03 Nov 2022
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.
Fengate Asset Management | www.fengate.com
Triple Oak Power | www.tripleoakpower.com
GE Renewable Energy | www.ge.com/renewableenergy