Canada-based Fengate Capital Management closed on financing for a 25 percent interest in a 120-MW New Mexico wind power project.
Fengate closed on the stake in the San Juan Mesa Wind Project LLC, which owns the 120-MW operating wind farm. It is Fengate’s first investment in the U.S. The output from the project is sold under a power purchase agreement with Southwestern Public Service Co., a subsidiary of Xcel Energy (NYSE: XEL). An affiliate of NRG Energy (NYSE: NRG) is the majority owner and operations manager for the project.