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Fengate, Ironclad seal cogeneration and district energy JV

Fengate Asset Management and Ironclad Energy Ventures have launched a partnership to acquire and operate cogeneration, district energy and other industrial generation projects in the US and Canada.

Fengate Asset Management and Ironclad Energy Ventures have launched a partnership to acquire and operate cogeneration, district energy and other industrial generation projects in the US and Canada. No financial terms were disclosed. Fengate is managing the partnership on behalf of its infrastructure investors, including LiUNA Pension Fund of Central and Eastern Canada.

PRESS RELEASE

Houston and Chicago, Feb. 08, 2022 (GLOBE NEWSWIRE) — Fengate Asset Management (“Fengate”) and Ironclad Energy Ventures (“Ironclad”) are pleased to announce a partnership to acquire and operate cogeneration, district energy, and other industrial generation projects in the United States and Canada. The partnership will improve the reliability, environmental efficiencies, operations, equipment and cost at the acquired cogeneration and district energy facilities by applying the combined experience and expertise of both Fengate and Ironclad. The partnership will be able to provide capital to expand and upgrade acquired facilities or systems, for increased efficiencies and lower customer costs.

Fengate and Ironclad together bring deep and results-driven experience in working with industrial customers to create and unlock value from non-core utility assets, and in serving customers’ utility needs with innovative and efficient onsite solutions. To date, Fengate manages a $15 billion portfolio of more than 40 infrastructure projects including over 360MW of industrial cogeneration facilities and more than 1GW of power projects, on behalf of its investors. Fengate’s successful track record with cogeneration facilities includes the 260MW Freeport Energy Center and the 102MW Central Utility Block.

Ironclad currently manages, operates, and consistently drives new efficiencies at more than $900 million in assets throughout the northeastern United States, including the district energy utility infrastructure in Eastman Business Park, a 1,300-acre industrial park in the State of New York, providing 14 critical utility services to the chemical, pharmaceutical, manufacturing and food production companies located there. Another significant project managed and operated by Ironclad is a portfolio of over 1,600MW which includes a state-of-the-art new build GE 7HA gas turbine thereby serving as one of the largest power providers for the New England ISO.

“Ironclad has an impressive track record in serving customers’ utility needs and working closely with industrial partners to increase reliability and operational efficiency, so we are pleased to partner with them on behalf of our investors,” said Greg Calhoun, Managing Director, Infrastructure Investments, Fengate. “We are excited about building a portfolio of cogeneration and district energy projects with our combined skill sets.”

“As the owners of numerous successful cogeneration, district energy, and waste heat facilities over the past several decades, we really look forward to partnering with Fengate to responsibly invest in efficient, reliable, and sustainable utility services for the benefit of energy intensive customers,” said John Prunkl, CEO of Ironclad Energy Ventures.
Fengate is managing this partnership on behalf of its infrastructure investors, including an investment fund owned by the LiUNA Pension Fund of Central and Eastern Canada.

About Fengate Asset Management
Fengate is a leading alternative investment manager, with $5.8 billion of capital commitments under management, focused on infrastructure, private equity, and real estate strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate is one of the most active real asset investors in North America and the firm has been investing in infrastructure across North America since 2006. Learn more at fengate.com.

About Ironclad Energy Ventures LLC
Ironclad Energy Ventures is an acquirer, owner, and operator of industrial cogeneration facilities, district energy and other related assets who looking to improve efficiency to create value for our customers in an environmentally sustainable and economic way. Ironclad improves and optimizes owned facilities technically, commercially, operationally and/or financially in environmentally sustainable ways using decades worth of experience creating economic and ESG value while ensuring reliability for their customers.