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INFRASTRUCTURE PRIVATE EQUITY REAL ESTATE

Proven investor and developer. Trusted project partner.


The Fengate advantage Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies. With offices in Toronto and Oakville, Ontario, and Houston, Texas, Fengate has a proven track record of successful projects and resultsdriven partnerships, establishing the firm as one of the most active real asset and growth equity investors in North America. The firm has been recognized as one of “Canada’s Best Managed Companies” since 2007. A committed member of the Association for the Improvement of American Infrastructure (AIAI), Canadian Council for Public-Private Partnerships (CCPPP), and the Performance Based Building Coalition (PBBC).

Highlights

175+

Executed Transactions

20+

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FENGATE | Infrastructure

5.3

$

billion

Total Asset Value

billion

Total Equity Commitments

175+ Professionals


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FENGATE

INFRASTRUCTURE

Turning strategic relationships into successful partnerships With a strategic focus on public-private partnerships, contracted power and contracted utilities, we have worked hard to earn our reputation as a trusted and innovative developer and proven investor, and to establish strong market relationships and results-driven partnerships. With a dedicated infrastructure team of more than 50 professionals, Fengate employs a disciplined approach by playing a lead role in the teaming, bidding and development phases of infrastructure projects as well as the ongoing day-to-day management of each asset. Our significant and experienced in-house asset and financial management capabilities enhance value through active management to deliver results consistent with objectives.

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FENGATE | Infrastructure


The combined commercial and technical strengths of our team are developing, building and operating today’s and tomorrow’s infrastructure projects. 5


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FENGATE | Infrastructure

POWER AND ENERGY

RECENT HIGHLIGHTS


December 2020 | Amadeus Wind Project

December 2020 | Weaver Wind Project

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 codevelopment 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. 7


October 2020 | Freeport Energy Center 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.

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FENGATE | Infrastructure

September 2018 | Heartland Petrochemical Complex’s Central Utility Block (CUB) 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.


June 2018 | PowerFin Partners

April 2018 | Greengate Power Corporation

Fengate announced a $100 million equity commitment and co-development partnership with Texas-based PowerFin Partners and the acquisition of a 9.1 MWdc portfolio of operating solar projects in Austin and San Antonio, Texas, from PowerFin, as the seed investment. The multi-year investment funds the development and construction of PowerFin’s significant pipeline of solar projects in Texas.

Fengate extended a multi-year, $100 million equity commitment with leading independent renewable and clean energy developer Greengate Power Corporation enabling Greengate to fund the development of its approximately 1,000 MW portfolio of late-stage wind and solar development projects in Alberta.

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FENGATE | Infrastructure

PRINCE GEORGE’S COUNTY PUBLIC SCHOOLS

PROJECT | 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. 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.

Awards Winner IJGlobal Awards 2020 Social Infrastructure (Education) Deal of the Year Winner IJGlobal Awards 2020 Editor’s Choice, Best Deal in North America 11


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FENGATE | Infrastructure

LAX CONSOLIDATED RENT-A-CAR (CONRAC) FACILITY

PROJECT | California, USA


Fengate is a developer and equity investor in the highprofile 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

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FENGATE | Infrastructure

EWR CONSOLIDATED RENT-A-CAR (CONRAC) FACILITY

PROJECT | 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 16.65-acre 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

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PROJECT | USA

TOWERCOM 16

FENGATE | Infrastructure


In September 2020, Fengate closed an equity investment and future commitment to a portfolio of built-to-suit multitenant wireless communications towers managed by TowerCom, LLC, a leading communications tower developer and owner focused on some of the fastestgrowing wireless markets in the United States. In August 2021, Fengate and TowerCom achieved financial close on the acquisition a diversified portfolio of 42 highquality wireless communications towers located in seven states from Municipal Communications II, LLC.

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FENGATE | Infrastructure

EDMONTON VALLEY LINE LIGHT RAIL TRANSIT

PROJECT | 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.

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FENGATE | Infrastructure

OAKVILLE TRAFALGAR MEMORIAL HOSPITAL

PROJECT | 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.

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YOUR KEY

INFRASTRUCTURE CONTACTS

George Theodoropoulos Managing Partner

Andrew Cogan

FENGATE | Infrastructure

Mac Bell

Managing Director, Head of Infrastructure Investments

Managing Director, Infrastructure Investments

Greg Calhoun

Nina Yoo

Managing Director, Infrastructure Investments

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Martin Klepper

Chairman, Fengate US

Managing Director, Infrastructure Asset Management


Valerie Blinch

Vince Castronovo

Jensen Clarke

Director, Infrastructure Investments

Director, Infrastructure Investments

Director, Head of P3 Business Development

Krudo DeJesus

Stuart McCluskie

William Parry

Colin Peppard

Director, Infrastructure Investments

Aashik Rao

Vice President, Infrastructure Investments

Vice President, Infrastructure Investments

Vice President, Infrastructure Investments

Vice President, Infrastructure Investments

Bianca Steer​​​​​​​

Patrick Freer

Andrea McLean

Egidio Mosca

Vice President, Infrastructure Investments

Senior Vice President, Infrastructure Asset Management

Steve Routledge

Brandon Tracey

Vice President, Infrastructure Asset Management

Vice President, Infrastructure Asset Management

Vice President, Infrastructure Asset Management

Michael Ivan

Vice President of Funds, Infrastructure

Vice President, Infrastructure Asset Management

Brendan McNulty

Vice President, Financial Planning and Analysis

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*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. © 2019-2020 Serafini Holdings Corporation. All rights reserved. Designed and produced by Fengate. 2021.09.10

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