Macquarie Infrastructure to back Intersect Power with up to USD 135m

US renewables developer Intersect Power will receive an up to USD-135-million (EUR 114m) backing by Macquarie Infrastructure Corp (NYSE:MIC) to fund its pipeline, it was announced on Wednesday.

The two companies have set up a joint venture as part of which MIC will be providing equity, contingent equity and credit facilities to finance Intersect Power’s pipeline of development and expansion, a news release says.

“[W]e look to Intersect to provide us with attractive opportunities to grow our existing 350 megawatt portfolio,” said James Hooke, chief executive officer of MIC.

Intersect Power has been developing utility-scale renewable energy and storage projects since 2016, when it was established. The firm has about 700 MW of early-stage schemes in California and Texas. They are being developed for energy delivery from 2019 to 2021.

(USD 1.0 = EUR 0.844)

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