In March 2023, Fengate Asset Management Ltd. announced the sale of its three renewable projects:
- sale of 75 percent interest in the 40 MW Grand Valley III wind project in Ontario to Axium Infrastructure;
- $50.2-million sale of 60 MW Sault Ste. Marie solar portfolio located in northwestern Ontario to Innergex Renewable Energy Inc.; and
- sale of the 72.6 MW Weaver wind project in Hancock County, Maine, United States to Greenbacker Renewable Energy.
Fengate is an alternative investment manager focused on infrastructure, private equity and real estate strategies. Its renewable energy portfolio includes a strategic roster of wind, solar, hydro, and biomass projects in Canada, the United States and the United Kingdom.
Davies Ward Phillips & Vineberg LLP represented Fengate with a team that included William Buchner, Marc Pontone, Matthew Auvinen and Diana Bahous (M&A); Jim Dinning (Competition); Andrew Ellis (Tax); and Steven Willard and Ioana Hancas (Real Estate).
Stikeman Elliott LLP acted as counsel to Axium with a team that included Maxime Turcotte, Dominique Rolland, Thomas Paci and David Primeau (M&A); Maxime Jacquin, Julien Baril and Jia Yi Xiao (Financing); Lanette Wilkinson (Real Estate); Glenn Zacher and Daniel Gralnick (Energy and Regulatory); Éric Lévesque and Philippe St-Hilaire (Tax); Michael Laskey and Laura Rowe (Competition); Larry Cobb (Environment).
Norton Rose Fulbright Canada LLP acted as local counsel to Innergex with a team that included Alison Babbitt, Brigitte LeBlanc-Lapointe, Stephen Nattrass, Joshua Sprague, Kyle Walton, Brian Benford, Edward Anido, Meaghan Farrell, Elizabeth Kazakov, Steven Legault, Troy Ungerman, Barry N. Segal, Erika Woolgar, Adamo Fucile, Diana Weir, Mary Anne Aldred, Steven I. Suzzan, Paul L. Weber and J. Patrick Narvaez.
National Bank Financial Inc. acted as financial advisor to Innergex.
Stoel Rives LLP acted as counsel to Greenbacker with a team that included Mary G. Sennes, Derek Zha and Jessica L. Bayles.