NEW YORK CITY—East River FundCo—a partnership of JEMB Family LP and Harbert Power Fund V—has increased its investment in Astoria Project Partners, the legal entity that owns and operates the Astoria I natural gas power plant in the Astoria section of Queens.
Together with EIF Astoria, a subsidiary of MyPower Corp., wholly owned by Mitsui & Co. Ltd., the JEMB/Harbert partnership has acquired a 21% minority interest in Astoria Project Partners from SNC-Lavalin, Inc. The price of the deal could not be determined at press time. However, back in 2011, JEMB announced that a $1.5-billion debt and equity financing had closed on the property.
JEMB Family, which was an original sponsor and has been an investor in the Astoria Energy projects since 2003, is affiliated with JEMB Realty Inc. of New York City.
Astoria Energy I went into service in 2006, providing 550 megawatts of clean, natural-gas-fired energy into the New York City power grid. Astoria Energy II went into service in 2011, doubling the facility's total output.
"Astoria Project Partners has an extremely strong management team, we have a first-class ownership group, and the experienced professionals from Harbert Power are a great partner in this enterprise," says Morris Bailey of JEMB Family. "We are extremely pleased to have been part of these projects since the inception, through construction and into operation, providing reliable power to New York City."
The project is an independent power producer business that operates a gas-fired combined cycle power station in New York City, one of the major power consuming regions in the US. The project currently supplies power to a subsidiary of Consolidated Edison under a power purchase agreement effective through May 2016.
After the term of the PPA with Con Ed, the project plans to sell electricity to the New York electricity market.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
