Fengate achieves financial close on sales of three North American renewable power investments

August 31, 2023

Fengate is pleased to announce financial close on the sales of three renewable power investments, including:

  • Sault Ste. Marie Solar, a 60 MW solar portfolio located in Sault Ste. Marie, Ontario. In 2017, Fengate acquired 100% of Sault Ste. Marie Solar. Sault Ste. Marie Solar is a portfolio of three operating facilities which were fully contracted under long-term Renewable Energy Standard Offer Program power purchase agreements with the Independent Electricity System Operator of Ontario. Fengate sold its 100% interest to Innergex Renewable Energy Inc. in January 2023.
  • Grand Valley Wind, a 40 MW wind project located in Dufferin County, Ontario. In 2017, Fengate acquired a 75% interest in the operating wind facility. Fengate sold its interest in Grand Valley Wind to Axium Infrastructure in March 2023.
  • Weaver Wind, a 73 MW wind project located in Hancock County, Maine. Weaver Wind was a successful co-development partnership between Fengate and Longroad Energy Partners, LLC (“LEP”) established in December 2018. Fengate acquired 100% of Weaver Wind from LEP in August 2019 and reached financial close in October 2019. This investment demonstrates Fengate’s renewable power development capabilities. Fengate managed this project through late-stage development and into operations. Commercial operations commenced in the fourth quarter of 2020. Fengate sold Weaver Wind to an affiliate of Greenbacker Capital Management in July 2023.

“These transactions demonstrate the value of Fengate’s in-house investment and value creation and asset management capabilities,” said Patrick Freer, Managing Director, Head of Value Creation and Asset Management, Fengate Infrastructure. “Our hands-on approach through all stages of an investment enables Fengate to strategically acquire operating and development projects, and then efficiently optimize performance and enhance value on behalf of our investors.”

With a dedicated team of 60+ experienced professionals, Fengate Infrastructure employs a disciplined approach on behalf of our investors and partners, playing a lead role in the bidding and development phases of infrastructure projects, as well as the ongoing day-to-day management of construction and operations of each asset. Our in-house value creation and asset management staff create value through active management in operations to deliver results. Learn more.

Fengate completed these transactions on behalf of its infrastructure investors, including an investment fund owned by the LiUNA Pension Fund of Central and Eastern Canada.

CIBC World Markets Inc acted as Fengate’s exclusive financial advisor and Davies Ward Phillips & Vineburg LLP acted as legal advisor on the transactions.

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