Empower Energies to raise financing for Distribution Generation Fund

By Lisa Kerner

Charlotte, N.C., Sept. 10 – Empower Energies, Inc. has retained Marathon Capital as its financial adviser to raise cash equity financing consisting of limited partnership interests for the company’s Distributed Generation Fund.

The fund will acquire and aggregate commercial and industrial photovoltaic solar and combined heat and power projects originated and developed by Empower over the next 24 months, according to a news release.

Empower said it has secured term sheets for tax equity and debt financing and is in the process of securing equity financing from cash equity investors for the fund.

Tenor Capital, the principal investor in Empower Energies, will be the general partner and investment adviser for the Distributed Generation Fund.

Marathon will seek additional cash equity from qualified institutional investors to invest along with Tenor’s investors.

“We see very strong demand in the market among investors for high-quality portfolios of operating renewable assets through sale processes we are currently running,” Ted Brandt, co-founder and chief executive officer of Marathon Capital, said in the news release.

The Distributed Generation Fund is expected to comprise up to 80 MWs of completed projects.

Empower Energies is a distributed generation project developer based in Frederick, Md.

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