Fengate acquires and reaches financial close on 72.6 MW Weaver wind project in Hancock County

Fengate Asset Management has acquired and reached financial close on the 72.6 megawatt Weaver wind project in Hancock County, Maine.

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 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.

Weaver has a 20-year power purchase agreement with Emera Maine. It is expected to reach commercial operations in Q4 2020.