June 7 (SeeNews) - Canadian real estate and infrastructure investor Fengate Capital Management said on Friday it has achieved financial close on its acquisition of a 25% stake in the owner of the 120-MW San Juan Mesa wind farm in New Mexico.
The investment in San Juan Mesa Wind Project LLC, which is the first one in the US for Fengate, was initially announced in April. The exact size of the contribution remained undisclosed.
The wind park near Elida is selling its generated electricity to Southwestern Public Service Co, a subsidiary of Xcel Energy Inc (NYSE:XEL). An affiliate of NRG Energy Inc (NYSE:NRG) holds the controlling stake in the project company and manages its operations.
“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,” said George Theodoropoulos, managing director of infrastructure for North America.
Fengate’s renewable energy portfolio includes wind, solar, hydro and biomass projects in Canada, the US and the UK.