Macquarie completes another major geothermal acquisition in the U.S.
CEO of Cyrq Energy, Nick Goodman, also shared his thought regarding the deal and said, “We are proud that MIRA, an industry leader in clean energy, recognized the value created by all of the Cyrq employees over the past ten years.
On 19th March 2021, Macquarie announced the financial completion to acquire Cyrq Energy, Inc. (Cyrq). Acquisition deal was completed via a Macquarie Infrastructure Partners-controlled subsidiary, and company is planning to combine Cyrq with recently acquired Hudson Ranch geothermal operations.
Cyrq Energy, Inc., is one of the leading geothermal power companies in the U.S. Company is based in Salt Lake City, Utah. Cyrq currently operates five geothermal plants with a total power output of 121MW and one solar plant with output of 10 MW. Macquarie’s plan to combine Cyrq with Hudson Ranch, will create one of the largest independent geothermal renewable energy platforms in the U.S. The combined capacity of the platform will be enough to power more than 100,000 U.S. houses with geothermal operations spread across California, New Mexico, Utah and Nevada.
After the completion of acquisition deal, Karl Kuchel, CEO of Macquarie Infrastructure Partners said, “We are pleased to have completed the acquisition of Cyrq Energy, a leading U.S. geothermal energy platform. We believe that geothermal energy will play an important role in the green energy transition, given its unique ability to provide clean baseload energy and reliable capacity 24 hours a day.” He further added, “This investment is consistent with our commitment to be the global leader in sustainable infrastructure and real asset management – and we are very excited to partner with the Cyrq management team to pursue additional growth opportunities in the clean energy sector.”
CEO of Cyrq Energy, Nick Goodman, also shared his thought regarding the deal and said, “We are proud that MIRA, an industry leader in clean energy, recognized the value created by all of the Cyrq employees over the past ten years. We are extremely excited to continue our growth and successfully develop our geothermal footprint in partnership with MIRA. This transaction provides a compelling launching point for the next stage of growth for the company.”
MIRA (Macquarie Infrastructure and Real Asset) have managed approximately USD 146.5 billion in assets and is one of the world’s leading alternative asset managers. MIRA is part of Macquarie Group’s asset management arm, Macquarie Asset Management. It is also world’s largest infrastructure manager and a major global investor in clean energy, overseeing investments in 12.5 GW of green generation capacity globally.
