Fengate Real Asset Investments has announced a $100 million equity commitment and co-development partnership with Texas-based PowerFin Partners and the acquisition of a 9.1 MWdc portfolio of operating solar projects in Austin and San Antonio, from PowerFin, as the seed investment.
The multi-year investment will fund the development and construction of PowerFin’s significant pipeline of solar projects in Texas. In addition, Fengate will exclusively invest in all the partnership’s solar projects over multiple years.
“The solar projects that we are acquiring are very attractive assets with 20- and 25-year power purchase agreements from highly rated counterparties,” said Greg Calhoun, director of infrastructure in the United States for Fengate.
Fengate is an investment firm specializing in real assets, with a focus on infrastructure, private equity and real estate, and with more than $2.8 billion total equity commitments to date, including a renewable energy portfolio comprising wind, solar, hydro and biomass projects across North America. This transaction represents Fengate’s third clean energy co-development partnership investment in North America — the second this year.
