HOUSTON, Oct. 21, 2020 /PRNewswire/ - Fengate Asset Management (Fengate) today announced that, on behalf of our investors, the firm has achieved financial close on the acquisition of the Freeport Energy Center from Calpine Corporation (Calpine).
Freeport Energy Center is a 260 MW natural gas-fired, combined-cycle cogeneration power plant located in Freeport, Texas. The facility has been operational since 2007 and is located inside Dow Inc.'s [NYSE: DOW] Texas Operations industrial park, which is the largest integrated chemical manufacturing complex in the western hemisphere. The Freeport Energy Center provides essential utility services, steam and power to the complex.
"The Freeport Energy Center plays an important role in supporting a significant manufacturing facility and this acquisition is an excellent fit with our power and energy infrastructure investment strategy," said Greg Calhoun, Managing Director, Infrastructure Investments, Fengate. "We are very impressed with the facility's track record, operations and people, and look forward to partnering with Dow and the onsite team with a focus on continued excellence, on behalf of our investors."
The acquisition of Freeport Energy Center builds further on Fengate's recent activity in the power and energy sector, including the acquisition of Heartland Petrochemical Complex's Central Utility Block in Alberta, Canada. Fengate is managing this investment on behalf of the Fengate Core Infrastructure Fund III and its affiliated entities, including an investment fund owned by LiUNA's Pension Fund of Central and Eastern Canada.
About Fengate Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate is one of the most active real asset investors in North America and the firm has been investing in infrastructure across North America since 2006. Learn more at www.fengate.com
About Dow Dow (NYSE: DOW) combines global breadth, asset integration and scale, focused innovation and leading business positions to achieve profitable growth. The Company's ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company. Dow's portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure and consumer care. Dow operates 109 manufacturing sites in 31 countries and employs approximately 36,500 people. Dow delivered sales of approximately $43 billion in 2019. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.