Macquarie Infrastructure Company (NYSE:MIC) announced that it has invested $11.5 million, excluding transaction-related costs, in a noncontrolling interest in Idaho Wind Partners 1 LLC, a portfolio of 183 megawatts of wind power generating facilities, near Twin Falls, Idaho. MIC funded the transaction with available cash.
The transaction increases the aggregate power generating capacity of MIC’s Contracted Power and Energy (CP&E) segment to approximately 96 megawatts. The CP&E portfolio consists of investments in five solar (photovoltaic) facilities and two wind power generating projects, including the Idaho facilities.
“We continue to find good, accretive opportunities to deploy capital in our CP&E segment,” said James Hooke, Chief Executive Officer of MIC. “We’re pleased to have acquired this stake in Idaho Wind Partners 1 and with it the opportunity to explore increasing our investment in the project over time.”
The Idaho Wind Partners 1 project utilizes 122 General Electric 1.5 megawatt turbines and commenced commercial operations in late 2010 and early 2011. Power produced by the project is sold to a regional utility pursuant to a 20-year power purchase agreement with 17 years remaining.In addition to MIC, facility owners include GE Energy Financial Services, Atlantic Power and Ruby Renewable Resources. About Macquarie Infrastructure Company Macquarie Infrastructure Company owns and operates a diversified group of infrastructure 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, a gas processing and distribution business, Hawaii Gas, and several entities comprising a Contracted Power and Energy segment. The Company is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic. 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts