Fengate reaches financial close on acquisition of 40 MW operating wind asset in Ontario
Fengate Real Asset Investments has announced that the firm has reached financial close on its acquisition of a 75% limited partner interest and 50% general partner interest in a 40 MW operating wind farm in Southern Ontario.
The acquisition was made on behalf of Fengate’s investors.
The facility became operational in December 2015, comprises 16 Siemens SWT-3.2-113 wind turbines and has a power purchase agreement with the Independent Electricity System Operator with a remaining life of approximately 18.5 years.
This acquisition is latest addition to the firm’s portfolio of power projects and represents the firm’s second wind investment. Fengate’s renewable energy portfolio includes a strategic and growing roster of wind, solar, hydro and biomass projects in Canada, the United States and the United Kingdom.
George Theodoropoulos, Managing Partner, Infrastructure, at Fengate, said:
“Fengate is pleased to have reached financial close on this core investment, which will deliver long-term stable cash flows to our investors. This facility is a valuable renewable energy asset that further enhances our infrastructure portfolio and fully aligns with our targeted investment strategy and goals.”
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