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
SOURCE SNC-Lavalin