Macquarie Power & Infrastructure Income Fund Acquires $130M Solar Power Project

On June 23, 2010, Macquarie Power & Infrastructure Income Fund (“MPT”) announced the acquisition of a 20-megawatt solar photovoltaic (“PV”) power project to be designed, built and operated in Amherstburg, Ontario on behalf of MPT by SunPower Corp.

MPT's mandate is to invest in core infrastructure businesses in Canada and internationally and to acquire and actively manage a portfolio of long-life infrastructure businesses.

SunPower has more than 300 MW of solar PV power plants operating globally. MPT's Amherstburg Solar Park will use SunPower high efficiency solar panels, as well as the proprietary single-axis SunPower Tracker T20 system. Amherstburg Solar Park, which has an approximate value of $130 million, will be primarily funded by a syndicate of international lenders including Dexia Crédit Local S.A., Caixanova America and WestLB AG, with approximately $33 million of equity to be contributed by MPT prior to the start of commercial operations, which is anticipated to be in June 2011.

MPT was represented by Stuart Miller, Senior Vice President and General Counsel, and a Blake, Cassels & Graydon LLP team that included Jeffrey Lloyd, Kenneth Pearce, Anna MacMillan, Eric Moncik, Les Wong and Richard Turner (corporate); Iris Tam and Lauren Temple (real estate); Tim Bermingham (municipal); Jonathan Kahn (environmental); Gary Daniel (intellectual property); Kevin Fougere, Nick Tropak and Colleen Ross (financial services) and Ron Richler (tax).

SunPower was represented by Ken Mahaffey, Associate General Counsel, as well as Brenda Hebert, Corinne Pruzanski and Lanette Wilkinson (energy); James Klein (real estate); Larry Cobb (environmental) and Richard Owens (intellectual property) of Stikeman Elliot LLP in Canada and Richard Meamber of Jones Day in the United States. Charles Reagh of Stewart McKelvey advised MPT and SunPower on matters relating to the Province of Nova Scotia.

Jonathan Weisz, Scott Kraag and Ash Nicol (project finance); Sabrina Gherbaz (real estate); Michael Fortier (environmental) and Edward Fan (intellectual property) of Torys LLP acted as counsel for the lenders.