Macquarie powers up new fund in North America
(28 April 2004 – Australia) Macquarie Bank has set up a A$214 million fund in Canada, targeting the North American power generation sector.
The bank said its Macquarie Power Income Fund (MPT) is an open ended, limited purpose trust that will invest in operating power generating assets in the US and Canada.
"MPT will issue approximately 21.2 million units, at a price of C$10 per unit for gross proceeds of approximately C$212 million (A$214 million), to a mix of Canadian retail and institutional investors that have indicated an appetite for investment in a power generation infrastructure income fund," the bank said.
To kick off the fund, Macquarie will purchase a gas-fired cogeneration plant in Ontario from RQ Canada once the fundraising has been completed.
"The proceeds from the IPO and C$35 million (A35.3 million) in debt will be used to finance the acquisition," the bank said.
"MPT will issue approximately 21.2 million units, at a price of C$10 per unit for gross proceeds of approximately C$212 million (A$214 million), to a mix of Canadian retail and institutional investors that have indicated an appetite for investment in a power generation infrastructure income fund," the bank said.
To kick off the fund, Macquarie will purchase a gas-fired cogeneration plant in Ontario from RQ Canada once the fundraising has been completed.
"The proceeds from the IPO and C$35 million (A35.3 million) in debt will be used to finance the acquisition," the bank said.
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