Macquarie Infrastructure to sell operating renewables businesses
Macquarie Infrastructure Corporation announced that it has reached agreements for the sale of each of its portfolios of operating wind and solar power generation businesses. Aggregate gross proceeds to MIC from the sales are expected to be $215M. Under the agreements, MIC, acting through its subsidiaries, will sell its 203MW portfolio of wind generation assets to DIF Infrastructure V, a fund managed by DIF, a global infrastructure fund management company, and its 142 MW portfolio of solar power generation assets to Goldman Sachs Renewable Power LLC. Closing of the transactions is subject to receipt of usual and customary consents for a transaction of this type. The sales of the individual businesses comprising the wind and solar portfolios are expected to close progressively over the balance of 2019. MIC announced its intention to exit its renewable power generation businesses in November of last year. In anticipation of these sales, the company's guidance for the generation of EBITDA of between $610M-$635 M in 2019 did not include any contribution from these businesses.