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  • Mon, Oct. 3, 1:12 PM
    • Macquarie Infrastructure Corporation (NYSE:MIC), through its subsidiary MIC Renewable Energy Holdings entered into an agreement to acquire the sponsor equity in the 80 megawatt Utah Red Hills solar power facility from Scatec Solar ASA for an undisclosed sum.
    • The Utah Red Hills facility was completed in December 2015 and is expected to commence the 20 year power purchase agreement in December 2016. Power will be sold to PacifiCorp, a subsidiary of Berkshire Hathaway Energy serving 1.8M consumers across six states
    • “We are pleased to have reached agreement for the acquisition of an eighth solar photovoltaic facility and increased the size of our portfolio of renewable power generation to nearly 350 megawatts,” said James Hooke, chief executive officer of MIC. “The Utah Red Hills plant is expected to contribute to improved visibility into our cash generation as a result of both a proven level of production and a power purchase agreement with a remaining life of 20 years.”
    • Press Release
    | Mon, Oct. 3, 1:12 PM
  • Feb. 3, 2015, 5:55 PM
    • Macquarie Infrastructure (NYSE:MIC) agrees to acquire Bayonne Energy Center from an affiliate of ArcLight Capital Partners for $210M in cash plus $510M of debt.
    • MIC expects the Bayonne plant to generate EBITDA of ~$62M/year and for incremental free cash flow from the deal to result in an increase in its quarterly cash dividend.
    • Bayonne supplies electricity in New York and New Jersey, and is a former Hess subsidiary.
    | Feb. 3, 2015, 5:55 PM | 1 Comment
  • Jul. 7, 2014, 5:13 PM
    • Macquarie Infrastructure (MIC+3.8% AH after agreeing to acquire the 50% stake in International-Matex Tank Terminals it does not already own for $1.025B in cash and stock.
    • MIC expects the acquisition to be accretive to free cash flow per share in 2014, and sees underlying 2014 free cash flow of ~$4.55/share, or 11.2% higher than in 2013; MIC also introduces guidance for 2015 underlying free cash flow of $5.10/share.
    • To fund the deal, MIC announces separate public offerings of 10M shares and $250M of convertible senior notes due July 2019.
    | Jul. 7, 2014, 5:13 PM