Fengate Asset Management and Longroad Energy Partners are set to come to the project finance market in the first half of 2019 for their 72.6 MW Weaver wind project in Hancock County, Maine.
The duo had been working on a co-development agreement for the past few months and announced the joint venture on Dec. 4.
Debt and tax equity investors can expect the project to come across their desks between the first and second quarters of next year, PFR understands.
The co-development structure with Longroad is the third recent example of Fengate backing a North American renewables development platform, after deals with Greengate Power Corp. in April (PFR, 4/3) and PowerFin Partners in June (PFR, 6/11).
Equity sponsors have been pushed earlier and earlier into the development life-cycle as a glut of capital for contracted renewables compresses spreads across the sector.
Weaver does not have a power purchase agreement and Longroad is understood to be bidding for utility contracts and obtaining proposals for hedges from financial counterparties.
First Wind, the project's original developer, began working on it in 2013 (PFR, 2/15/13) and SunEdison continued developing it after it bought First Wind and its entire portfolio.
The Maine Public Utilities Commission had initially green-lighted 25-year PPAs, priced at $53/MWh, between the project and Emera Maine and Central Maine Power, but later reconsidered, causing SunEdison to withdraw the project in 2015 (BDN, 5/4/15).
Longroad—founded by alumni of First Wind and SunEdison—bought Weaver out of SunEdison’s bankruptcy and are busy obtaining required environmental clearances to begin construction by mid-2019.
Fengate has meanwhile bolstered its Houston office with two additions in recent months.
Ian Moskal joined as development manager in September after two years as a project engineer with NRG Energy. He will oversee the development of the Weaver project.
Shortly thereafter, in October, Steven Davidson joined Fengate's U.S. infrastructure team as an associate from Engie, where he had worked in acquisitions, investments and financial advisory.
Davidson previously spent four years with Panda Power Funds as a financial analyst.