Aug 20, 2019

​Marathon Capital Advises Heelstone Energy on Investment by Ares Management

Marathon Capital, LLC (“Marathon”) is pleased to announce the investment in Heelstone Energy Holdings, LLC by Ares Management Corporation’s (NYSE: ARES)
Infrastructure and Power (“AIP”) strategy. Heelstone Energy Holdings, LLC has rebranded with the investment to Heelstone Renewable Energy, LLC (“Heelstone”)
reflecting its commitment to the development of clean and sustainable power. Marathon acted as the exclusive financial advisor to Heelstone Energy
Holdings, LLC.

“It has been a pleasure to work with Heelstone and we could not be happier with the culmination of the process. The Heelstone management team has a bright
future, and we look forward to their continued success.” – Ammad Faisal, Managing Director & Co-Head of Chicago Office, Marathon Capital.

Will Owens, Heelstone’s CEO, said, “We are pleased with the outcome of this transaction and are grateful to Marathon’s team for guiding us throughout the
process. We look forward to working with them in the future.”

The announced transaction comes after a highly successful sale in which Marathon Capital advised Heelstone on the sale of its 194 MWDC utility-scale
solar portfolio to Sammons Renewable Energy in 2017.

About Heelstone

Heelstone Renewable Energy, LLC is a utility-scale solar developer with expertise in development, construction, operation and finance.Based in Chapel Hill,
North Carolina, Heelstone Renewable Energy has developed a portfolio of 500 MW and is actively developing a project pipeline of over 1.5 GW.For more
information,  visit

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), 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.