April 13 (SeeNews) - Canadian real estate and infrastructure investor Fengate Capital Management said on Wednesday it has agreed to buy a 25% stake in the company holding the 120-MW San Juan Mesa wind farm in New Mexico.
The transaction, whose value was not mentioned, is subject to clearance by the Federal Energy Regulatory Commission (FERC).
Before this purchase, Fengate’s renewables portfolio included solar, hydro and biomass plants in Canada and the UK. Not only is this the company’s first wind power investment, but also its first investment in the US, it said.
The San Juan Mesa wind park is located near Elida. The electricity generated by it is being sold to Southwestern Public Service Company, a subsidiary of Xcel Energy Inc (NYSE:XEL). A unit of NRG Energy Inc (NYSE:NRG) is the majority owner and operations manager for the plant.
“It [the wind farm] provides predictable, long-term cash flows for our investors and extends Fengate’s robust portfolio of renewable energy projects into the US market,” said George Theodoropoulos, managing director of infrastructure for North America.