Fengate has achieved financial close on the acquisition of a 50 percent interest in Freeport Power Ltd. (FPL), the owner of a 440-megawatt cogeneration facility in Texas.
FPL is located near the Freeport Energy Center, a 260-megawatt cogeneration facility owned and managed by Fengate. The two facilities play an integral role in providing reliable and cost-effective power and steam to Dow’s Freeport site, the largest integrated chemical manufacturing complex in the Western Hemisphere.
Fengate acquired the interest in FPL under its strategic operating partnership with asset manager Ironclad Energy. The partnership was established in 2022 to acquire and operate cogeneration, district energy and other power-generation projects across the United States and Canada.
“We are thrilled to have closed this acquisition, which aligns with our strategy of acquiring behind-the-meter cogeneration projects with strong industrial partners like Dow,” said Greg Calhoun, manag
