Fengate Capital Management has bought a 25 percent equity interest in San Juan Mesa Wind Project LLC for an undisclosed amount. San Juan Mesa, held and operated by an affiliate of NRG Energy Inc, is the owner of a 120 megawatt, fully-contracted operating wind project located in New Mexico. The deal represents Fengate’s first investment in the United States, and in a wind power project. Based in Toronto, Fengate is a real asset investment firm that specializes in funds focused on infrastructure, real estate and private equity.
Fengate announces first infrastructure investment in the United States with acquisition of 25% interest in 120 MW wind project
TORONTO, April 13, 2016 /CNW/ – Fengate Capital Management (“Fengate”) announced that it has executed a purchase and sale agreement for the acquisition of a 25% equity interest in San Juan Mesa Wind Project LLC, which is the owner of a 120 megawatt (“MW”) fully contracted operating wind project located in New Mexico (“San Juan Mesa”). The San Juan Mesa acquisition is Fengate’s first investment in the United States and its first investment in a wind power project.
“The United States is a strategic market for infrastructure and we are pleased to announce our first transaction there,” said George Theodoropoulos, Managing Director of Infrastructure for North America.
San Juan Mesa is an operating wind project with 120 MW of capacity located near Elida, New Mexico. The energy from the project is sold under a Power Purchase Agreement with Southwestern Public Service Company, a subsidiary of Xcel Energy Inc. An affiliate of NRG Energy Inc. is the majority owner and operations manager for San Juan Mesa. The transaction is subject to customary regulatory approval by the Federal Energy Regulatory Commission.
“The investment in San Juan Mesa provides an opportunity for Fengate to invest in a fully-contracted, brownfield asset with a strong operating record and establish a relationship with NRG, one of the largest operators of wind farms in the United States,” stated Theodoropoulos, “It provides predictable, long-term cash flows for our investors and extends Fengate’s robust portfolio of renewable energy projects into the U.S. market.”
San Juan Mesa is the latest addition to Fengate’s international portfolio of power projects and its first investment in a wind project, further diversifying the firm’s infrastructure business. The firm’s renewable energy portfolio includes solar, hydro, and biomass projects in Canada and the United Kingdom.
Fengate Capital Management Ltd. is a real asset investment firm that specializes in customized investment funds with a strategic focus on infrastructure, real estate and private equity. The firm has over $2 billion in assets under management with significant experience in Public-Private Partnerships, independent power projects, operating infrastructure assets and real estate developments. Fengate targets high quality investments across North America, Europe and Australia. Since 2007, the firm has been recognized as one of “Canada’s Best Managed Companies”.
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Photo courtesy of New Mexico EMNRD