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Marathon Capital Advises RWE on Sale of Wind Assets to Algonquin Power & Utilities Corp

December 16, 2020


Mergers and Acquisitions

CHICAGO, IL – December 16, 2020 - Marathon Capital, LLC (“Marathon Capital”) is pleased to announce RWE Renewables GmbH (“RWE”), a subsidiary of leading multinational energy company RWE AG, has signed an agreement to sell a 51% stake in four RWE onshore wind facilities in Texas (“Portfolio”) to a subsidiary of Algonquin Power & Utilities Corp (“Algonquin”). The total consideration corresponds to an enterprise value of around USD 600 million (for the 51% stake). Marathon Capital acted as the exclusive financial advisor to RWE on the transaction.

The Portfolio consists of the Stella, Cranell, East Raymond and West Raymond projects located along the Gulf of Mexico in South Texas, with a total installed capacity of 861 MW. Stella and Cranell achieved commercial operation in December 2018 and September 2020, respectively, while East Raymond and West Raymond are in construction. The projects will provide clean, cost-effective electricity to ERCOT amid ongoing economic growth in South Texas. Marathon Capital led the marketing, negotiation, and execution of the cash equity divestment process.

“This marks the first US divestment for RWE after the transaction between RWE and E.ON that was completed earlier this year. We are honored that RWE trusted us with this important mandate.” – Ammad Faisal, Senior Managing Director & Co-Head of NYC Office, Marathon Capital

Following the closing of the transaction, RWE will continue to operate all four wind farms.

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