Aug 25, 2017

​Marathon Capital Announces MEAG’s Acquisition of Equity Interest in Two Starwood-owned Wind Farms

CHICAGO, IL — August 25, 2017 — Marathon Capital, LLC (“Marathon Capital”) is pleased to announce that MUNICH ERGO Asset Management GMBH (“MEAG”),
acting on behalf of Munich Re, has acquired an equity interest in the Horse Creek and Electra wind projects located in North Texas. The projects, which
each have a capacity of 230MW, were constructed by Starwood Energy Group, LLC, a leading U.S. infrastructure investor, and began operations in late
2016. Marathon Capital served as MEAG’s exclusive buy-side financial advisor, providing valuation, due diligence, negotiation, and transaction execution
support throughout the acquisition process.

“It was a pleasure to work with the MEAG team on this transaction. Horse Creek and Electra are best-in-class assets and are a significant addition to MEAG’s
growing U.S. wind portfolio,” said Terry Grant, Managing Partner of Marathon Capital.

Marathon Capital’s extensive experience in tax equity financing and the utility-scale wind sector helped MEAG navigate the complexities inherent in U.S.
renewable energy project finance structures.

“The investment makes an attractive and sustainable contribution to the continued geographical diversification and expansion of our U.S. infrastructure
portfolio. Around 200,000 U.S. households are provided with renewable electricity from these wind farms” said MEAG Manging Director, Holger Kerzel.

The acquisition adds a further wind park investment in Texas to Munich Re’s existing US renewable energy portfolio and is MEAG’s ninth infrastructure investment
on behalf of Munich RE in North America.

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 Advisor” Award (2013, 2014, 2016, 2017), “Renewable Generating Project
Finance Deal of the Year” Award (2016) and first-time recipient of the “Best Asset M&A Advisor (2017) in Power Finance & Risk’s Annual Power
Finance Deals and Firms Awards.

About MEAG

MEAG manages the assets of Munich Re and ERGO. It has representations in Europe, Asia and North America and also offers its extensive know-how to institutional
investors and prive clients from outside the Group. MEAG currently manages €252 billion of assets.