Mar 29, 2019

​Marathon Capital Announces the Sale of U.S. Solar Developer Enerparc Inc. to KIRKBI A/S

CHICAGO, IL – Marathon Capital, LLC announces it was the exclusive financial advisor to Enerparc Inc. on the sale of the company to KIRKBI A/S, the holding
and investment company of the Kirk Kristiansen family.

Founded in 2012 Enerparc Inc. specializes in developing, engineering, building and operating distributed utility scale photovoltaic (PV) projects. With
currently over 100MW of power generating capacity in the U.S., Enerparc Inc. supports the transition of commercial energy supply to renewable forms
of power by connecting large-scale solar PV systems to the grid.

The acquisition of Enerparc Inc. marks a significant development in KIRKBI’s long-term renewable investment strategy. KIRKBI is an established investor
in offshore wind farms and has enabled the LEGO Group to reach its target to balance 100 per cent of the Group’s energy consumption with renewable
energy in 2017. KIRKBI is a long-term investor seeking attractive long-term, risk-adjusted returns from investments in operating businesses, renewables
and commercial real estate in Copenhagen, London, Hamburg, Munich and the German-speaking part of Switzerland.

Thomas Lau Schleicher, Chief Investment Officer, KIRKBI A/S, said: “The significant majority stake in Enerparc Inc. gives KIRKBI a unique opportunity to
take ownership in a company that has established an operational, commercial and scalable platform to bring solar power to many more Americans. We look
forward to working closely with the Enerparc Inc. team and supporting the company’s future growth in U.S. solar power generation, for which the demand
remains strong.”

Florent Abadie, Chief Executive Officer, Enerparc Inc., said: “In successfully building a solar PV portfolio capable of powering 20,000 average homes across
the U.S., I am delighted to welcome KIRKBI as a majority shareholder in Enerparc Inc. As we pursue our growth strategy, we remain committed to serving
our clients, partners and suppliers to help North America’s transition to a greener economy.”

The transaction price is undisclosed. Under the agreement, Enerparc Inc.’s existing management team retains a minority ownership.