Macquarie Infrastructure Corp. has completed the sale of the 644-MW Bayonne Energy Center in New Jersey to an investment vehicle managed by Morgan Stanley.

North Haven Infrastructure Partners II Bayonne Holdings LLC, an indirect subsidiary of North Haven Infrastructure Partners II, which is managed by Morgan Stanley Infrastructure Partners, acquired the gas-fired facility for $900 million in cash and assumed debt, according to an Oct. 15 news release.

After transaction fees and other deal-related expenditures, Macquarie received net proceeds of $649 million, which it intends to use to pay down debt and fund a portion of planned growth capital deployments.

"The sale significantly improves MIC's balance sheet strength and financial flexibility, one of MIC's key strategic priorities which was outlined earlier in the year," Macquarie Infrastructure CEO Christopher Frost said.