Calgary, Canada, April 03, 2018 (GLOBE NEWSWIRE) -- Leading Alberta-based independent renewable and clean energy developer Greengate Power Corporation (“Greengate”) has secured a multi-year, $100 million equity commitment from Fengate Real Asset Investments (“Fengate”) to jointly pursue the development and acquisition of projects in Alberta, Canada, with the potential to expand across North America.
The investment enables Greengate to fund the development and eventual build-out of its approximately 1,000 megawatt (“MW”) portfolio of late-stage wind and solar development projects in Alberta. In addition, the funding commitment from Fengate will facilitate Greengate’s continued growth as an industry-leading producer of renewable and clean energy projects in North America. CohnReznick Capital acted as the exclusive financial advisor to Greengate.
“We are excited as this transformative funding builds on more than a decade of Greengate’s success in Alberta and Ontario’s growing renewable and clean energy markets and supports our move into other markets,” stated Dan Balaban, President and Chief Executive Officer of Greengate Power. “Our strong track record has proven we are nimble and creative, and now with solid financial backing from Fengate, a top-tier investor, Greengate is well-positioned to capitalize on its capabilities and satisfy the growing demand for renewable and clean sources of energy.”
“We are pleased to expand our platform to build and provide clean, reliable sources of energy across North America,” said Andrew Cogan, Managing Director, Infrastructure Investments, Fengate. “We are impressed with Greengate’s track record and the quality of their developments, and this investment will provide stable, long-term cash flows for our investors. Our partnership enables us to access opportunities at an earlier stage, in a prudent manner, leveraging the deep expertise of Greengate.”
Greengate is a leading independent renewable and clean energy developer with a strong track record of successfully originating and developing 480 MW of operating renewable energy assets in Alberta and Ontario, Canada, since 2007. The quality and scale of Greengate’s projects have attracted approximately $1 billion of capital deployed by top-tier industry companies, such as Enbridge, EDF and Capital Power.
Fengate is a leading investment firm specializing in real assets, with a focus on infrastructure, private equity and real estate, and with more than $2.8 billion total equity commitments to date, including a renewable energy portfolio comprising wind, solar, hydro and biomass projects across North America. This transaction represents Fengate’s second clean energy co-development partnership investment in North America.
Alberta is one of North America’s fastest growing renewable and clean energy markets. Under its Climate Leadership Plan, the Alberta government has committed to phase out all coal-fired electricity and build out 5,000 MW of new renewable energy capacity by 2030. 600 MW of Alberta government-backed contracts were awarded through the inaugural auction concluded in 2017, with another 700 MW of contracts expected to be awarded through similar auctions in 2018.
About Greengate Power
Greengate is an industry leading privately held renewable and clean energy company based in Calgary, Alberta, Canada. Since 2007, Greengate has successfully developed 480 MW of operating wind energy projects in Alberta and Ontario, Canada. These projects represent approximately $1 billion of investment and provide a clean source of power to over 200,000 homes. Greengate is currently pursuing the development of over 1,000 MW of renewable and clean energy projects in Alberta and across North America and continues to grow as an industry leading producer of renewable and clean energy. Additional information can be found at www.greengatepower.com.
About Fengate
Fengate is a leading investment firm specializing in real assets, with a focus on infrastructure, private equity and real estate. With offices in Toronto, Oakville, Vancouver, New York, Houston and Los Angeles, Fengate has a proven track record of successful projects and results-driven partnerships, establishing the firm as one of the most active real asset investors in North America. Through our experience, expertise and industry relationships, our clients gain access to high-barrier-to-entry investment solutions which deliver superior risk-adjusted returns. Learn more at www.fengate.com.
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FORWARD LOOKING STATEMENTS:
This news release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws. In particular, forward looking information in this news release includes, but is not limited to: statements with respect to the use of proceeds from the investment and the development of Greengate’s projects and its future growth. The forward-looking information is based on certain key expectations and assumptions made by Greengate, including expectations and assumptions concerning the development of its projects in Canada and across North America; the state of the economy and the cleantech business; business prospects and opportunities; the current regulatory and political environment; and existing financial commitments, among other factors. Although Greengate believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Greengate can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements contained in this news release are made as of the date hereof and Greengate undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.
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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/66e4f2df-8207-4cf6-9170-48799b395351