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.
“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 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.