On April 16, 2004, Astoria Energy in New York closed a US$983 million construction financing. The package combines $700 million in debt, put in place by Credit Suisse First Boston, and $283 million in equity. Equity investors include Caisse de dépôt et placement du Québec’s CDP Capital-Americas, SNC-Lavalin Generation Inc., a subsidiary of SNC-Lavalin Group Inc., and United States Power Fund LP on behalf of Energy Investors Funds Group, LLC. The Astoria Energy project is New York City’s largest power plant in more than 25 years.
Construction of the project will begin immediately, with commercial operation projected for April 2006. The Astoria Energy plant will use natural-gas fired, combined cycle gas turbines to produce 500 megawatts of power in its first of two phases. Astoria Energy has secured a 10-year contract with the city’s electric and gas utility, a subsidiary of Consolidated Edison, Inc. of New York, to purchase the initial 500 MW generated by the project. Astoria Energy selected the Shaw Group Inc.’s Stone & Webster, Inc. to build the first phase of the plant. SNC-Lavalin has the option to build the second phase of the plant.
The sponsors were represented by Bingham McCutchen, with a team led by Marc Reardon, and by Andrew Ray and Steven Agresta of Swidler Berlin Shereff Friedman.
SNC-Lavalin was represented by in-house counsel Réjean Goulet, and by Sidley Austin Brown & Wood, with a team that included Andrew Nelson, Alan Epstein, Jeffrey Patten, Alexi Poretz and Chris Pih (corporate), Angelica Kwan (tax), and Frederic Berner (FERC matters).
Energy Investors Funds Group was represented by Thelen Reid & Priest, with a team led by Richard Farmer.
Credit Suisse First Boston was represented by Skadden, Arps, Slate, Meagher & Flom LLP, with a team that included Harold Moore and Margaret Vaden.
Caisse de dépôt et placement du Québec was represented in-house by Robert Côté, director, legal; and by McCarthy Tétrault, with a team comprised of Marc Dorion, Q.C., Kim Thomassin and Mark Rasile, and assisted on FERC matters by Michael Hornstein, at Orrick, Herrington & Sutcliffe.
Construction of the project will begin immediately, with commercial operation projected for April 2006. The Astoria Energy plant will use natural-gas fired, combined cycle gas turbines to produce 500 megawatts of power in its first of two phases. Astoria Energy has secured a 10-year contract with the city’s electric and gas utility, a subsidiary of Consolidated Edison, Inc. of New York, to purchase the initial 500 MW generated by the project. Astoria Energy selected the Shaw Group Inc.’s Stone & Webster, Inc. to build the first phase of the plant. SNC-Lavalin has the option to build the second phase of the plant.
The sponsors were represented by Bingham McCutchen, with a team led by Marc Reardon, and by Andrew Ray and Steven Agresta of Swidler Berlin Shereff Friedman.
SNC-Lavalin was represented by in-house counsel Réjean Goulet, and by Sidley Austin Brown & Wood, with a team that included Andrew Nelson, Alan Epstein, Jeffrey Patten, Alexi Poretz and Chris Pih (corporate), Angelica Kwan (tax), and Frederic Berner (FERC matters).
Energy Investors Funds Group was represented by Thelen Reid & Priest, with a team led by Richard Farmer.
Credit Suisse First Boston was represented by Skadden, Arps, Slate, Meagher & Flom LLP, with a team that included Harold Moore and Margaret Vaden.
Caisse de dépôt et placement du Québec was represented in-house by Robert Côté, director, legal; and by McCarthy Tétrault, with a team comprised of Marc Dorion, Q.C., Kim Thomassin and Mark Rasile, and assisted on FERC matters by Michael Hornstein, at Orrick, Herrington & Sutcliffe.
Lawyer(s)
Alan M. Epstein
Angelica Kwan
Michael Hornstein
Marc Reardon
Marc Dorion
Frederic G. Berner, Jr.
Andrew W. Nelson
Jeffrey Patten
Andrew M. Ray
Mark Rasile
Alexi M. Poretz
Kim Thomassin
Richard M. Farmer
Steven J Agresta
Firm(s)
Bingham McCutchen LLP
Bingham McCutchen LLP
Sidley Austin LLP