The wind project is expected to be operational in fourth quarter of 2020 and has a 20-year power purchase agreement with Emera Maine
Image: Fengate acquired Weaver wind project from Longroad Energy Partners. Photo: courtesy of Fengate Capital Management.
Canadian real estate and infrastructure investment firm Fengate Asset Management has announced the acquisition and financial close of the 72.6MW Weaver wind project from Longroad Energy Partners.
The purchase has been made on behalf of the Fengate Core Infrastructure Fund III and its affiliated entities, including LiUNA’s Pension Fund of Central and Eastern Canada
Located in Hancock County in Maine, US, the Weaver wind project was acquired from Longroad Energy Partners in August this year.
Financial close for the project was completed on 25 October this year, with U.S. Bancorp Community Development Corporation as the tax equity investor and MUFG Bank as the construction and back leverage lender.
Longroad Energy Services, a subsidiary of LEP, will be responsible for the construction management, asset management, operations and maintenance, and remote monitoring services of the Weaver project.
Fengate stated: “The financial close and acquisition of Weaver follows a successful co-development and financing partnership for Weaver that was announced in December 2018 between Fengate and LEP.
The wind project is expected to be operational in fourth quarter of 2020 and has a 20-year power purchase agreement with Emera Maine.
Other acquisitions of Fengate
In 2018, Fengate acquired a 102MW natural gas powered cogeneration facility from Inter Pipeline.
The facility was planned to be built in the Heartland Petrochemical Complex near Edmonton in Alberta, Canadian province.
The cogeneration facility known as Central Utility Block (CUB) was planned to be built with an investment of C$600m ($463.14m).
The Canadian private equity firm has engaged Inter Pipeline to handle the construction of the CUB cogeneration facility in addition to its daily operations once commissioned.
Expected to be in service by mid-2021, the CUB is intended to offer utilities for the commissioning of the Heartland Complex.
Fengate will be responsible for funding the capital costs for the CUB project on an ongoing basis.