Fengate Asset Management (Fengate) today announced that, on behalf of our investors, the firm has achieved financial close on the acquisition of the Freeport Energy Center from Calpine Corporation (Calpine).
Freeport Energy Center is a 260 MW natural gas-fired, combined-cycle cogeneration power plant located in Freeport, Texas. The facility has been operational since 2007 and is located inside Dow Inc.’s [NYSE: DOW] Texas Operations industrial park, which is the largest integrated chemical manufacturing complex in the western hemisphere. The Freeport Energy Center provides essential utility services, steam and power to the complex.
“The Freeport Energy Center plays an important role in supporting a significant manufacturing facility and this acquisition is an excellent fit with our power and energy infrastructure investment strategy,” said Greg Calhoun, Managing Director, Infrastructure Investments, Fengate. “We are very impressed with the facility’s track record, operations and people, and look forward to partnering with Dow and the onsite team with a focus on continued excellence, on behalf of our investors.”
The acquisition of Freeport Energy Center builds further on Fengate’s recent activity in the power and energy sector, including the acquisition of Heartland Petrochemical Complex’s Central Utility Block in Alberta, Canada. Fengate is managing this investment 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.