Fengate acquires remaining stake in 440-megawatt Texas cogeneration asset

Fengate Asset Management (Fengate) today announced it has acquired the remaining equity interest in Freeport Power Limited (FPL), which owns a 440-megawatt cogeneration facility in Texas.

Fengate acquired 50% interest in FPL in November 2024 under the firm’s strategic operating partnership with asset manager Ironclad Energy. The additional investment increases the partnership’s interest in FPL to 100%.

The facility is located near the Freeport Energy Center, a 260-megawatt cogeneration facility owned and managed by Fengate.

“At a time of an increasing grid supply-demand imbalance, our two facilities continue to provide reliable and cost-effective power and steam to Dow’s Freeport site, the largest integrated chemical manufacturing complex in the Western Hemisphere,” said Greg Calhoun, Managing Director and Head of Energy Transition at Fengate.

“We are thrilled to increase our FPL investment alongside Fengate, and we look forward to continuing our partnership to bring reliability, efficiency, and affordability to the industrial sector,” said Christopher Fanella, President and CFO of Ironclad Energy.

Fengate is managing this investment on behalf of Fengate Infrastructure Fund IV and its affiliated entities, including an investment by the LiUNA Pension Fund of Central and Eastern Canada.