Fengate Capital Management has reached financial close on the acquisition of a 25% equity interest in San Juan Mesa Wind Project LLC. San Juan Mesa Wind Project LLC is the owner of a 120 MW fully-contracted operating wind project located in New Mexico.
In April we reported that Fengate Capital Management announced that it has executed a purchase and sale agreement for the acquisition of a 25% equity interest in San Juan Mesa Wind Project.
San Juan Mesa is an operating wind project with 120 MW of capacity located near Elida, New Mexico. The energy from the project is sold under a Power Purchase Agreement with Southwestern Public Service Company, a subsidiary of Xcel Energy Inc. An affiliate of NRG Energy Inc. is the majority owner and operations manager for the project.
San Juan Mesa is the latest addition to Fengate’s international portfolio of power projects and its first investment in a wind project, further diversifying the firm’s infrastructure business. The firm’s renewable energy portfolio includes wind, solar, hydro and biomass projects in Canada, the United States and the United Kingdom.
George Theodoropoulos, Managing Director of Infrastructure for North America, said:
“Fengate is very pleased to have reached financial close on this milestone transaction. San Juan Mesa extends Fengate’s robust portfolio of renewable energy projects into the U.S. market.”
“San Juan Mesa is a fully-contracted asset with a strong operating record. This investment provides stable, long-term cash flows for our investors and allows Fengate to establish a relationship with NRG, one of the largest wind farm operators in the United States.”