Energy Capital Partners (ECP) has acquired an 892-megawatt portfolio of natural gas–fired cogeneration assets in Texas and Illinois from Fengate Asset Management. Financial terms were not disclosed.
The portfolio establishes a scaled industrial cogeneration platform, which ECP, through its latest flagship fund, intends to grow through further investment in high-quality natural gas–fired generation assets. The three facilities serve as primary sources of process steam and electricity for two critical integrated petrochemical complexes in the United States.
During its six years of ownership, Fengate strategically built and scaled the portfolio, alongside its partners at Ironclad Energy, to strengthen a collection of critical energy infrastructure assets serving major industrial customers.
According to ECP, the portfolio is underpinned by long-term contracts and also benefits from exposure to two of the country’s most attractive power markets — ERCOT and PJ
