Fengate announces structured equity investment in 250 megawatt wind project

HOUSTON, Dec. 21, 2020 /PRNewswire/ - Fengate Asset Management ("Fengate") is pleased to announce financial close on its acquisition of a majority interest in the Amadeus 250 megawatt wind project in Kent, Fisher and Stonewall counties, Texas, that recently reached commercial operation and tax equity funding from BHE Renewables.

Amadeus was developed and constructed by BayWa r.e. Wind, LLC ("BayWa"), a leading developer of U.S. wind projects. BayWa will continue to own a minority interest in Amadeus and provide ongoing asset management services. Amadeus utilizes proven GE wind turbines with GE providing a long-term services agreement and operates with a long-term energy hedge.

"Fengate is very pleased with the acquisition of this wind project and we look forward to our ongoing strategic partnership with BayWa," said Greg Calhoun, Managing Director, Infrastructure Investments, Fengate. "This acquisition closely follows our announcement of commercial operation for our Weaver wind project in Maine so it is an exciting time of expansion in contracted U.S. renewable energy for our investors and our firm."

"We would like to thank Fengate for its commitment to our Amadeus wind project. The structure we have found with Fengate allows us to accomplish various corporate goals and we very much look forward to be working with Fengate on our largest wind project built to date," adds Florian Zerhusen, CEO of BayWa r.e. Wind, LLC. 

Fengate is managing this investment 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.

About Fengate
Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate is one of the most active real asset investors in North America and the firm has been investing in infrastructure across North America since 2006. Learn more at www.fengate.com.

About BayWa r.e. Wind LLC

Across solar and wind, at BayWa r.e. we r.e.think energy – how it is produced, stored and best used. We are a leading global developer, service supplier, distributor and energy solutions provider. We deliver renewable energy solutions worldwide, and have brought over 3 GW of energy online, while managing 8.3 GW of assets. BayWa r.e. Wind LLC is an experienced developer and asset manager of wind farms in the U.S. since 2001. Our strong balance sheet enables us to self-fund each project from acquisition to commercial operation. By focusing our attention on select projects, we deliver the highest standards, a clear vision, and quick decisive action. Our proactive approach to project acquisition assesses the views of various stakeholders involved to identify the best approach. https://us.baywa-re.com/en/wind/projects-services

SOURCE Fengate Asset Management