FENGATE INFRASTRUCTURE
Trusted Partner.
Experienced Investor and Developer.
ABOUT FENGATE
Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies.
With offices in Canada and the United States, Fengate is one of the most active real asset and growth equity investors in North America.
FENGATE INFRASTRUCTURE
Fengate is a leading North American infrastructure investor and developer, with a proven track record of success since 2006.
Fengate focuses on mid-market greenfield and brownfield infrastructure assets in the transportation, social, energy transition and digital sectors. We leverage our long-standing relationships with design-builders, operators and developers to source, develop, build and manage investments in infrastructure projects across North America.
With a dedicated team of 60+ experienced professionals, Fengate employs a disciplined approach on behalf of our investors and partners, playing a lead role in the bidding and development phases of infrastructure projects, as well as the ongoing day-to-day management of construction and operations of each asset. Our in-house asset and financial management staff create value through active management to deliver strong investment results.
Fengate Infrastructure is committed to responsible investment and to bringing transparency and accountability to monitoring asset level environmental, social and governance factors.
Project value of portfolio
45+ Infrastructure projects $20B+
60+
Professionals
PRINCE GEORGE’S COUNTY PUBLIC SCHOOLS
MARYLAND, USA
Fengate is the lead developer and equity investor in the Prince George’s County Public Schools (PGCPS) Blueprint Schools Program (Phase One), an alternative financing construction project for the design, build, finance, operation and maintenance of six public schools under a 30-year contract in Prince George’s County, Maryland.
PGCPS, one of the United States’ (U.S.) largest school districts, was faced with aging facilities and overcrowding from a growing student population.
The first phase of the Blueprint Schools Program was the first public school project in the U.S. to be delivered as a public-private partnership (P3), with the objective of the P3 model to cut delivery time in half, reduce construction costs and reduce preventative maintenance expenses over the asset lifecycle.
The Fengate-led consortia, Prince George’s County Education and Community Partners (PGCECP), delivered five state-of-the-art middle schools and one kindergarten through eighth-grade (K-8) in just two-and-a-half years – largely during the global pandemic – creating 3,000 jobs for local businesses in the process. When compared with a traditional procurement model, this delivery approach saved the County more than $170 million in deferred maintenance and construction costs.
The six new schools opened their doors to more than 8,000 students between August and November 2023. Following commercial and financial close, PGCPS and the P3 consortia announced the creation of a $1 million endowed fund to support scholarships, student internships, mentoring opportunities and apprenticeships, together valued at $4.7 million.
The project exceeded its target for supporting Minority Business Enterprises (MBEs), awarding 33 percent of contracts ($134 million) to MBEs and of that, $68 million to local Prince George’s County businesses. Social and Transportation RECENT HIGHLIGHTS
Award List
Winner
P3 Awards 2021
Social Infrastructure Project of the Year
Winner
IJGlobal Awards 2020
Social Infrastructure (Education) Deal of the Year
Winner
IJGlobal ESG Awards 2021
ESG Social Infrastructure Deal of the Year
Winner
IJGlobal Awards 2020 Editor’s Choice, Best Deal in North America
LAX CONSOLIDATED RENT-A-CAR FACILITY
CALIFORNIA, USA
LAX Consolidated Rent-A-Car Facility (LAX ConRAC) is a $2 billion public-private partnership to design, build, finance, operate and maintain a 5.3 million square foot consolidated rent-a-car facility. The project will operate under a 28-year availability-based project agreement between LAX ConRAC Partners (LAXCP), the project’s design, build, finance, operate and maintain (DBFOM) consortium led by Fengate, and Los Angeles World Airports (LAWA).
It will be one of the largest ConRAC facilities in the U.S. able to house more than 18,000 rental car vehicles. LAX represents the number two rental car market in the U.S., and this new facility will consolidate more than 20 rental car agencies into a single facility, creating a better rental car experience for hundreds of thousands of travelers each year.
The ConRAC facility received Leadership in Energy and Environmental Design (LEED) Gold v4 certification in recognition of its sustainable elements. The facility achieves a 36% energy use reduction and an operational carbon reduction of 1,220,000 pounds per year solely due to efficiency, with additional carbon savings gained through sustainable electrification measures, reduction of heat island effect and alternative transportation options.
The project has positively impacted the local community by operating sustainably and balancing economic, social and environmental responsibilities, including creating more than 5,000 jobs and $200 million in wages for the local workforce. Social and Transportation
Award List
Winner
U.S. Green Building Council’s Los Angeles Energy and Operational Carbon Design Merit Award 2023
P3 Awards 2019 Best Transit Project
Winner
2019 ARTBA Innovation P3 Project of the Year Finalist
2019 NCPPP Outstanding Emerging Project Finalist
NEWARK LIBERTY INTERNATIONAL AIRPORT CONSOLIDATED RENT-A-CAR FACILITY
NEW JERSEY, USA
and Transportation
The Newark Liberty International Airport Consolidated Rent-A-Car (EWR ConRAC) Facility will bring 10 rent-a-car companies at EWR airport under one roof as part of the Terminal One Redevelopment Program. The facility is constructed on a 16.65-acre site, with 2,925 public parking spaces and 3,380 rental car spaces.
The project, led by Conrac Solutions with Fengate Asset Management and Related Fund Management as equity partners, is valued at $50 million. It is the first ConRAC facility subject to demand risk and financed in the bank market, demonstrating a unique and innovative structure of private financing.
CLACKAMAS COUNTY REPLACEMENT COURTHOUSE
CLACKAMAS COUNTY, OREGON
and Transportation
The Clackamas County Replacement Courthouse project is a $313 million public-private partnership between the Fengate-led Clackamas Progress Partners (CPP) consortia and Clackamas County for the design, build, finance, operation and maintenance of a new 257,000 square foot courthouse.
The new courthouse will address the urgent replacement need of the existing courthouse and the increasing demand from a growing population by delivering 16 courtrooms, 17 judicial chambers, space for the District Attorney’s Office, secure loading and staging areas, enhanced transfer facilities, jury assembly and grand jury spaces, as well as safe corridors for courthouse users.
The project will operate under a 30-year availability-based project agreement. The new facility is designed to be environmentally sustainable to achieve a Leadership in Energy and Environmental Design (LEED) Gold certification, including incorporation of green energy technology, such as photovoltaic panels.
The construction contract has targets to support minority-owned, women-owned, emerging small businesses and service-disabled veteran’s business enterprises.
EDMONTON VALLEY LINE SOUTHEAST LIGHT RAIL TRANSIT
ALBERTA, CANADA
Fengate is an equity investor in the $1.7 billion project to design, build, finance, operate, maintain and supply vehicles for the Edmonton Valley Line Southeast Light Rail Transit (LRT), the largest project in Edmonton’s history to be delivered using a public-private partnership model. The project was completed in 2023 under a contract to design, build, finance, operate, maintain and supply LRT vehicles. With 13 kilometres of track and 11 stops connecting the Mill Woods neighbourhood to the heart of downtown Edmonton, it is a significant part of Edmonton’s transportation plan to meet the demands of one of Canada’s fastest growing cities.
Social and Transportation
Fengate is a developer and equity investor in Oakville Trafalgar Memorial Hospital (OTMH), one of the largest healthcare public-private partnerships in Canada. Opened in 2017, OTMH is a fullservice acute care community hospital offering a range of primary and secondary care services and internationally recognized surgical patient care, in addition to a roster of tertiary services. Built with world-class technology, the hospital cares for 15,000 inpatients each year in addition to 240,000 outpatient visits, has 2,300 births and more than 70,000 visits to its 24-hour emergency department.
OAKVILLE TRAFALGAR MEMORIAL HOSPITAL
ONTARIO, CANADA
RECENT HIGHLIGHTS
PRAIRIE SWITCH WIND
HOUSTON, TEXAS
Energy Transition
Prairie Switch Wind is a 160-megawatt greenfield wind development project that is scheduled to begin commercial operations in early 2024. The project was acquired in late-stage development with the benefit of having full site control, an executed interconnection agreement and permits.
Fengate entered into a long-term, fixed price power purchase agreement with Meta for 100% of the project’s production. The project will generate electricity to power more than 54,000 homes annually, reducing overall carbon emissions and greenhouse gases.
FENGATE DISTRIBUTED GENERATION PARTNERS
UNITED STATES
Fengate closed on a development partnership with 42 Renewables in April 2022 and launched Fengate Distributed Generation Partners. The partnership focuses on acquiring, developing, constructing and operating distributed generation (DG) solar, DG solar plus battery storage and DG battery storage projects. Target market segments include community solar, municipal, university, school district and hospital, commercial, industrial and small utility-scale projects.
In February 2022, Fengate and Ironclad Energy (Ironclad) established a partnership to acquire and operate cogeneration, district energy and other industrial generation projects in the United States (U.S.) and Canada. The partnership’s focus is creating and unlocking value from non-core utility assets by improving reliability, environmental efficiency, operations, equipment and cost at acquired cogeneration and district energy facilities. The partnership also provides capital to expand and upgrade facilities and systems to improve efficiency and lower customer costs. Ironclad manages and operates more than $900 million in assets across the U.S.
IRONCLAD ENERGY
MULTIPLE STATES, UNITED STATES
Fengate has a strategic partnership with TowerCom, LLC, a leading communications tower developer focused on some of the fastest-growing wireless markets in the United States (U.S.). Fengate’s communications tower portfolio includes more than 200 towers across 15 U.S. states. These towers are supported by long-term contracts that have built-in escalators and high renewal rates, with largely investment grade carriers. Growth in wireless communication towers is expected to continue, driven by an increase in data consumption, demand for connection mobility, and the acceleration of 4G/5G usage. TOWERCOM
ESTRUXTURE DATA CENTERS
eStruxture is the most prominent Canadian-owned data center provider. With carrier and cloud-neutral facilities across the country, eStruxture provides the largest amounts of customer-ready capacity in Canada and an enhanced ecosystem of network and cloud providers.
In May 2021, eStruxture secured incremental equity financing from Fengate and CDPQ, as well as a credit facility with Deutsche Bank Credit Solutions and Direct Lending and a group of Canadian banks, for a total of more than $600 million. The amount funded the acquisition of the entire Canadian data center business from Aptum, and enabled eStruxture to execute on additional capital expansion projects across the Canadian market.
Fengate is an investment partner to eStruxture through both its private equity and infrastructure businesses.
OUR PEOPLE
Patrick Freer Managing Director, Head of Value Creation and Asset Management
George Theodoropoulos Managing Partner
Mac Bell Managing Director, Infrastructure Investments
Martin Klepper Chairman, US Infrastructure
Greg Calhoun Managing Director, Infrastructure Investments
Andrew Cogan Managing Director, Portfolio Manager of Fengate Infrastructure Yield Fund
Brandon Tracey Director, Development
Jensen Clarke Director, Head of P3 Business Development
William Parry Director, Infrastructure Investments
Aashik Rao Director, Infrastructure Investments
Andrea McLean Senior Vice President, Infrastructure Asset Management
Brendan McNulty Senior Vice President, Finance
A dedicated team of investment, value creation and asset management professionals.
Eugene Heimann Vice President,
Zeeshan Mahmood Vice President, Infrastructure Investments
Stuart McCluskie Vice President, Infrastructure Investments
Alexandre Brosseau Vice President, VCAM
Egidio Mosca
Michael Nagy
Mark Walker Vice President, P3 Investments
Grant Richardson
President,
Steve Routledge
Bianca Steer Vice President, Infrastructure Investments
*All values presented in this brochure are in Canadian dollars.
“Fengate” refers to the Fengate group of companies which is comprised of Fengate Capital Management Ltd., its affiliated entities and the funds or other investment vehicles that they manage. Fengate has produced this information brochure (the “brochure”) for informational purposes only. The information contained in the brochure (the “Information”) is believed to be accurate at the time of publication of the brochure; however, Fengate does not guarantee or warrant or make any representations concerning the quality, suitability, accuracy completeness or timeliness of the information contained in the brochure.
This brochure and the information contained within it does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation. In no event will Fengate be liable to any party for any claim or any direct, indirect, exemplary, incidental, punitive, special or other consequential damages arising out of information available in the brochure. Fengate is a trade name of Fengate Corporation. All other trade names, trademarks, service marks or logos found in this brochure are owned by their respective owners.
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