Milbank Advises Fengate Capital In 25% Equity Interest Acquisition


Milbank, Tweed, Hadley & McCloy LLP has advised Fengate Capital Management, a real asset investment firm based in Toronto, in its acquisition of a 25% equity interest in the San Juan Mesa Wind Project LLC.

As previously reported, Fengate acquired Citigroup’s stake in San Juan Mesa, a fully operational 120 MW facility in eastern New Mexico that sells electricity under a long-term power purchase agreement with Southwestern Public Service Co.

The move represents Fengate’s inaugural investment in wind energy and its first stake in the U.S., adding to the firm’s existing renewables portfolio in Canada and the U.K.

“Acquiring this stake in San Juan Mesa strikes an important relationship between Fengate and the project’s principle owner, NRG Energy, that should be mutually beneficial in coming years and help drive continued investment in renewable energy in North America and overseas,” says Daniel Michalchuk, project finance partner.

In addition to Michalchuk, Milbank attorneys advising Fengate included corporate partners Brien Wassner and Matthew Ahrens; associates Amy Kurtich and Charles Lupica; tax special counsel Drew Batkin; and project finance associate Jeeseon Ahn.

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