June 13 (Renewables Now) - Canada-based Fengate Real Asset Investments Ltd on Monday said it will invest USD 100 million (EUR 85m) in a co-development partnership with Texas-based solar developer PowerFin Partners.
The multi-year equity commitment will fund the development and construction of PowerFin's solar project pipeline in Texas. Fengate will also exclusively invest in all the partnership's solar projects over multiple years, it said.
The real assets investor has acquired 9.1 MW direct current (DC) of operating solar projects from PowerFin as a seed investment. The facilities are located in Austin and San Antonio, Texas and have long-term power purchase agreements (PPAs).
"Fengate is pleased to partner with PowerFin to further expand our renewable energy platform in Texas, the fastest growing solar market in the United States," said Greg Calhoun, director, infrastructure US, at Fengate. The firm has a renewable energy portfolio including wind, solar, hydro and biomass projects in North America. This is its second clean energy co-development partnership in North America this year after a deal with Alberta-based developer Greengate Power Corp in April.
"As a well-capitalized investment firm with meaningful experience investing in renewable energy and public-private partnerships, Fengate is an ideal investment partner for PowerFin’s fully integrated development, construction and operating approach to solar," said PowerFin president Tuan Pham.
(USD 1 = EUR 0.851)