Canada-based Fengate Real Asset Investments committed to a $100 million equity investment in PowerFin Partners and acquired a 9.1-MWdc portfolio of operating solar projects in Texas from the partnership.
The solar projects are located in Austin and San Antonio and have 20- to 25-year power purchase agreements with highly rated counterparties, according to a June 11 news release.
The private equity firm, which specializes in real assets, said it will exclusively invest in the partnership's solar projects over multiple years.
"This investment will build and provide clean, reliable sources of energy, in partnership with one of the most experienced power developers and operators in Texas, and provide stable long-term cash flows for our investors," said Greg Calhoun, director for infrastructure US at Fengate.
