Toronto, Ontario (July 17, 2014) – Fengate Capital Management Limited (“Fengate”), one of Canada’s leading alternative asset management firms, and AMP Solar Group Inc. (“AMP”), announced today the commercial operation of the 10 MW AC photovoltaic Sunderland Solar Energy Project (the “Project”).
The Sunderland Solar Energy Project is located in Durham, Ontario and uses the latest technology for solar power generation to deliver clean renewable electricity. Fengate directed an equity investment in the Project on behalf of its infrastructure funds. “Fengate is delighted to partner with AMP Solar Group, our development partner, and support our clients’ investments objectives in independent power,” said Lou Serafini Jr., President and CEO of Fengate, “The Sunderland Project has provided our firm with another opportunity to make an impact on providing clean power to Ontario.”
The Sunderland Solar Farm benefits from a 20-year electricity purchase agreement under the Ontario Power Authority’s (“OPA”) Feed-in Tariff program. It will generate approximately 16,500 MWh of clean solar power in the first year of operation, enough to support the annual needs of 1,600 Ontario homes.
“Achieving commercial operations of the Sunderland solar farm is an important milestone for our firm,” said George Theodoropoulos, Managing Director, Infrastructure at Fengate. “This is the first electricity generating facilities that Fengate has developed to come online.”
Under the OPA’s Long-Term Energy Plan, about half of Ontario’s installed generating capacity will come from renewable sources by 2025. Solar photovoltaic electricity is among the safest, cleanest sources of energy available with a nearly emission-free electricity generation method.
About Fengate Capital Management
Fengate is an asset management firm specializing in the management of customized infrastructure and real estate investment funds for institutional clients. The Firm has over $1.7 billion in assets under management with expertise in infrastructure, commercial real estate and seniors housing. With significant experience in public-private partnerships, contracted- power projects and real estate development, Fengate targets high quality investments across North America and select international markets. Since 2007, Fengate Capital has been recognized as one of “Canada’s Best Managed Companies”.
About AMP Solar Group Inc.
AMP is a solar energy development platform focused on utility-scale and distributed generation development of solar energy assets, with a proven track record of over 150MW of projects built or in construction. AMP is a high-growth company that is focused and actively developing projects in a number of global markets that that provide superior risk-adjusted returns to our long-term investment partners.