NEW YORK — January 6, 2014 — LS Power announced today that it recently closed on the sale of its subsidiary, Columbia Solar Energy, LLC (“Columbia
Solar” or the “Project”), to a subsidiary of Hanergy Solar Group Ltd (“Hanergy”). Columbia Solar is a 19 MWac solar photovoltaic electric generating
facility located in Pittsburg, California, approximately 40 miles east of San Francisco. Columbia Solar, to be constructed on more than 100 acres of
land, will directly convert sunlight to electricity. The Project will sell its entire output to Pacific Gas & Electric pursuant to a long-term
power purchase agreement. Columbia Solar is expected to achieve commercial operation by November 2014.
“We are pleased to have completed the development and delivered this important, fully-permitted and construction-ready solar project to Hanergy,” said John King, executive vice president of LS Power. “This project will bring many benefits to Pittsburg, CA, including construction and operations jobs with local business opportunities and longer-term benefits from tax revenues. Renewable energy deliveries will assist PG&E and the State of California in reaching their renewable energy goals.”
“Columbia Solar was a high value solar opportunity, and we are pleased to have represented LS Power on the sale of the asset,” said Terry Grant, a managing director at Marathon Capital and the head of its solar practice. “The process was highly competitive and we are encouraged by the breadth and depth of the market’s response. Hanergy demonstrated impressive knowledge and ability in executing the purchase of the asset.”
About LS Power
LS Power is a power generation and transmission group with a proven track record of successful development activities, operations management and commercial execution. LS Power has been involved in the development, construction, or operations of over 25,000 MW of power generation throughout the United States. LS Power is actively developing both power generation and transmission infrastructure to serve the need for new generation and improve the aging transmission system. For more information, visit www.LSPower.com.
About Marathon Capital
Marathon Capital is a leading financial advisory and investment banking firm focused on providing financial advice in the areas of M&A, capital raising
of debt and equity, project finance, tax equity, financial restructuring, recapitalization, bankruptcy and workout situations in the energy sector.
Marathon Capital was recently awarded “Best Renewable Asset M&A Advisor” in Power Finance & Risk’s 10th Annual Power Finance Deals and Firms
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