Fengate reaches fin close on 73-MW wind project in Maine
Author: Raymond Shobe.
Fengate Asset Management has achieved financial close on a 72.6-MW wind project in Maine, which the investment firm says it had bought during the summer from Longroad Energy Partners LLC (LEP).
Fengate announced on Tuesday it acquired the Weaver project on August 27 on behalf of the Fengate Core Infrastructure Fund III and affiliated entities, including an investment fund owned by LiUNA's Pension Fund of Central and Eastern Canada.
Late last month, US Bancorp Community Development Corporation and MUFG Bank helped reach financial close on the project, acting as tax equity investor and construction and back leverage lender, respectively.
Fengate and LEP have been developing the project together since December 2018. LEP's affiliate, Longroad Energy Services, will deliver construction and asset management, operations and maintenance (O&M), and remote monitoring services to the facility.
Weaver already has a 20-year power purchase agreement (PPA) in place with Emera Maine and is expected to be completed in the final quarter of next year. The off-take contract, at a price of USD 0.035 (EUR 0.032) per kWh that will be rising at a rate of 2.5% per year, was cleared by the Maine Public Utilities Commission (PUC) in July.