Marathon Capital is the most active advisor in the geothermal business. Geothermal is a clean, sustainable baseload source of renewable energy. In the US, it is particularly concentrated in the western states near fault lines. As a niche area of focus, geothermal transactions are more idiosyncratic than other sources of renewable energy.

Marathon Capital has provided advisory services, placed debt and provided both buy and sell-side M&A support for over $1.0 billion worth of assets. With more than fifteen years of experience, the firm has established a robust understanding of the diverse market participants and evolving market landscape.

Recent Transactions

CYRQ Energy, Inc.

Debt Raise for the 13 MW Thermo No.1 Geothermal Project provided by:

ING Capital

January 2014

Gradient Resources

$155,000,000 Debt Funding for the 30 MW Geothermal Project

December 2012


Sale of the Company including 1.3 GW Operating Portfolio and 10 GW Pipeline to:

The AES Corporation, Alberta Investment Management Corporation


Falvez Energy

Tax Equity Capital Raise and Construction Debt Financing for 163.2 MW Astra Wind Project provided by:

GE Energy Financial Services & BNP Paribas

December 2016

Empower Energies

Distributed Generation Fund for commercial and industrial photovoltaic solar projects provided by:

WGL Energy Systems, Inc.

November 2016


Solar Asset Investment Partnership with:

Basalt Infrastructure Partners

November 2016

FLS Energy

Sale of Company and Development Pipeline to:

Cypress Creek Renewables

November 2016

PRC Wind

Sale of Development Wind Assets to:


September 2016

Peabody Energy Corp

Sale of 5.06% Ownership Interest in the Prairie State Energy Campus to:

Wabash Valley Power

May 2016