HOUSTON, December 15, 2025 – Baker Botts L.L.P., a leading international energy, technology, and life sciences law firm, represented Fengate Asset Management in its acquisition of the remaining equity interest in Freeport Power Limited, which owns a 440-megawatt cogeneration facility in Texas.

The transaction increases Fengate's ownership to 100%. Baker Botts previously advised Fengate when it acquired a 50% interest in November 2024 under its strategic operating partnership with asset manager Ironclad Energy.

The facility provides reliable and cost-effective power and steam to Dow's Freeport site, the largest integrated chemical manufacturing complex in the Western Hemisphere. Fengate also owns and manages the nearby Freeport Energy Center, a 260-megawatt cogeneration facility.

Fengate is managing the investment on behalf of Fengate Infrastructure Fund IV and its affiliated entities, including an investment by the LiUNA Pension Fund of Central and Eastern Canada.

Fengate is a leading alternative investment manager focused on infrastructure, private equity and real estate strategies, with more than $10 billion of capital commitments under management. The firm has been investing in infrastructure since 2006 with a focus on mid-market greenfield and brownfield infrastructure assets in the transportation, social, energy transition and digital sectors. Fengate is one of North America's most active infrastructure investors and developers with a portfolio of more than 50 assets.

For more information, Fengate's press release is here.

Baker Botts Lawyers/Offices Involved:

Global Projects: Rebecca Seidl Inglesby (Partner, Houston); Ryan Norfolk (Partner, Washington, D.C.); Landon Lill (Senior Associate, Austin)

Corporate: Natasha Gandhi (Special Counsel, Dallas); Michael Donnellan (Associate, Houston); Brevan Ward (Associate, Houston)

Finance: Alexander Kamel (Partner, Houston); Adrienne Murr (Associate, Houston); Regan Vicknair (Associate, Houston)

Tax: Jon Lobb (Partner, Houston); Katie McEvilly (Senior Associate, Houston); Matthew Larsen (Partner, Dallas)

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