News

Fengate acquires significant stake in 440-megawatt Texas cogeneration asset

Houston, TX, December 16, 2024 (GLOBE NEWSWIRE) – Fengate Asset Management (Fengate) is pleased
to announce financial close on the acquisition of a 50% interest in Freeport Power Limited (FPL), owner
of a 440-megawatt cogeneration facility in Texas.

FPL is located near the Freeport Energy Center, a 260-megawatt cogeneration facility owned and
managed by Fengate. The two facilities play an integral role in providing reliable and cost-effective power
and steam to Dow’s Freeport site, the largest integrated chemical manufacturing complex in the Western
Hemisphere.

Fengate acquired interest in FPL under its strategic operating partnership with asset manager Ironclad
Energy. The partnership was established in 2022 to acquire and operate cogeneration, district energy
and other power generation projects across the United States and Canada. Fengate and Ironclad Energy
announced the acquisition of the Morris Cogeneration facility, near Chicago, in December 2023.

“We are thrilled to have closed this acquisition, which aligns with our strategy of acquiring behind-the-meter                                                                                                        cogeneration projects with strong industrial partners like Dow,” said Greg Calhoun, Managing Director,                                                                                                                Infrastructure Investments at Fengate. “Combined heat and power projects like FPL will continue to play an                                                                                        important role in the U.S. power industry – especially for hard-to-abate industrial sectors – to ensure                                                                                                            reliability, efficiency and affordability.

“This is our second acquisition with Fengate, and we look forward to continuing our partnership to
optimize and expand the portfolio,” said Christopher Fanella, President and CFO of Ironclad Energy.
Fengate is managing this investment on behalf of Fengate Infrastructure Fund IV and its affiliated
entities, including an investment by the LiUNA 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 more than US$7 billion of capital commitments under management. The firm has
been investing in infrastructure since 2006 with a focus on mid-market greenfield and brownfield
infrastructure assets in the transportation, social, energy transition and digital sectors. Fengate is one of
North America’s most active infrastructure investors and developers with a project portfolio of more
than 45 assets, valued at over US$14 billion. Learn more at www.fengate.com.