Marathon Capital Sells OCI Solar Power’s 66MW Project Ivory to DESRI

The project, located in Dawson County, Texas, is anticipated to reach commercial operation in November 2018.

One of the leading financial advisory and investment banking firm Marathon Capital has sold OCI Solar Power’s 66 MWDC in-construction solar photovoltaic project (Project Ivory) to D. E. Shaw Renewable Investments (DESRI).

However, the company said that, OCI Solar Power funded the project’s construction entirely on its balance sheet prior to the sale to DESRI.

The project, located in Dawson County, Texas, is anticipated to reach commercial operation in November 2018.

Project Ivory was constructed in connection with a facility power purchase agreement (PPA) between the City of San Antonio acting through its City Public Service Board (CPS Energy) and OCI Solar Power.

Commenting on the development, Marathon Capital, Director, David Kirkpatrick said, “It was a pleasure to work with OCI Solar Power on the sale of Project Ivory. OCI Solar Power and its sister company, Mission Solar Energy, a San Antonio-based solar panel manufacturer, have a long-term commitment to the City of San Antonio and partnership with CPS Energy. Working with them and utilizing local contractors to construct world-class solar projects enabled OCI Solar Power to build Project Ivory and make it attractive to many parties. Project Ivory will provide numerous economic and environmental benefits for many decades.”

Meanwhile, Marathon Capital served as OCI Solar Power’s exclusive sell-side financial advisor, providing valuation, due diligence, negotiation, and transaction execution support throughout a four-month two-phase sale process.