Fengate blows into US
Canadian investor acquires 25% stake in 120MW San Juan Mesa wind project
Fengate Capital Management is to acquire a 25% equity interest in the 120MW San Juan Mesa wind farm in New Mexico.
The deal is Fengate’s first investment in the USA and its first investment in a wind project.
The company already has investments in solar, hydro and biomass projects in Canada and the UK.
The San Juan Mesa wind farm, which is is located near Elida, is already operating and electricity generated is sold under a power purchase agreement to Southwestern Public Service Company, a subsidiary of Xcel Energy.
Fengate said an affiliate of NRG Energy is the majority owner and operations manager of the wind farm.
It said the transaction is subject to regulatory approval by the Federal Energy Regulatory Commission.
Fengate managing director of infrastructure for North America George Theodoropoulos said: “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 US.
“It provides predictable, long-term cash flows for our investors and extends Fengate’s robust portfolio of renewable energy projects into the US market.”