Energy Capital Partners Completes Purchase of 892 MW Cogeneration Portfolio From Fengate

Energy Capital Partners completed its acquisition of an 892 MW natural gas-fired cogeneration portfolio from Fengate Asset Management, the firm said in a Business Wire announcement on November 3, 2026. The price was not disclosed. Energy Capital Partners is a private equity and infrastructure firm founded in 2005 and based in Summit, New Jersey. Fengate Asset Management is an alternative investment manager focused on infrastructure, private equity and real estate.

What the Fengate Portfolio Includes

The portfolio consists of three cogeneration facilities in Texas and Illinois. The plants serve as primary sources of process steam and electricity for two integrated petrochemical complexes in the United States. The portfolio is backed by long-term contracts and gives ECP exposure to the ERCOT and PJM power markets.

ECP said the acquisition builds on its cogeneration experience, including ownership and operation of more than 9 GW of cogeneration assets through investments in Calpine, Atlantica, Heartland and Triton. The firm said the portfolio establishes a scaled industrial cogeneration platform it intends to grow through further investment in high-quality natural gas-fired generation assets in its latest flagship fund.

"As power demand continues to accelerate, we believe existing generation in premier markets will benefit," said Tyler Kopp, a Partner at ECP. Greg Calhoun, Managing Director and Head of Energy Transition at Fengate, said the firm built and scaled the portfolio over six years of ownership alongside its partners at Ironclad Energy.

Latham & Watkins LLP served as legal counsel to ECP. CIBC Capital Markets served as financial advisor to Fengate, and Davies Ward Phillips & Vineberg LLP served as legal counsel to Fengate.

Energy Capital Partners' Recent Deal Record

According to akta.pro company records, ECP re-acquired EnergySolutions from TriArtisan Capital Advisors for approximately $2 billion in April 2026. In November 2025, ECP acquired Grain LNG from National Grid in a 50/50 joint venture with Centrica plc for approximately £1.5 billion, gaining control of Europe's largest LNG regasification terminal with 21.7 bcm annual capacity. The same records show ECP has raised approximately $23 billion across six flagship equity funds.

Fundraising Ahead of the Cogeneration Deal

ECP completed its sixth flagship equity strategy, ECP VI, raising $8.1 billion in capital commitments against an initial $5 billion target, FinancialContent Business Page reported in October 2026. In August 2026, ECP closed Fund VI at $8.1 billion, exceeding its $5 billion target, with the fund 12% deployed and targeting power generation, renewables and nuclear, ION Analytics reported. LACERA committed $200 million into Energy Capital Partners VI, a commingled fund that raised $8.1 billion at its final close, Ipe reported in October 2026.