice President, OGUSA

“It was a pleasure working with the OGUSA team on this important initiative. This is a testament to established, long-term relationships across energy verticals that we were able to bring these two firms together to form a beneficial collaboration. We wish Apricus Energy a very successful future.” – Bob Simmons, Senior Managing Director, Marathon Capital

“Marathon values its long-standing relationships with both OGUSA and NOVI and was pleased to be able to play a role in the formation of Apricus. We look forward to continuing our relationship and supporting the JV’s efforts.” – Gary Greenblatt, Senior Managing Director & Co-head of NYC, Marathon Capital


OGUSA focuses on its three core businesses of the Freeport LNG liquefaction project, shale gas development, and power generation. OGUSA strives to contribute to achieving a low carbon/carbon neutral society by developing renewables as well as natural gas-fired power plants.

About NOVI
Since its founding in 2002, NOVI has delivered clean, affordable energy solutions for customers around the world. NOVI is currently developing multiple renewable energy projects and is committed to delivering cutting-edge solutions to its clients while working with – and for – the communities it serves.

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