Fengate Capital has acquired 25% equity interest in the 120-MW San Juan Mesa Wind Project in New Mexico.
Fengate Capital Management announced that it has reached financial close on the acquisition of a 25% equity interest in San Juan Mesa Wind Project LLC. San Juan Mesa Wind Project 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 United States.
“Fengate is very pleased to have reached financial close on this milestone transaction,” said George Theodoropoulos, Managing Director of Infrastructure for North America, “San Juan Mesa extends Fengate’s robust portfolio of renewable energy projects into the U.S. market.”
San Juan Mesa is operating 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 the project.
“San Juan Mesa is a fully-contracted asset with a strong operating record,” stated Theodoropoulos, “This investment provides stable, long-term cash flows for our investors and allows Fengate to establish a relationship with NRG, one of the largest wind farm operators in the United States.”
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. The firm’s renewable energy portfolio includes wind, solar, hydro, and biomass projects in Canada, the United States and the United Kingdom.
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