Sep 25, 2015

Coronal-Panasonic Invests in Blue Oak Energy

CHICAGO, IL - September 25, 2015 - Marathon Capital is pleased to announce the joint investment by Panasonic Eco Solutions (“Panasonic”) and Coronal Group, LLC (“Coronal”) in Blue Oak Energy, a design, engineering, procurement and construction (“EPC”) company focused exclusively on solar photovoltaic systems. Coronal and Panasonic previously established an exclusive strategic relationship to jointly develop, finance and operate commercial and utility scale solar assets (“Coronal-Panasonic”).

Headquartered in Davis, California, Blue Oak Energy has engineered and constructed solar electric systems on over 600 distinct locations across more than 30 states in the U.S. and several international locations totaling over 1 GW.

This strategic investment will allow Blue Oak Energy to continue business development as a stand-alone entity while supplementing Panasonic’s EPC capability. Blue Oak Energy will increase Panasonic’s engineering and construction management capabilities, which will widen the breadth of the Coronal-Panasonic solar delivery solution platform.

“We are excited to have made this investment in a world-class renewable engineering firm. Panasonic is a Blue Oak Energy customer and pleased to support their growth and commitment to meeting increasing market demand,” said Jamie Evans, head of Panasonic Eco Solutions in the U.S.

As the exclusive financial buy-side advisor for Coronal-Panasonic on the transaction, Marathon Capital assisted in the evaluation of strategic options as the partnership explored expanding its EPC capabilities in the North American marketplace.

“The investment in Blue Oak Energy augments a proven and resourceful engineering platform with full EPC capability and financial support. Panasonic-Coronal will enjoy more fully integrated benefits that come from having a strategic relationship with Blue Oak Energy,” said Terry Grant, Managing Director of Marathon Capital.