Fengate Asset Management (“Fengate”) is pleased to announce that the firm acquired and reached financial close on the 72.6 megawatt Weaver wind project in Hancock County, Maine (“Weaver”).
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 (“LEP”) 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.
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. Weaver was in late stage development at that time and has since achieved critical project milestones including a 20-year power purchase agreement with Emera Maine. Weaver is expected to reach commercial operations in Q4 2020 and will be a new and significant source of clean energy for Maine.