Macquarie Infrastructure Company (MIC) announced that it has entered into a definitive agreement to acquire Bayonne Energy Center (BEC) from an affiliate of ArcLight Capital Partners LLC for approximately $210 million in cash plus the assumption of approximately $510 million of debt maturing in 2021 (subject to customary working capital and other closing adjustments) resulting in a total enterprise value of $720 million.

BEC includes both a 512 megawatt gas-fired power generation facility located adjacent to MIC's International-Matex Tank Terminals (IMTT) operations in Bayonne, New Jersey and a 7-mile long transmission cable running beneath the Hudson River connecting the plant to the Consolidated Edison Gowanus substation. The power produced by BEC is used to meet electricity demand in the New York City (NYISO Zone J) market.

MIC said that 62.5% of the energy and capacity at BEC is sold subject to tolling agreements with Centrica/Direct Energy having an average remaining life of 13 years (including available extension options).

Tags:
Macquarie   ArcLight Capital   Direct Energy  

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