Real asset investment firm Fengate Asset Management has purchased the 72.6-megawatt Weaver wind project in Hancock County, Maine, from Longroad Energy Partners for an undisclosed price.
The buy was made on behalf of the Fengate Core Infrastructure Fund III and its affiliated entities, including an investment fund owned by LiUNA's Pension Fund of Central and Eastern Canada, according to Fengate.
Financial close took place on Oct. 25, with U.S. Bancorp Community Development Corp. serving as tax equity investor and MUFG Bank as the construction and back leverage lender.
LEP's affiliate, Longroad Energy Services, will provide construction management, asset management, operations and maintenance, and remote monitoring services to the Weaver project.
Weaver is slated to reach commercial operations in fourth quarter 2020 and is expected to be a “new and significant source of clean energy for Maine,” according to Fengate.
