Nov 18, 2016

​Marathon Capital Announces the Closing of a Partnership Between Soltage and Basalt for Capital Investment in Solar Generation Assets

CHICAGO, IL – November 18, 2016 – Marathon Capital is pleased to announce that Soltage LLC (Soltage) and Basalt Infrastructure Partners LP (Basalt) have
completed the first close of $70 million on a $140 million equity capital partnership to fund over 100 megawatts (MW) of commercial and industrial
(C&I) and utility-scale pipeline of solar projects across the United States. The partnership expects to close the additional $70 million of equity
in the first half of 2017, and the partnership will deploy this capital alongside existing tax equity and debt resources. Marathon Capital acted as
exclusive financial advisor to Soltage in arranging the capital commitment from Basalt.

The partnership also announced commencement of construction on the first generation assets for this vehicle, three landfill-sited projects totaling 15
MW installed capacity. The partnership will own and Soltage will operate the projects, selling power to municipal off-takers in Massachusetts under
virtual net metering agreements. The assets are expected to begin commercial operation in early 2017.

Marathon Capital’s extensive experience in the C&I and utility scale solar sector served to identify specific investors with the right capabilities
and alignment with Soltage to fund its growing project pipeline. “We are very pleased to have brought two excellent teams together and are extremely
optimistic about the future prospects of the partnership,” said Terry Grant, Marathon Capital Managing Director.

“Corporate and state-level renewable energy targets, falling solar project costs, and stable federal support make distributed solar America’s fastest-growing
generation source and an increasingly intelligent area of engagement for utilities, consumers, and investors,” said Jesse Grossman, Soltage co-founder
and CEO. “As Soltage celebrates ten years in business, this investment is a significant step into a second decade of success.”

“Basalt’s investment strategy includes accessing attractive infrastructure markets by partnering with best in class developers,” said Rob Gregor, Basalt
Managing Partner. “We were attracted by Soltage’s experience in the C&I sector, including its history of developing projects on time and on budget
together with outstanding ongoing asset management capabilities. We are particularly excited as the U.S. C&I, educational, utility, and municipal
solar markets are growing rapidly and our partnership with Soltage expands upon Basalt’s existing involvement with solar energy through McEwan Power
in the United Kingdom.”

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

About Soltage

Soltage is a leader in the development, financing, and operation of utility-scale solar power systems for commercial, industrial, and municipal customers
across the United States. Soltage has developed 35 solar energy projects with more than 85 MW total distributed generating capacity under management.
The company is backed by leading U.S. independent power provider Tenaska, and is headquartered in Jersey City, New Jersey. For more information, visit

About Basalt

Basalt is an infrastructure equity investment fund focusing on investments in utilities, energy and transport infrastructure in the United States, Canada
and Europe. The partnership with Soltage represents Basalt’s eighth investment. Other notable investments by Basalt include Upper Peninsula Power Company
and Texas Microgrid in the U.S. along with McEwan Power, Wightlink Ferries and Alkane Energy in the United Kingdom. For more information on Basalt
please visit