Jan 30, 2024

​Marathon Capital Advises Tokyo Gas America on the Purchase of Longbow BESS from Clean Capital Partners

Marathon Capital, LLC (“Marathon Capital”) is pleased to announce it has advised Tokyo Gas America (“TGA”), a wholly owned subsidiary of Tokyo Gas Co. Ltd., on the 100% acquisition of 174MWac / 348MWh merchant Longbow Standalone Battery Energy Storage System (“Longbow BESS”) in Brazoria County, Texas. The construction of the project, developed by Clean Capital Partners (“CCP”), is scheduled to begin in Q1 2024. Marathon Capital served as TGA’s exclusive buy-side financial advisor for the acquisition and tax equity financing.

Marathon Capital worked closely with TGA to assess acquisition targets that were best aligned with the company’s strategic and financial objectives, leading to the selection of Longbow BESS. Marathon provided comprehensive due diligence support and advised on project valuation and tax equity structuring for the Longbow BESS project. Longbow BESS is a standalone merchant battery storage project, strategically sited to benefit from high volatility and arbitrage potential in ERCOT-Houston with a target COD in summer of 2024.

”Marathon Capital provided valuable insight into the acquisition and financing of the Longbow BESS project. This project is a next step in Tokyo Gas’s long term energy transition, supporting our ongoing renewable energy projects and creating pathways to new ones,” said Ken Kiriishi, Senior Vice President, Tokyo Gas America.

“We are excited to have reached a successful outcome for Tokyo Gas. TGA’s acquisition of Longbow BESS represents their strong commitment to the global energy transition and a diversification of their renewables investments. We look forward to their continued expansion as a leader across the US renewables market,” said Matt Bigham, Managing Director, Marathon Capital.

Prior to the acquisition of the Longbow BESS project, Marathon Capital advised TGA on its market entry strategy to the U.S. renewables sector and served as exclusive buyside financial advisor on its acquisition of the 500 MWac Aktina solar project in 2020.

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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.

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.