Intersect Power, a utility-scale power development company, today announced an investment by Macquarie Infrastructure Corporation (NYSE:MIC) in the development of the company's solar and power storage projects across the U.S. The investment includes equity, contingent equity commitments and credit facilities that comprehensively fund Intersect Power's pipeline development and expansion.
Founded in 2016, Intersect Power has approximately 700MWp of early stage projects in California and Texas, and is actively pursuing additional development opportunities across the U.S. This pipeline of projects is being developed for energy delivery from 2019 to 2021.
A $6.6 billion listed company, MIC's portfolio of infrastructure businesses includes over 350MW of operating solar and wind power assets. MIC is actively engaged in the development and acquisition of renewable power operations.
"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 to develop projects that leverage this inevitable change in energy markets," said Sheldon Kimber, Managing Partner and Co-Founder, Intersect Power.
"The Intersect Power team is highly skilled and experienced at identifying competitive projects and the underlying development themes to advance projects to operation and deliver value," said James Hooke, CEO of MIC. "The partnership with this team further expands MIC's focus on renewable energy across the U.S."
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 customers' rapidly evolving needs. The team continues to develop partnerships across the full supply chain, expand greenfield pipeline, and aggressively pursue acquisition of early to late stage development assets.
About Intersect Power
Intersect Power is an 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, 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 700MWp of early stage projects across the U.S. For more information: http://www.intersectpower.com
About Macquarie Infrastructure Corporation
Macquarie Infrastructure Corporation owns, operates and invests in 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. MIC is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Corporation website at http://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.
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For press inquiries:
Cate Powers, Intersect Power
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