Macquarie Infrastructure Corp. and Intersect Power Inc. formed a joint venture that will develop and own solar and electricity storage projects across the U.S., according to an Aug. 2 release.
The joint venture will receive up to $135 million of backing from Macquarie Infrastructure in the form of equity, contingent equity and credit facilities to fund Intersect Power's pipeline of development and expansion.
Intersect Power has approximately 700 MW of early stage projects in California and Texas. The projects are expected to enter operation from 2019 to 2021. The company also is "actively pursuing" additional development opportunities across the U.S., according to the release.
The new entity also will help Macquarie Infrastructure to grow its existing 350-MW portfolio.