Fengate Asset Management and Longroad Energy Partners LLC have unveiled a co-development and financing partnership to build the 72.6-megawatt Weaver wind project in Hancock County, Maine.
No financial terms were released.
Fengate and Longroad, a U.S. renewable energy company, agreed to co-fund the development and construction of Weaver, a late-stage project expected to be commercially operational in Maine by 2020.
Fengate is a Canadian investor in infrastructure, private equity and real estate. The Weaver deal marks its fourth clean energy co-development partnership investment in North America.
Fengate and Longroad Energy Partners announce co-development and financing partnership to develop and construct Maine wind project
Houston, Texas, Dec. 04, 2018 (GLOBE NEWSWIRE) — Fengate Asset Management (“Fengate”) and Longroad Energy Partners, LLC (“LEP”) are pleased to announce a co-development and financing partnership to develop and construct the 72.6 MW Weaver wind project in Hancock County, Maine (“Weaver”).
“Fengate is very pleased to partner with LEP to further expand our renewable energy investments in the United States,” said Greg Calhoun, Director, Infrastructure US, Fengate. “This investment will build and provide a new source of clean, reliable energy for Maine, in partnership with the most experienced and accomplished wind energy developer in the state.”
“We are very happy to be working together with Fengate on this important project. As we looked to the market for financing partners, their experience and team were impressive and ready to take on all the challenges that developing wind in Maine can bring,” said Charles Spiliotis, of Longroad Energy Partners.
Fengate is a leading investment firm with a growing presence in Houston, with the two most recent hires joining from ENGIE and NRG. The Houston team specializes in energy infrastructure investing and Fengate is currently expanding its renewable energy portfolio comprising wind, solar, hydro and biomass projects across North America. This transaction represents Fengate’s fourth clean energy co-development partnership investment in North America —the third this year and the second in the US.
“Houston is a perfect location to build Fengate’s US energy infrastructure investment platform,” said Andrew Cogan, Managing Director, Infrastructure Investments, Fengate. “We are committed to continue growing the Houston office due to the investment opportunities in Texas, abundance of energy infrastructure professionals and central geographic location.”
Under the terms of the agreement, Fengate and LEP will co-fund the development and construction of Weaver. The project is in late stage development and is expected to achieve notice to proceed in mid-2019 with a commercial operations date in late 2020 and will be a new and significant source of renewable energy in 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, Oakville, Vancouver, Houston and New York, 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 www.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.
Director, Marketing and Communications, Fengate
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Longroad Energy Partners, LLC
+1 617 377 4302