- New entity to develop and own renewable power generation and storage
- Funding supports continued development of projects involving 700MW
NEW YORK--(BUSINESS WIRE)-- Macquarie Infrastructure Corporation (NYSE:MIC) has formed a joint venture with Intersect Power, a developer of renewable power generation and storage projects across the U.S. MIC has committed to supporting the entity with up to $135.0 million of equity, contingent equity and credit facilities to fund Intersect Power’s pipeline of development and expansion.
“The venture we are developing with Intersect Power is expected to provide MIC with access to a flow of high quality projects beginning in 2019,” said James Hooke, chief executive officer of MIC. “The co-founders of the firm, Sheldon Kimber and Luke Dunnington, both former senior executives of Recurrent Energy, have built a great platform in Intersect – capitalizing on their previous success having led the development of 2 gigawatts of clean power generation, we look to Intersect to provide us with attractive opportunities to grow our existing 350 megawatt portfolio.”
“We’re excited to be working with MIC to build out their portfolio of renewable projects,” said Sheldon Kimber, co-founder and managing partner of Intersect. “With our fully staffed development team and the robust financial support of MIC, Intersect Power is well positioned to both develop and acquire early to late stage projects and to manage them into generating assets.”
Founded in 2016, Intersect Power is a developer of utility-scale clean power projects. The company has approximately 700MW of early stage projects in California and Texas, and is actively pursuing additional development opportunities across the U.S. The projects are being developed for energy delivery from 2019 to 2021.
“In the next decade, there is no surer bet than the re-invention of the energy sector and the rebuilding of our infrastructure with cleaner technologies based on renewables, electricity storage, and natural gas. MIC’s investment in our team and project pipeline is solidly aligned with our goal of developing projects that leverage this inevitable change in energy markets,” said Kimber.
Building on nearly a decade of utility-scale solar project development together, the Intersect Power team has the ability to leverage creativity and energy market sophistication into innovative solutions that address their customers’ rapidly evolving needs.
MIC owns and operates a diversified group of businesses providing basic services to customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals, an airport services business, Atlantic Aviation, entities comprising an energy services, production and distribution segment, MIC Hawaii, and entities comprising a Contracted Power segment. For additional information, please visit the MIC website at www.macquarie.com/mic. MIC-G
About Intersect Power
Intersect Power is a clean infrastructure development company bringing utility-scale power to wholesale customers and markets, delivering value and viability to both energy buyers and financiers. Currently focused on "greenfield" solar and storage project development, the Intersect Power’s functional expertise spans all development disciplines including site acquisition, permitting, interconnection, origination, engineering, procurement, construction and finance. Intersect Power is actively developing and pursuing approximately 700MW of early stage projects across the U.S. For more information: http://www.intersectpower.com
MIC is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide assurance in respect of the obligations of MIC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170802006158/en/
Jay A. Davis, 212-231-1825
Michael Hacke, 212-231-6483
Melissa McNamara, 212-231-1667
Source: Macquarie Infrastructure Corporation