CHICAGO, IL — January 23, 2012 — Brian O'Sullivan, a 30 year veteran of wind energy projects, has announced the sale of his Coram Energy Group portfolio of operational and in-construction wind energy assets in the Tehachapi, California region to affiliates of Brookfield Renewable Energy Partners, L.P. The in-construction asset consists of Coram's 50% interest in a fully-contracted 102 megawatt wind energy project The operating assets include 22MWs of adjacent wind farms. Brookfield was Coram's existing 50% joint venture partner in the in construction project and this transaction increases Brookfield's ownership interest to 100%. The transactions are subject to customary closing conditions and are expected to close in the first quarter of 2012.
Marathon Capital, LLC has acted as Coram Energy's exclusive financial advisor since 2009, initially introducing Brookfield as Coram's 50% partner in the in-construction project in 2009, and then running a market process that resulted in the Brookfield purchases, successfully achieving both Coram and Brookfield's respective strategic goals against the backdrop of challenging market conditions.
"In addition to reaching out to the broad market, Coram, with Marathon Capital's help, was able to successfully negotiate with the various stakeholders at the asset level, including an incumbent tax equity investor, to arrive at a mutually acceptable agreement that delivered value to all participants" says Brian O'Sullivan, CEO of Coram. Marathon assisted our exit from the California market, enabling us to refocus on project development while allowing Brookfield to expand its presence in the Tehachapi, California renewable energy sector" O'Sullivan said.
About Marathon Capital, LLC
Marathon Capital, LLC is a leading investment bank focused on the global energy and infrastructure markets, with special expertise and a legacy of exceeding its clients' expectations in the North American renewable energy industries. Marathon Capital has been one of the most active North American advisors in the power generation space, with execution of over twenty (20) transactions in the past three years.