Fengate Asset Management has acquired a Maine-based wind project from Longroad Energy Partners LLC. No financial terms were disclosed.
HOUSTON, Nov. 5, 2019 /PRNewswire/ – Fengate Asset Management (“Fengate”) is pleased to announce that the firm acquired and reached financial close on the 72.6 megawatt Weaver wind project in Hancock County, Maine (“Weaver”).
Fengate, on behalf of the Fengate Core Infrastructure Fund III and its affiliated entities, including an investment fund owned by LiUNA’s Pension Fund of Central and Eastern Canada, acquired Weaver from Longroad Energy Partners, LLC (“LEP”) on August 27, 2019. Financial close occurred on October 25, 2019, with U.S. Bancorp Community Development Corporation as the tax equity investor and MUFG Bank as the construction and back leverage lender. LEP’s affiliate, Longroad Energy Services, will provide construction management, asset management, operations and maintenance, and remote monitoring services to the Weaver project.
The financial close and acquisition of Weaver follows a successful co-development and financing partnership for Weaver that was announced in December 2018 between Fengate and LEP. Weaver was in late stage development at that time and has since achieved critical project milestones including a 20-year power purchase agreement with Emera Maine. Weaver is expected to reach commercial operations in Q4 2020 and will be a new and significant source of clean energy for Maine.
Fengate is a leading investment firm specializing in real assets, with a focus on infrastructure, private equity and real estate. With offices in Toronto, Houston, Vancouver, New York and Oakville, Fengate has a proven track record of successful projects and results-driven partnerships, establishing the firm as one of the most active real asset investors and developers in North America. Learn more at fengate.com.
About Longroad Energy Partners, LLC
Longroad Energy Partners, LLC is the management partnership of Longroad Energy Holdings, LLC. The principals of LEP have significant experience in the development, financing, construction, and operation of renewable energy assets across the United States. Learn more at longroadenergy.com/.