JEMB Realty Participates in $1.5 Billion Debt and Equity Financing of Astoria Energy II LLC

Strategic Insights -

JEMB Realty, a privately-held real estate and energy investment firm, has participated in the closing of a $1.5 billion debt and equity financing of Astoria Energy II LLC, a 550 MW natural-gas-fired power plant in Astoria, Queens, New York City. The facility will double the size of the Astoria Energy facility when it goes on-line in 2011. Morris Bailey of JEMB Astoria II expressed excitement and pride in the project, highlighting the strong management team, first-class ownership group, and oversubscribed debt from thirteen domestic and international commercial bank lenders.

Key Takeaways:

  • JEMB Realty has participated in a $1.5 billion debt and equity financing of Astoria Energy II LLC, a 550 MW natural-gas-fired power plant in Astoria, Queens, New York City.
  • The facility will double the size of the Astoria Energy facility when it goes on-line in 2011.
  • Astoria Energy II will sell power to New York Power Authority (NYPA) under a 20-year tolling agreement signed in July 2008.
  • The facility will be constructed by an affiliate of SNC-Lavalin Generation, with construction oversight provided by an affiliate of GDF Suez North America.
  • JEMB Realty has been a valuable member of the equity group since the late-stage development and initial financing of Astoria Energy's first phase in 2004.
  • Astoria Energy II will provide over 1,000 MW of clean power on a daily basis to New York City and its citizens.

Statistics:

  • $1.5 billion: the total debt and equity financing for Astoria Energy II LLC.
  • 550 MW: the capacity of the natural-gas-fired power plant.
  • 20 years: the duration of the tolling agreement between Astoria Energy II and NYPA.
  • 13: the number of domestic and international commercial bank lenders that participated in the debt financing.
  • 1,000 MW: the daily power output of Astoria Energy II.
  • 2004: the year JEMB Realty joined the equity group for Astoria Energy's first phase.

Sources:

  • VerticalNews.com, "JEMB Realty Participates in $1.5 Billion Debt and Equity Financing of Astoria Energy II LLC", 2009.
  • Energy Weekly News, "JEMB Realty Participates in $1.5 Billion Debt and Equity Financing of Astoria Energy II LLC", 2009.
  • Astoria Energy LLC, Press Release, "JEMB Realty Participates in $1.5 Billion Debt and Equity Financing of Astoria Energy II LLC".