MONTREAL, Oct. 15, 2014 /CNW Telbec/ - SNC-Lavalin Inc. (TSX: SNC) today announced that it has reached financial close on the sale of its 21 percent minority interest in Astoria Project Partners LLC (Astoria I) to EIF Astoria, LLC, a subsidiary of MyPower Corp wholly owned by Mitsui & Co., Ltd., and East River FundCo LLC, an investment fund owned by Harbert Power Fund V, LLC and JEMB Family L.P. Astoria I is the owner of the legal entity that owns and operates the Astoria I power plant in Queens, New York.
This announcement follows agreements reached by all parties which were announced in August 2014, and confirms that the closing conditions have been met by the parties for the sale and transfer of SNC-Lavalin's minority interest in Astoria I.
SNC-Lavalin and its partners began work on Astoria I in 2004. Like Astoria II, its more recent twin thermal power station, Astoria I provides affordable, clean and reliable power to New York City and its customers. The 550-MW natural gas-fired combined-cycle power plant, which commenced commercial operation in May 2006, serves the Astoria load pocket through a 10-year power purchase agreement (through April 2016) with Consolidated Edison Company of New York.
"We are pleased to have played a role in the development of this strategic asset by leveraging our financial resources and technical expertise in thermal power plants," said Hisham Mahmoud, President, Infrastructure, SNC-Lavalin Group Inc. "We helped successfully take Astoria I from construction to operation and, in the process, enabled this plant to provide reliable power to New York City and maximize value to its stakeholders."
Founded in 1911, SNC-Lavalin is one of the leading engineering and construction groups in the world and a major player in the ownership of infrastructure. From offices in over 50 countries, SNC-Lavalin's 45,000 employees provide EPC and EPCM services to clients in a variety of industry sectors, including mining and metallurgy, oil and gas, environment and water, infrastructure and clean power. SNC-Lavalin can also combine these services with its financing and operations and maintenance capabilities to provide complete end-to-end project solutions. www.snclavalin.com
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