North American alternative investment management firm Fengate has announced financial close on its acquisition of a majority interest in Amadeus, a 250MW wind project in Texas, US.
Developed and constructed by wind projects developer BayWa r.e. Wind (BayWa), the Amadeus wind farm project is located in Kent, Fisher and Stonewall counties, and reached commercial operation recently as well as obtained tax equity funding from BHE Renewables.
Fengate Infrastructure Investments managing director Greg Calhoun said: “Fengate is very pleased with the acquisition of this wind project and we look forward to our ongoing strategic partnership with BayWa.
“This acquisition closely follows our announcement of commercial operation for our Weaver wind project in Maine so it is an exciting time of expansion in contracted US renewable energy for our investors and our firm.”
Fengate stated that it is managing the investment on behalf of the Fengate Core Infrastructure Fund III as well as its affiliates including an investment fund owned by LiUNA’s Pension Fund of Central and Eastern Canada.
As per the terms of the deal, BayWa will hold a minority stake in Amadeus and will also provide asset management services to the 250MW wind facility.
Spread across 25,000 acres of federal, state and privately held lands, Amadeus wind facility is equipped with 96 GE wind turbines, which can generate enough clean energy that will be sufficient to power 74,800 homes annually.
BayWa said that Amadeus is the largest onshore wind project completed by the company to date.
The wind project will have the capacity to offset more than 648,000mt of carbon emissions annually, while providing millions of dollars in tax benefits to the local community.
BayWa r.e. Wind CEO Florian Zerhusen said: “We would like to thank Fengate for its commitment to our Amadeus wind project.
“The structure we have found with Fengate allows us to accomplish various corporate goals and we very much look forward to be working with Fengate on our largest wind project built to date.”
