Osaka Gas USA is preparing to launch the sale of its equity stake in a 150 MW solar distributed generation portfolio in Maine and Illinois, according to two sources familiar with the situation.

The US subsidiary of Japanese gas utility Osaka Gas has mandated Marathon Capital as the lead financial advisor and is gearing up to launch the sale process in the next few weeks, the sources said.

The portfolio is part of Osaka Gas USA’s two joint ventures with Summit Ridge Energy. In June 2021, the companies announced a JV to build, own, and operate over 120 MW of community solar projects in Maine. In September 2022, they followed up with a second JV to build, own, and operate 50 MW distributed solar in Illinois.

The equity ownership of each company in the portfolio is unknown but one of the sources said Osaka Gas USA owns a majority stake.

Houston-based Osaka Gas USA has three core businesses: liquefied natural gas, shale gas development, and low-carbon power generation.

Marathon declined to comment. Osaka Gas USA and Summit Ridge Energy did not respond to requests for comment.