May 01, 2019

​Marathon Capital Advises ENGIE in Establishing a Joint Venture Renewables Company in Mexico with Tokyo Gas Co. Lts

CHICAGO, IL – ENGIE and Tokyo Gas Co. Lts (“Tokyo Gas”) have announced their intention to establish a joint venture renewables company, Heolios EnTG, in Mexico. Marathon Capital (“Marathon”) acted as the exclusive financial advisor to ENGIE.

Heolios EnTG will develop, finance, construct, own, operate and maintain six renewable energy projects in Mexico. Two of the plants are onshore wind while the remaining four are solar photovoltaic, totaling 898.7 MW – enough to power 1.3 million Mexican households. The joint venture received approval from Mexico’s federal competition commission, COFECE, on March 28, 2019.

Marathon ran a comprehensive marketing effort for ENGIE, including valuation, and transaction execution support throughout the process.

“The joint venture between ENGIE and Tokyo Gas will allow us to further our growth in Mexico and take advantage of the opportunities in its vibrant renewables market, including offering competitive zero-carbon solutions to ENGIE Mexico’s broad industrial and commercial client base. On behalf of ENGIE, I would like to thank Marathon Capital for their advice, expertise, and dedication that helped us crystallize this important partnership. ” – Senake Gajamera, Head of Acquisitions, Investments & Financial Advisory, ENGIE Latin America.

“It was a pleasure to support ENGIE, lending our experience in structuring renewable energy transactions in Mexico, as well as our capabilities to reach an extensive global network of investors for renewable energy. We are proud of the outcome of this potential transaction and wish ENGIE and Tokyo Gas great success as they move forward with their long-term partnership.” –  Ted Brandt, Chief Executive Officer, Marathon Capital.


ENGIE is a global reference in low-carbon energy and services. With 160,000 employees and turnover in 2018: 60.6 billion Euros. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe) and non-financial indices (DJSI World, DJSI Europe and Euronext Vigeo Eiris – World 120, Eurozone 120, Europe 120, France 20, CAC 40 Governance).

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 is a four-time recipient of the “Best Renewable Asset M&A Adviser” Award, “Renewable Generating Project Finance Deal of the Year” Award (2016), a first-time recipient of the “Best Asset M&A Adviser” (2017) and first-time recipient of the “M&A Adviser of the Year” (2019) in Power Finance & Risk’s Annual Power Finance Deals and Firms Awards.