Subjects: NEW PRODUCTS/SERVICES, MERGERS AND ACQUISITIONS (M&A)
Fengate reaches financial close on 177-megawatt cogeneration facility near Chicago, expanding its energy transition portfolio
HOUSTON, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Fengate Asset Management (Fengate) is pleased to announce its acquisition of Morris Cogeneration, LLC, a 177-megawatt combined heat and power facility in Morris, Illinois, from Atlantic Power and Utilities.
The firm acquired ownership of the facility under its strategic operating partnership with energy generation investor and asset manager, Ironclad Energy (Ironclad). The partnership was established in 2022 to acquire and operate cogeneration, district energy and other industrial generation projects across the United States and Canada.
The Morris Cogeneration facility began commercial operations in 1998 and uses General Electric (GE) technology, including three combustion turbines and a steam turbine, to produce power and steam on-site for the LyondellBasell Morris Plant petrochemical facility.
Greg Calhoun, Managing Director, Infrastructure Investments at Fengate, said the acquisition aligns with the firm's sustainability ethos and ?optimize to core' strategy ? acquiring operating assets with proven operating partners, and optimizing them to improve efficiency, reliability and returns.
"This acquisition underscores Fengate's commitment to decarbonization, as the facility provides the least carbon-intensive, commercially viable energy solution to a hard to abate industrial sector, while meeting the high reliability standards of the offtaker," said Mr. Calhoun.
"Fengate is pleased to partner with an environmentally responsible industrial company like LyondellBasell."
"We are excited to collaborate with Fengate on this investment and to work with the Morris Cogeneration and LyondellBasell teams to provide reliable and efficient energy for our industrial host and the PJM market," said Christopher Fanella, President and CFO of Ironclad.
Fengate is managing this investment on behalf of the Fengate Infrastructure Fund IV and its affiliated entities, including an investment fund owned by LiUNA's Pension Fund of Central and Eastern Canada.
Media Contact
Amy Holmes
Senior Vice President, Marketing and Communications
Fengate Asset Management
+1 647 297 5369
[email protected]
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