Fengate achieves financial close on the 160MW Prairie Switch Wind project near Houston, and notice to proceed with construction
HOUSTON, Jan. 19, 2023 (GLOBE NEWSWIRE) — Fengate Asset Management is pleased to announce financial close and notice to proceed with construction of the 160-megawatt (“MW”) Prairie Switch Wind project located outside of Houston, Texas (the “Project”).
Fengate closed on construction and term financing with MUFG to fund the construction and operation of the Project, and tax equity financing with GE Energy Financial Services and Tyr Energy to monetize the production tax credits.
The Project will utilize 48 of GE Renewable Energy’s 3.4 MW wind turbines and will be constructed by Infrastructure & Energy Alternatives by the end of 2023. As part of this transaction, Fengate and Meta Platforms, Inc. (“Meta”) signed a long-term power purchase agreement (“PPA”) for 100 percent of the Project’s production.
Located near the city of El Campo in Wharton County, the Project, once built, will inject millions of dollars of tax and lease payments into the County while synergistically allowing current ranching and farming operations to continue without material interruption or displacement.
“With this acquisition, Fengate continues to successfully implement our develop-to-core strategy by acquiring a late-stage wind development project then finalizing development, funding development expenses, posting contract security, and closing the debt and tax equity financing,” said Greg Calhoun, Managing Director, Infrastructure Investments. “We are pleased to partner with Meta, GE, Tyr and MUFG on this important project that fully aligns with Fengate’s commitment to invest in North American renewables on behalf of our investors and to deliver clean and reliable energy.”
Fengate is managing this investment and development as part of the firm’s renewable energy strategy on behalf of its investors, including an investment fund owned by the LiUNA Pension Fund of Central and Eastern Canada.
About Fengate Asset Management
Fengate is a leading alternative investment manager focused on infrastructure, private equity, and real estate strategies. With offices in Ontario and Texas and team members across North America, Fengate invests in and develops long-life, high-quality assets and businesses on behalf of our clients. With more than 45 years of experience, we are proud of our proven track record and trusted reputation across the sectors we work in. Learn more at www.fengate.com and on our LinkedIn.
About GE Energy Financial Services
GE Energy Financial Services is a global energy investor with 45+ years managing assets through multiple energy cycles. Drawing on its technical know-how, financial strength and strong risk management, GE Energy Financial Services invests in and provides capital solutions for long-lived and capital-intensive projects and companies that help meet the world’s energy needs. It is headquartered in Connecticut with regional hubs in London, Houston, Washington D.C., and Singapore. For more information, visit www.geenergyfinancialservices.com and follow us on Twitter @GEEnergyFinServ.
About Tyr Energy
Tyr Energy, a wholly owned subsidiary of ITOCHU Corporation, is a developer, investor, and manager of North American power generation projects. Since our founding in 2002, Tyr Energy has invested long-term equity capital in over 30 power generation projects in the United States. In addition, Tyr Energy is currently developing over two gigawatts of renewable energy projects through its wholly owned subsidiary, Tyr Energy Development Renewables, LLC. We provide a full complement of asset and energy management services and, through our affiliate NAES Corporation, O&M services to power generation projects. We are executing on our strategy of bringing investment, development, and services solutions to our industry partners to expand our renewable energy businesses in the United States. Learn more at www.tyrenergy.com and www.itochu.co.jp.
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