MIC to Sell Solar, Wind Biz to Goldman, DIF for $215 Mn

The company has already planned to use these proceeds to invest in the growth of its remaining businesses.

After Amtech Systems, recently, revealed its plan to sell its solar business, US-based Macquarie Infrastructure Corporation (MIC) has also inked a pact to sell its entire wind and solar power generation businesses.

As per the deal, the aggregate gross proceeds to the company is expected to be USD 215 million from the sale of its both solar and wind energy operating portfolio.

The company has already planned to use these proceeds to invest in the growth of its remaining businesses.

The company will sell its gross portfolio of 203MW wind generation assets to DIF Infrastructure V; and 142 MW portfolio of solar power generation assets to Goldman Sachs Renewable Power LLC.

DIF Infrastructure V is a fund managed by DIF which is a global infrastructure fund management company.

However, the closing of the transactions are subject to receipt of usual and customary consents for a transaction of this type.

Moreover, sale of both the businesses are expected to close progressively over the balance of 2019.

Commenting on the significant development, MIC, Chief Executive Officer, Christopher Frost said, “With the signing of these agreements we have reached another important milestone in our efforts to streamline our portfolio and realize investments in certain smaller and non-core business.”

“At the same time we have delivered an attractive risk-adjusted return to our shareholders and expect to use the proceeds from these sales to fund a portion of our investment in the growth of our remaining businesses,” Frost added.

In November last year, the company had disclosed its intention to exit the renewable power generation businesses.

MIC owns and operates a diversified group of businesses providing basic services to its customers in the United States. Its businesses consist of a bulk liquid terminals business, International-Matex Tank Terminals, an airport services business, Atlantic Aviation, and entities comprising an energy services, production and distribution segment, MIC Hawaii.