News & Insights

Fengate Asset Management ("Fengate"), through Fengate Infrastructure Fund V ("FIF V") and its affiliated entities, today announced it has closed its acquisition of Accelergen Energy (“Accelergen”), including a portfolio of seven utility-scale solar-plus-battery energy storage system ("Solar-Plus-BESS") and standalone battery energy storage system (“BESS”) development-stage projects. Accelergen’s management team, led by Chief Executive Officer Tom Houle and Chief Development Officer Josh Skogen, will continue to lead development of the portfolio and pursue new acquisitions and greenfield development opportunities. 

"This investment reflects our conviction that unprecedented power demand growth in the United States will be met in large part by pairing solar generation with battery storage," said Greg Calhoun, Managing Director, Head of Energy Transition, Fengate Asset Management. "Accelergen is a proven development team with a disciplined and data-driven approach to site selection and interconnection." 

The acquired Accelergen portfolio is located across high-growth power markets within the Southwest Power Pool (SPP) and Western Electricity Coordinating Council (WECC). Long-term transmission improvement plans, thermal plant retirements and growing electricity demand associated with industrial electrification and new large loads are increasing the need for new generation and battery storage capacity across these markets. Accelergen uses its proprietary Grid Miner analytics platform to forecast grid conditions, commercial performance and development risk to identify superior substations and project sites for greenfield development and targeted acquisitions of development-stage projects. This increases the speed to market for the company’s projects. 

“I've had the opportunity to work alongside members of the Fengate team for years, and that history gave us a level of trust and shared understanding that made this a natural fit," said Tom Houle, CEO, Accelergen Energy. "Fengate and the Accelergen team both understand what it takes to develop, build and operate power projects, and share our conviction about the role solar and battery storage will play in meeting rapidly growing power demand. This investment provides the financial strength and commitment to advance the acquired portfolio to construction while pursuing additional greenfield development and targeted acquisition opportunities to achieve our goal as a premier independent power producer (IPP).”