Fengate Real Asset Investments and Greengate Power Corporation Announce $100 Million Strategic Co-Development Partnership
Investment Will Spur Renewable and Clean Energy Development in Alberta and Beyond
April 3, 2018; Calgary, Canada — Leading Alberta-based independent renewable and clean energy developer Greengate Power Corporation (“Greengate”) has secured a multi-year, $100 million equity commitment from Fengate Real Asset Investments (“Fengate”) to jointly pursue the development and acquisition of projects in Alberta, Canada, with the potential to expand across North America.
The investment enables Greengate to fund the development and eventual build-out of its approximately 1,000 megawatt (“MW”) portfolio of late-stage wind and solar development projects in Alberta. In addition, the funding commitment from Fengate will facilitate Greengate’s continued growth as an industry-leading producer of renewable and clean energy projects in North America. CohnReznick Capital acted as the exclusive financial advisor to Greengate.
“We are excited as this transformative funding builds on more than a decade of Greengate’s success in Alberta and Ontario’s growing renewable and clean energy markets and supports our move into other markets,” stated Dan Balaban, President and Chief Executive Officer of Greengate Power. “Our strong track record has proven we are nimble and creative, and now with solid financial backing from Fengate, a top-tier investor, Greengate is well-positioned to capitalize on its capabilities and satisfy the growing demand for renewable and clean sources of energy.”
“We are pleased to expand our platform to build and provide clean, reliable sources of energy across North America,” said Andrew Cogan, Managing Director, Infrastructure Investments, Fengate. “We are impressed with Greengate’s track record and the quality of their developments, and this investment will provide stable, long-term cash flows for our investors. Our partnership enables us to access opportunities at an earlier stage, in a prudent manner, leveraging the deep expertise of Greengate.”
Greengate is a leading independent renewable and clean energy developer with a strong track record of successfully originating and developing 480 MW of operating renewable energy assets in Alberta and Ontario, Canada, since 2007. The quality and scale of Greengate’s projects have attracted approximately $1 billion of capital deployed by top-tier industry companies, such as Enbridge, EDF and Capital Power.
Fengate is a leading investment firm specializing in real assets, with a focus on infrastructure, private equity and real estate, and with more than $2.8 billion total equity commitments to date, including a renewable energy portfolio comprising wind, solar, hydro and biomass projects across North America. This transaction represents Fengate’s second clean energy co-development partnership investment in North America.
Alberta is one of North America’s fastest growing renewable and clean energy markets. Under its Climate Leadership Plan, the Alberta government has committed to phase out all coal-fired electricity and build out 5,000 MW of new renewable energy capacity by 2030. 600 MW of Alberta government-backed contracts were awarded through the inaugural auction concluded in 2017, with another 700 MW of contracts expected to be awarded through similar auctions in 2018.
