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Marathon Capital Advises PPL Corporation on Sale of Safari Energy to Aspen Power Partners, a Portfolio Company of Carlyle

November 08, 2022


Utility Scale Clean Power


Mergers and Acquisitions

  • Gary Greenblatt

    Vice Chairman

  • Josh Cornfeld

    Managing Director

CHICAGO, IL - November 8, 2022 - Marathon Capital, LLC (“Marathon Capital”) is pleased to have served as the exclusive financial advisor to PPL Corporation in support of PPL’s sale of Safari Energy LLC ("Safari") to Aspen Power Partners LLC ("Aspen").

Founded in 2008, Safari has acquired or developed more than 600 C&I solar projects nationwide. Aspen has acquired Safari’s complete development platform including its 220 MW portfolio of operating and under-construction distributed generation solar assets. Aspen, a distributed generation platform with the mission of accelerating decarbonization, financed the acquisition through a $350 million investment from funds managed by global investment firm Carlyle (NASDAQ: CG). Carlyle’s investment supports Aspen’s organic and acquisition-driven growth strategy targeting the community, multifamily, and commercial & industrial (“C&I”) solar and storage markets.

The sale was completed on November 1, 2022.

“We appreciate the opportunity to work with PPL on this transaction and wish Aspen continued success as they expand their platform to achieve their sustainability goals.” - Gary Greenblatt, Senior Managing Director & Cohead of NYC Office, Marathon Capital

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