Catalyze has emerged as a potential bidder for Navisun, said sources familiar with the situation.

The company’s sponsor, OMERS Infrastructure, hired Marathon Capital in 2025 to run a sales process for the distributed generation platform and was said to be nearing a deal in late 2025.

The deal would bring mostly operational EBITDA to Catalyze, even as it locked in a series of financings to support its pipeline of projects in the coming years.

Navisun has over 100 MW in operational solar projects since OMERS acquired the company from funds managed by Ares Management in November 2021.

Catalyze and OMERS Infrastructure declined to comment on the situation. Catalyze’s sponsors EnCap Investments and Actis did not return calls seeking comment.

Catalyze got an equity infusion in March 2023 after global infrastructure investor Actis agreed to invest USD 300m into the platform. The platform is jointly owned by Actis and incumbent investor EnCap.

The Houston-based company has since been acquisitive, but also locked in long-term financing to support future growth, including a USD 400m multi-year debt warehouse facility from Apollo-owned ATLAS SP Partners in March 2025, and earlier this year closing a tax equity investment from RBC Community Investment to support its 2026-2027 construction portfolio.

At the time of the deal announcement, Catalyze’s project portfolio consisted of 300 MW in operation and construction, with more than 1 GW of additional investment opportunity from its growing project development pipeline.