Fengate begins US adventure
Financial close reached on 25% stake in 120MW San Juan Mesa wind farm
Fengate Capital Management has reached financial close on the acquisition of a 25% equity interest in the 120MW San Juan Mesa wind farm near Elida in New Mexico, its first investment in the USA.
An affiliate of NRG Energy is the majority owner and operations manager of the project.
Electricity from the project is sold to Southwestern Public Service Company, a subsidiary of Xcel Energy, under a power purchase agreement.
Fengate managing director of Infrastructure for North America George Theodoropoulos said: “Fengate is very pleased to have reached financial close on this milestone transaction.
“San Juan Mesa extends Fengate's robust portfolio of renewable energy projects into the US market.
“[It] provides stable, long-term cash flows for our investors and allows Fengate to establish a relationship with NRG.”
Image: Morgue File