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Marathon Capital Announces Pathway Power’s Partnership with Tokyo-Based Renova

January 11, 2024


Utility Scale Clean Power

  • Ari Pribadi

    Senior Managing Director, Head of Chicago & Co-Chair of D&I Committee

  • Lisa Wright


Marathon Capital is pleased to announce it has advised Pathway Power (“Pathway”), a growing clean energy IPP platform, on its $25 Million growth capital partnership with RENOVA Inc. (“RENOVA”), a Tokyo-based independent renewable energy developer and power producer. Marathon Capital acted as exclusive financial advisor to Pathway on the transaction. This investment follows an existing development facility commitment by The Forest Road Company, which closed in 2022.

Based in San Diego, Pathway is building a next generation clean energy IPP, with a focus on ISO/RTO markets across the United States. Led by a seasoned team that has built three successful platforms together, Pathway is committed to revolutionizing the energy landscape through a data-driven approach and by bringing comprehensive portfolio management to over 4 GW of assets under development across the US. Marathon Capital worked closely with Pathway to amplify this differentiated vision and bring it to market.

RENOVA is a leading company in the growing global renewable energy market. RENOVA, a Japanese publicly traded independent pure-play developer and power producer, mainly focuses on renewable energy in the Japan and Asia Pacific Regions. Through Marathon Capital’s structuring, scenario modeling, and extensive dialogues with key market participants, RENOVA – a new entrant into the US market – was selected as the optimal choice to support Pathway given the clear strategic alignment.

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