News & Events
Marathon Capital Advised Clean Capital Partners on the Sale of Longbow BESS to Tokyo Gas America
January 30, 2024
January 30, 2024
Mergers and Acquisitions
Marathon Capital, LLC (“Marathon Capital”) is pleased to announce it has advised Clean Capital Partners (“CCP”) on the sale of its 174MWac / 348MWh merchant Longbow standalone battery energy storage system (“Longbow BESS”) located in ERCOT Houston to Tokyo Gas America (“TGA”), a wholly owned subsidiary of Tokyo Gas Co. Ltd. Marathon Capital acted as exclusive financial advisor to Clean Capital Partners on the transaction.
Longbow BESS, a largely de-risked BESS project in ERCOT with proximity to the Houston load zone and clear line-of sight to COD within summer 2024 created an attractive investment profile for TGA. The project’s location near a large and growing load center offers unique opportunities for the project to benefit from advanced merchant trading strategies and sustained attractive long-term economics despite growing BESS penetration rates in ERCOT.
“It was a privilege to work alongside CCP throughout this process. CCP’s seasoned industry leadership and insightful development strategy were highly valued given the accelerated process required of the asset within a nuanced ERCOT market, and we are thrilled to have reached a successful outcome for all involved,” said Hideki Chida, Director and Head of Japanese Coverage, Marathon Capital.
“CCP valued Marathon Capital’s ability to strike a delicate balance between running both a high-quality, competitive process while maximizing expediency in achieving a successful outcome for the Longbow BESS project via the new partnership with TGA,” said Tiffany Elliott, founder of Clean Capital Partners.
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About Clean Capital Partners
Clean Capital Partners, founded by Tiffany Elliott, specializes in the development and financing of utility-scale solar and battery energy storage projects across the United States. Ms. Elliott benefits from an extensive career in the U.S. energy sector and has held senior roles at Cypress Creek Renewables, Recurrent Energy, Citigroup Energy and Calpine Energy Services.
About Tokyo Gas America
Tokyo Gas America Ltd., wholly owned subsidiary of Tokyo Gas Co., Ltd, develops wide-ranging businesses that include upstream operations such as gas field development, midstream to downstream operations such as power generation, natural gas distribution, LNG exportation and natural gas trading in North America. With the aim to own and operate over 5 GW of renewable generation projects, Tokyo Gas America entered the U.S. renewables market through acquisition of the 500MWac Aktina solar project in 2020 and is committed to transforming its business model to better service its customers and contribute to a sustainable society.
