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HOUSTON, Nov. 3, 2022 /PRNewswire/ - Fengate Asset Management ("Fengate") is pleased to announce the acquisition from Triple Oak Power ("Triple Oak") of the ready-to-build 160-megawatt ("MW") Prairie Switch Wind project located outside of Houston, Texas. The Prairie Switch Wind project will utilize 48 of GE Renewable Energy's 3.4 MW wind turbines and is expected to be fully operational by the end of 2023.
As part of this transaction, Fengate and Meta Platforms, Inc. ("Meta") signed a long-term power purchase agreement ("PPA") for 100 percent of the project's production. Under this PPA, the project will provide new wind energy to support Meta's operations. Located near the city of El Campo in Wharton County, Prairie Switch Wind, once built, will inject millions of dollars of tax and lease payments into the County while synergistically allowing current ranching and farming operations to continue without material interruption or displacement.
"We appreciate working with Triple Oak Power on this important acquisition as it fully aligns with Fengate's build-to-core strategy and commitment to invest in renewable energy projects on behalf of our investors," said Greg Calhoun, Managing Director, Infrastructure Investments. "Fengate is pleased to partner with Meta and GE on this project to deliver clean and reliable energy."
"Meta is committed to accelerating the renewable energy transition and, since 2020, we have supported our global operations with 100% renewable energy," said Urvi Parekh, Director of Renewable Energy at Meta. "We appreciate Fengate's partnership in helping us bring this new wind energy in support of our operations in the area."
"Triple Oak prides itself on building lasting and trusting relationships with all of our partners, especially our local communities, by executing the highest quality of development projects which become premier renewable energy assets," said Jesse Gronner, Chief Executive Officer, Triple Oak. "That's why we're so proud to have enabled Prairie Switch (original name of the community of El Campo) to be a long-term producer in Wharton County for decades to come."
"GE Renewable Energy is proud to provide our latest 3.4MW wind turbines for the Prairie Switch Wind project," said Vic Abate, Chief Executive Officer, GE Renewable Energy's Onshore Wind business. "This next-generation wind turbine was built on the legacy of our bestselling 2MW platform and is designed specifically for the future needs and unique challenges of the region. It offers ease of installation and reliability while also helping our customers to provide affordable and sustainable renewable energy."
Fengate is managing this investment as part of the firm's renewable energy strategy on behalf of its investors, including an investment fund owned by LiUNA's Pension Fund of Central and Eastern Canada.
About Fengate Asset ManagementFengate is a leading alternative investment manager focused on infrastructure, private equity, and real estate strategies. With offices in Ontario and Texas and team members across North America, Fengate invests in long-life, high-quality assets and businesses on behalf of our clients. With more than 45 years of experience, we are proud of our proven track record and trusted reputation across the sectors we work in. Learn more at www.fengate.com and on our LinkedIn.
About Triple Oak PowerTriple Oak Power's mission is to leverage the enormous potential of our natural resources to create integrated, diverse, and sustainable electricity infrastructure. With many decades of combined experience in the renewable energy sector, the Triple Oak team is focused on building value for investors, communities, and landowners through responsibly developed wind and other carbon-free generation projects. Triple Oak is backed by EnCap Investments L.P., Yorktown Partners, and Mercuria Energy, and is headquartered in Portland, Oregon. For more information, visit www.tripleoakpower.com and LinkedIn.
About GE Renewable EnergyGE Renewable Energy, an integral part of the GE Vernova portfolio of energy businesses, is a $16 billion business which combines one of the broadest portfolios in the renewable energy industry to provide end-to-end solutions for our customers demanding reliable and affordable green power. Combining onshore and offshore wind, blades, hydro, storage, utility-scale solar, and grid solutions as well as hybrid renewables and digital services offerings, GE Renewable Energy has installed more than 400+ gigawatts of clean renewable energy and equipped more than 90 percent of utilities worldwide with its grid solutions. With nearly 40,000 employees present in more than 80 countries, GE Renewable Energy creates value for customers seeking to power the world with affordable, reliable and sustainable green electrons. GE Vernova, a dynamic accelerator comprised of our Power, Renewable Energy, Digital and Energy Financial Services businesses, focused on supporting customers' transformations during the global energy transition. Follow us at www.ge.com/renewableenergy, on Twitter or on LinkedIn.
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SOURCE Fengate Asset Management