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Marathon Capital Announces Sale of European Energy Solar Project to Osaka Gas

May 16, 2023


Utility Scale Clean Power


Mergers and Acquisitions

  • Ari Pribadi

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

  • Matt Bigham

    Managing Director & Co-Head of Offtake Advisory

  • Hideki Chida

    Director, Head of Japanese Coverage

Marathon Capital, LLC (“Marathon Capital”) is pleased to announce it has advised EE North America (“EENA”), a fully owned subsidiary of European Energy A/S (“European Energy”), on the sale of its 350 MW development-stage solar project located in ERCOT North to Osaka Gas USA Corporation (“OGUSA”). Marathon Capital acted as exclusive financial advisor to European Energy on the transaction.

European Energy´s mission is to grow into a global force that champions the green transition, develops green energy solutions, and encourages the world to join the movement towards a fossil free society.

The sale of this project to OGUSA commemorates EENA’s first self-developed and successfully sold renewable energy project in the United Sates. European Energy is leveraging their global expertise to enable the transition to clean energy and has plans to continue pursuing renewable energy and green fuel investments throughout the US.

OGUSA, a subsidiary of Osaka Gas Co., Ltd. (“Daigas Group”), strives to contribute towards the advancement of a low carbon/carbon neutral society by investing in renewables, as well as clean natural gas-fired power plants.

“Marathon Capital was thrilled to work alongside the European Energy team throughout this process and support its commitment to driving the green transition. The sale of this project presented an ideal opportunity for Osaka to honor its mission of accelerating the expansion of utility scale renewable investments in the US. We look forward to seeing the continued efforts from both companies as they work towards building a more sustainable energy future," said Matt Bigham, Managing Director, Marathon Capital

“It’s been a pleasure to work with Marathon Capital and ensure our strategic focus for the American market. We have a goal of having a development pipeline of 10 GW renewable energy in the US by 2026, and this divestment is a part of the overall plans that we have in the USA,” said Lorena Ciciriello, CEO of EENA.

“We’re pleased to take over the development of this project from EENA, an experienced developer delivering tailored clean energy solutions to a broad range of technologies. We hope to expand this longstanding relationship through future collaboration and contribute to the decarbonization of the US power grid,” said Sunao Okamoto, President & CEO of OGUSA.

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