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$1.5B Financing Closes on Queens Power Plant

NEW YORK CITY-An affiliate of JEMB Realty is one of four equity investors in the 550-megawatt project, scheduled to go on line in 2011.

By Paul Bubny | Updated on July 09, 2009

NEW YORK CITY-A $1.5-billion debt and equity financing has closed on a 550-megawatt natural gas-fired power plant in Astoria, Queens, JEMB Realty announced Thursday. A JEMB affiliate, JEMB Astoria II, was one of four equity investors in the Astoria Energy II project, which is the second phase of the Astoria Energy facility.

In a release, Morris Bailey of JEMB Astoria II notes that “the $1.1 billion of debt that we raised was from a knowledgeable and sophisticated group of 13 domestic and international commercial bank lenders. In fact, the debt was oversubscribed, indicating how positively this project is viewed in the marketplace.”

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