NEW YORK--(BUSINESS WIRE)--Macquarie Infrastructure Company (NYSE:MIC) announced that it has completed the acquisition of an additional stake in Idaho Wind Partners (IWP), a 183 megawatt power generation project located near Twin Falls, Idaho, taking its total interest in the project to 72.4%. The Company acquired an initial interest in IWP in July of 2014.
MIC also announced that its airport services subsidiary, Atlantic Aviation, has entered into an agreement to acquire the Showalter Flying Service fixed base operation at Orlando Executive Airport. The transaction is expected to close in the first quarter of 2015, subject to receipt of consent from the Greater Orlando Airport Authority, and will increase the number of locations in the Atlantic Aviation portfolio to 69. Terms of the transactions were not disclosed.
“We continue to find opportunities to deploy capital in attractive transactions across our businesses,” said James Hooke, chief executive officer of MIC. “Some of these, including those announced today, are not individually material, but clearly demonstrate the effectiveness of our teams in finding and executing on investments that create value for our shareholders.”
“We remain confident in the performance of our businesses heading in to the year-end,” Hooke added. “Based upon recent activity levels, we now expect that MIC will generate underlying Free Cash Flow per share for 2014 that is marginally above our previous estimate of $4.55 and, Free Cash Flow per share in 2015 of at least $5.25 – also higher than our prior guidance. Our operations have been, and are expected to continue to be, consistent performers even in the face of volatility in energy commodity prices.”
MIC is expected to provide additional commentary on its outlook for financial performance in 2015 in connection with the release of its financial results for 2014 in late February.
About Macquarie Infrastructure Company
Macquarie Infrastructure Company owns, operates and invests in a diversified group of infrastructure 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, a gas processing and distribution business, Hawaii Gas, and several entities comprising a Contracted Power and Energy segment. MIC is managed by a wholly-owned subsidiary of the Macquarie Group. For additional information, please visit the Macquarie Infrastructure Company website at www.macquarie.com/mic. MIC-G
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.