Fengate Infrastructure Overview

About Us

Fengate is a leading alternative investment manager focused on infrastructure, private equity, and real estate strategies. With offices and team members across Canada and the United States, Fengate has established itself as a leading North American investor and developer, with a strong track record of success.

175+ Executed transactions

$7.0B+ Total equity commitments

$35B+

Total asset value

190+ Professionals

The firm has been recognized as one of “Canada’s Best Managed Companies” since 2007. Fengate was certified as a Great Place to Work® for 2022, and it was named one of Canada’s Best Workplaces™ and recognized as a Best Workplace™ in Ontario; the Financial Services & Insurance; for Inclusion; Women; Professional Development; and Today’s Youth.

Fengate Infrastructure

We are proud to be one of the first asset managers to enter the North American infrastructure sector. We have worked hard to earn our reputation as a trusted and innovative developer and proven financial partner, and to establish strong market relationships with design-builders, operators and developers.

We are focused on public-private partnerships, digital infrastructure, contracted power, and contracted utilities. With a dedicated team of more than 50 professionals, Fengate Infrastructure leads carefully targeted investment pursuits through consortia building, qualification and proposal phases, through to commercial and financial close, and through development and asset management.

In 2011, Fengate Infrastructure made a strategic decision to build a dedicated, in-house asset management team providing industryleading facility management services — a true differentiator within our industry. This inhouse talent and capability enable Fengate to proactively manage our infrastructure assets and ensure all projects reach their full potential.

The combined commercial and technical strengths within our partnerships are developing, building and operating today’s and tomorrow’s infrastructure projects.

$15 billion Project value of portfolio

50+ Professionals

45+ Infrastructure projects

Recent Highlights

Power and Energy

April 2022

With a proven management team and unprecedented demand for renewable energy projects, Fengate Distributed Generation Partners is a new platform focused 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 and industrial; and small utility-scale projects.

Fengate’s development partner in Fengate Distributed Generation Partners is 42 Renewables, led by Ja Kao, most recently President and CEO of Onyx Renewable Partners where she built a market-leading national DG solar platform. Ja also serves as a board member for the American Council on Renewable Energy.

February 2022

Fengate and Ironclad Energy Ventures announced a partnership to acquire and operate cogeneration, district energy, and other industrial generation projects in the U.S. and Canada. The partnership will improve the reliability, environmental efficiencies, operations, equipment and cost at the acquired cogeneration and district energy facilities by applying the combined experience and expertise of both Fengate and Ironclad. The partnership will be able to provide capital to expand and upgrade acquired facilities or systems, for increased efficiencies and lower customer costs.

Fengate and Ironclad together bring deep and results-driven experience in working with industrial customers to create and unlock value from non-core utility assets, and in serving customers’ utility needs with innovative and efficient onsite solutions. To date, Fengate manages a $15 billion portfolio of more than 40 infrastructure projects including over 360MW of industrial cogeneration facilities and more than 1GW of power projects, on behalf of its investors.

Ironclad currently manages, operates, and consistently drives new efficiencies at more than $900 million in assets throughout the northeastern United States, including the district energy utility infrastructure in Eastman Business Park, a 1,300-acre industrial park in the State of New York, providing 14 critical utility services to the chemical, pharmaceutical, manufacturing and food production companies located there.

Fengate Distributed Generation Partners

Ironclad Energy

Fengate announced financial close on its acquisition of a majority interest in the Amadeus 250-megawatt wind project in Kent, Fisher and Stonewall counties, Texas, that had recently reached commercial operation and tax equity funding from BHE Renewables. Amadeus was developed and constructed by BayWa r.e. Wind, LLC, a leading developer of U.S. wind projects.

Fengate announced commercial operation, tax equity funding and term conversion of the 72.6-megawatt Weaver wind project in Hancock County, Maine. Weaver was a successful co-development partnership between Fengate and Longroad Energy Partners, LLC, (LEP) starting in December 2018. Fengate acquired Weaver from LEP in August 2019 and financial close occurred shortly thereafter in October 2019. LEP’s affiliate, Longroad Energy Services, provides construction management, asset management, operations and maintenance, and remote monitoring services to the Weaver project.

Fengate achieved financial close on the acquisition of the Freeport Energy Center from Calpine Corporation. Freeport Energy Center is a 260 MW natural gas-fired, combined-cycle cogeneration power plant located in Freeport, Texas. The facility has been operational since 2007 and is located inside Dow Inc.’s [NYSE: DOW] Texas Operations industrial park, which is the largest integrated chemical manufacturing complex in the western hemisphere.

Fengate acquired the Heartland Petrochemical Complex’s Central Utility Block (CUB) from Inter Pipeline Ltd. The CUB is a 102 MW natural gas-powered cogeneration facility capable of supplying Inter Pipeline with electricity, steam, and other key utilities for its 100% owned Heartland Complex near Edmonton, Alberta.

Amadeus

December 2020

Weaver Wind

December 2020

Freeport Energy Center

October 2020

Heartland Petrochemical CUB

Recent Highlights

Public-Private Partnerships

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) alternative financing construction project underway to design, build, finance, operate, and maintain six public schools under a 30-year contract in Prince George’s County, Maryland. PGCPS, one of the nation’s largest school districts, was faced with aging facilities and expected overcrowding from a growing student population.

Awards

Winner

P3 Awards 2021

Social Infrastructure Project of the Year

Winner

IJGlobal ESG Awards 2021

ESG Social Infrastructure Deal of the Year

Winner

IJGlobal Awards 2020

Social Infrastructure (Education) Deal of the Year

Winner

IJGlobal Awards 2020

Editor’s Choice, Best Deal in North America

This pioneering delivery approach is the first of its kind for a U.S. public school system, and it will provide five new middle schools and one K-8 school while cutting delivery time in half, reducing construction costs, and reducing preventative maintenance over the life of the schools. Compared to a traditional construction procurement model, this approach will save approximately $174 million in deferred maintenance and construction costs.

Following commercial and financial close, PGCPS and project team together announced the creation of a $1 million endowed fund supporting scholarships, student internships, mentoring opportunities and apprenticeships valued at $4.7 million. Other community benefits include the guaranteed procurement of at least 30 percent of total eligible costs of the program to minority-owned businesses, community-based enterprises, and community-based small businesses.

“We are so proud to be partners with PGCPS on this muchneeded development project, and of the additional benefits for the community including apprenticeships, scholarships, significant cost savings over traditional procurement, and guaranteed work opportunities for local and diverse businesses,” said Mac Bell, Managing Director, Infrastructure Investments, Fengate.

LAX Consolidated Rent-A-Car (ConRAC) Facility

California, USA

Fengate is a developer and equity investor in the high-profile ConRAC development project underway at Los Angeles International Airport (LAX). This new facility will consolidate the operations of rental car agencies at LAX, which are currently spread across 23 separate properties surrounding the airport. Comprising 5.3 million square feet, the LAX ConRAC will be the largest ConRAC facility ever built and will be connected to LAX’s Central Terminal Area via a train system. The US$2 billion project includes all design, construction, financing, commissioning, operations, and maintenance costs over the 28-year concession period and is focused on a greatly enhanced LAX passenger experience, reduced traffic congestion, reduced carbon emissions and environmental impacts, increased operational efficiencies, and improved land use.

Awards

Winner

2019 ARTBA

Innovation P3 Project of the Year

Finalist

P3 Awards 2019

Best Transit Project

Finalist

2019 NCPPP

Outstanding

Emerging Project

Recent Highlights

Public-Private Partnerships

EWR Consolidated Rent-A-Car (ConRAC) Facility

New Jersey, USA

The new Consolidated Rent-A-Car (ConRAC) facility planned for Newark Liberty International Airport (EWR) will bring all rent-a-car companies at EWR under one roof — at a convenient location — as part of the Terminal One Redevelopment Program. The facility is being constructed on a 16.65acre site, with 2,925 public parking spaces and 3,380 rental car spaces to support ten rental brands. The project is led by Conrac Solutions, Fengate and Related Fund Management and valued at $500M USD. This is the first ConRAC facility subject to demand risk, financed in the bank market, demonstrating a unique and innovative structure of private financing, that could become a national model for future airport ConRACs.

Awards

Winner - P3 Awards 2020

Best Financial Structure

Winner - Proximo North America PPP

Deal of the Year 2019

Winner - IJGlobal North America Airports

Deal of the Year 2019

Shortlisted - IJGlobal

North America Project

Sponsor of the Year 2019

Digital Infrastructure

TowerCom USA

In April 2022, Fengate announced financial close on the acquisition of a significant portfolio of highquality wireless communications towers, located in nine states across the United States, from Floridabased TowerCom, LLC (TowerCom). This acquisition builds on the multi-year partnership between Fengate and TowerCom launched in September 2020 to support the development and construction of new towers as well as Fengate’s acquisition of 42 towers from Municipal Communications II in September 2021. TowerCom, a leading communications tower developer and owner focused on some of the fastest-growing wireless markets in the United States, will continue to manage the newly acquired portfolio of towers on Fengate’s behalf.

“We are excited about this new portfolio of geographically diverse and highly strategic assets as they service national carrier tenants and are in zoning and site acquisition environments that would be difficult to replicate,” comments Andrew Cogan, Managing Director and Head of Infrastructure Investments, Fengate. “This transaction builds on our strong and productive relationship with TowerCom, a best-in-class partner, and on Fengate’s successful track record with critical infrastructure across North America including the rapidly evolving and highly attractive wireless industry.”

Recent Highlights

Public-Private Partnerships

eStruxture Data Centers Canada

In May 2021, eStruxture, the largest Canadian-owned, cloud and carrier-neutral data center provider, announced that it has 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 over CAD$600 million. The majority of these institutions have supported and invested in eStruxture’s growth since the company first began operations in 2017.

The amount funded the acquisition of the entire Canadian data center business from Aptum as well as enable eStruxture to execute on additional capital expansion projects across the Canadian market, and ultimately deliver increased value to its customers.

As the most prominent Canadian-owned data center operator, eStruxture offers one of the largest amounts of customer-ready capacity in Canada and an enhanced ecosystem of network and cloud providers, ideal for companies looking to scale up their business and accelerate their speed to market.

Fengate is now an investment partner to eStruxture through both its private equity and infrastructure businesses. “We believe that data centres are an increasingly important component of the infrastructure ecosphere and are pleased to support this strategically expanding company,” says Andrew Cogan, Managing Director and Head of Infrastructure Investments, Fengate.

Edmonton Valley Line Light Rail Transit

Alberta, Canada

Fengate is an equity investor in this $1.7 billion infrastructure project to design, build, finance, operate, maintain, and supply vehicles for the Valley Line LRT — Stage 1, the largest in Edmonton’s history being delivered using a public-private partnership model. This project is a significant part of Edmonton’s transportation plan, designed and built to meet the demands of one of Canada’s fastest growing cities.

Oakville Trafalgar Memorial Hospital

Ontario, Canada

On behalf of the firm’s investors, Fengate acts as a developer and equity investor in one of the largest healthcare public-private projects in Canada. Opened in 2017, OTMH is a full-service acute care community hospital offering a comprehensive 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, 2,300 births and more than 70,000 visits to its 24-hour emergency department.

Your key Infrastructure contacts

Mac Bell Managing Director, Infrastructure Investments

Greg Calhoun Managing Director, Infrastructure Investments

George Theodoropoulos Managing Partner

Andrew Cogan Managing Director and Portfolio Manager of Fengate Infrastructure Yield Fund

Patrick Freer Managing Director, Head of Value Creation and Asset Management

Martin Klepper Chairman, Fengate US

Stuart McCluskie Vice President, Infrastructure Investments

Aashik Rao Director, Infrastructure Investments

William Parry Director, Infrastructure Investments

Vince Castronovo Director, Infrastructure Investments

Valerie Blinch Director, Head of P3 Execution

Jensen Clarke Director, Head of P3 Business Development

Mark Walker Vice President, P3 Investments

Brandon Tracey Director, Development

Michael Nagy Vice President, Value Creation and Infrastructure Asset Management

Steve Routledge Vice President, Infrastructure Asset Management

Alexandre Brosseau Vice President, VCAM

Eugene Heimann Vice President, Infrastructure Investments

Zeeshan Mahmood Vice President, Infrastructure Investments

Brendan McNulty Senior Vice President, Finance

Andrea McLean Senior Vice President, Infrastructure Asset Management

Egidio Mosca Vice President, Infrastructure Asset Management

Grant Richardson Vice President, Value Creation and Asset Management

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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