Macquarie had worked with Alinta as corporate advisor to Alinta on a range of matters, including several matters pending at the time of receiving the expression of interest from the MBO group.
The MBO is being led by former chief executive Bob Browning and former chairman John Poynton, who stepped down from the company last week to "preserve the integrity of the MBO process and ensure Alinta retains effective management and corporate governance".
Alinta has agreed to compensate Macquarie for prior advisory work it has performed but all future work for the company will be terminated.
The energy firm has also permitted the bank to work on the MBO, subject to conditions including the return of key documents and the bank's agreement not to use staff involved in Alinta advisory roles to work on the MBO.
