Fengate Capital Management announced that it has executed a purchase and sale agreement for the acquisition of a 25% equity interest in San Juan Mesa Wind Project, which is the owner of a 120-MW fully contracted operating wind project located in New Mexico. The San Juan Mesa acquisition is Fengate’s first investment in the U.S. and its first investment in a wind-power project.

“The United States is a strategic market for infrastructure and we are pleased to announce our first transaction there,” said George Theodoropoulos, Managing Director of Infrastructure for North America.

San Juan Mesa is an operating wind project with 120 MW of capacity located near Elida, New Mexico. The energy from the project is sold under a Power Purchase Agreement with Southwestern Public Service Company, a subsidiary of Xcel Energy Inc. An affiliate of NRG Energy is the majority owner and operations manager for San Juan Mesa. The transaction is subject to customary regulatory approval by the Federal Energy Regulatory Commission.

“The investment in San Juan Mesa provides an opportunity for Fengate to invest in a fully contracted, brownfield asset with a strong operating record and establish a relationship with NRG — one of the largest operators of wind farms in the United States,” stated Theodoropoulos, “It provides predictable, long-term cash flows for our investors and extends Fengate’s robust portfolio of renewable energy projects into the U.S. market.”

San Juan Mesa is the latest addition to Fengate’s international portfolio of power projects and its first investment in a wind project, further diversifying the firm’s infrastructure business.

Fengate Capital Management
http://fengate.com