Fengate Asset Management (“Fengate”) and Longroad Energy Partners, LLC (“LEP”) are pleased to announce a co-development and financing partnership to develop and construct the 72.6 MW Weaver wind project in Hancock County, Maine (“Weaver”).
“Fengate is very pleased to partner with LEP to further expand our renewable energy investments in the United States,” said Greg Calhoun, Director, Infrastructure US, Fengate. “This investment will build and provide a new source of clean, reliable energy for Maine, in partnership with the most experienced and accomplished wind energy developer in the state.”
“We are very happy to be working together with Fengate on this important project. As we looked to the market for financing partners, their experience and team were impressive and ready to take on all the challenges that developing wind in Maine can bring,” said Charles Spiliotis, of Longroad Energy Partners.
Fengate is a leading investment firm with a growing presence in Houston, with the two most recent hires joining from ENGIE and NRG. The Houston team specializes in energy infrastructure investing and Fengate is currently expanding its renewable energy portfolio comprising wind, solar, hydro and biomass projects across North America. This transaction represents Fengate’s fourth clean energy co-development partnership investment in North America —the third this year and the second in the US.
“Houston is a perfect location to build Fengate’s US energy infrastructure investment platform,” said Andrew Cogan, Managing Director, Infrastructure Investments, Fengate. “We are committed to continue growing the Houston office due to the investment opportunities in Texas, abundance of energy infrastructure professionals and central geographic location.”
Under the terms of the agreement, Fengate and LEP will co-fund the development and construction of Weaver. The project is in late stage development and is expected to achieve notice to proceed in mid-2019 with a commercial operations date in late 2020 and will be a new and significant source of renewable energy in Maine.