Macquarie Infrastructure Corporation has announced investments of more than $115 million in growth projects across its four segments. MIC announced the completion of the acquisition of the land beneath its Bayonne Energy Center ("BEC") gas-fired power generation facility in Bayonne, NJ from Hess Corporation on December 30, 2015. The purchase includes a buyout of the remainder of the 55 year lease assumed by MIC as a part of the acquisition of the BEC in April of 2015.

The land acquisition provides MIC with additional security associated with having a perpetual interest in the property beneath the plant as well as the financial benefit of avoided lease payments. BEC is situated on 7.9 acres along approximately 290 feet of frontage on the Kill Van Kull in Bayonne, NJ. The additional water frontage is expected to benefit MIC's adjacent International-Matex Tank Terminals ("IMTT") marine terminals business and its operations on the Bayonne peninsula to the extent that it enables IMTT to expand its docks at the facility.

Also related to BEC, MIC has signed an agreement to construct an interconnection with the Spectra Energy-owned Texas Eastern Transmission, LP ("TETLP") natural gas pipeline. The existing TETLP pipeline runs beneath the western portion of the property owned by IMTT in Bayonne. The interconnection will allow for the construction of an approximately 7,000 foot long pipeline across IMTT land that is expected to provide BEC with additional access to affordable natural gas and facilitates the development of gas-using businesses.

Approximately $50 million of the announced capital deployment involves the expansion of MIC's Atlantic Aviation business.