MIC Announces Formation of Joint Venture with Intersect Power

• New entity to develop and own renewable power generation and storage
• Funding supports continued development of projects involving 700MW

NEW YORK–(BUSINESS WIRE)–Macquarie Infrastructure Corporation (NYSE:MIC) has formed a joint
venture with Intersect Power, a developer of renewable power generation
and storage projects across the U.S. MIC has committed to supporting the
entity with up to $135.0 million of equity, contingent equity and credit
facilities to fund Intersect Power’s pipeline of development and
expansion.

“The venture we are developing with Intersect Power is expected to
provide MIC with access to a flow of high quality projects beginning in
2019,” said James Hooke, chief executive officer of MIC. “The
co-founders of the firm, Sheldon Kimber and Luke Dunnington, both former
senior executives of Recurrent Energy, have built a great platform in
Intersect – capitalizing on their previous success having led the
development of 2 gigawatts of clean power generation, we look to
Intersect to provide us with attractive opportunities to grow our
existing 350 megawatt portfolio.”

“We’re excited to be working with MIC to build out their portfolio of
renewable projects,” said Sheldon Kimber, co-founder and managing
partner of Intersect. “With our fully staffed development team and the
robust financial support of MIC, Intersect Power is well positioned to
both develop and acquire early to late stage projects and to manage them
into generating assets.”

Founded in 2016, Intersect Power is a developer of utility-scale clean
power projects. The company has approximately 700MW of early stage
projects in California and Texas, and is actively pursuing additional
development opportunities across the U.S. The projects are being
developed for energy delivery from 2019 to 2021.

“In the next decade, there is no surer bet than the re-invention of the
energy sector and the rebuilding of our infrastructure with cleaner
technologies based on renewables, electricity storage, and natural gas.
MIC’s investment in our team and project pipeline is solidly aligned
with our goal of developing projects that leverage this inevitable
change in energy markets,” said Kimber.

Building on nearly a decade of utility-scale solar project development
together, the Intersect Power team has the ability to leverage
creativity and energy market sophistication into innovative solutions
that address their customers’ rapidly evolving needs.

About MIC

MIC owns and operates a diversified group of businesses providing basic
services to customers in the United States. Its businesses consist of a
bulk liquid terminals business, International-Matex Tank Terminals, an
airport services business, Atlantic Aviation, entities comprising an
energy services, production and distribution segment, MIC Hawaii, and
entities comprising a Contracted Power segment. For additional
information, please visit the MIC website at www.macquarie.com/mic.
MIC-G

About Intersect Power

Intersect Power is a clean infrastructure development company bringing
utility-scale power to wholesale customers and markets, delivering value
and viability to both energy buyers and financiers. Currently focused on
“greenfield” solar and storage project development, the Intersect
Power’s functional expertise spans all development disciplines including
site acquisition, permitting, interconnection, origination, engineering,
procurement, construction and finance. Intersect Power is actively
developing and pursuing approximately 700MW of early stage projects
across the U.S. For more information: http://www.intersectpower.com

MIC is not an authorized deposit-taking institution for the purposes of
the Banking Act 1959 (Commonwealth of Australia). The obligations of MIC
do not represent deposits or other liabilities of Macquarie Bank Limited
ABN 46 008 583 542 (MBL). MBL does not guarantee or otherwise provide
assurance in respect of the obligations of MIC.

Contacts

MIC
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Jay A. Davis, 212-231-1825
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Michael Hacke, 212-231-6483
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Media:
Melissa McNamara, 212-231-1667
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