Macquarie Asset Management has announced a $450 million financing agreement to support the construction of a 1.2 gigawatt combined cycle gas turbine (CCGT) facility in Lee County, Texas. The funding is provided to Sandow Lakes Energy Station (SLES), enabling the company to acquire key equipment, including two Siemens SGT6-9000HL gas turbines, for the new power project.
The initiative comes as digital infrastructure continues to expand rapidly, increasing demand for reliable electricity supply. This growth has led to higher demand for CCGT equipment and longer delivery times for new orders.
Macquarie Asset Management structured the financing solution to help SLES secure essential equipment and carry out site works alongside ongoing digital infrastructure development. The arrangement is intended to give energy-intensive customers greater certainty about when power will be available from the project.
“We are excited to deliver a financing solution that addresses the unique challenges of today’s power and digital infrastructure markets,” said Harlan Cherniak, Head of Americas Infrastructure Debt at Macquarie Asset Management. “This $US450 million facility reflects the continued strategic expansion of our U.S. infrastructure debt business as we continue to establish the Credit & Insurance division as a global leader in the essential asset-based credit market."
Matthew Sweeney, Managing Director at Macquarie Asset Management, added: “This transaction underscores our commitment to supporting experienced management teams and sponsors with innovative solutions that enable the growth of digital infrastructure. Our extensive infrastructure expertise makes us the logical partner to provide a financing solution that addresses the unique demands being placed on the electric grid.”
Macquarie Asset Management’s Credit & Insurance division manages around $222 billion in assets globally and approximately $40 billion in private credit assets.
Sandow Lakes Energy Company focuses on developing energy infrastructure projects across Texas and other regions.
The announcement notes that entities within Macquarie Group other than Macquarie Bank Limited are not authorized deposit-taking institutions under Australian law, and their obligations are not guaranteed by Macquarie Bank Limited.