FOR IMMEDIATE RELEASE
Mitsui now has 37% stake in the 575 MW power station in Queens, NY
NEW YORK, October 20, 2014 - Milbank, Tweed, Hadley & McCloy LLP has represented leading Japanese trading company Mitsui & Co., Ltd. in acquiring an additional 16% investment in a large power generation plant from a subsidiary of SNC-Lavalin Group Inc.
Mitsui now has an approximately 37% interest in the Astoria 1 project located in New York City. In November 2013, Milbank represented Mitsui in acquiring its initial 20.6% investment in the plant from majority owner GDF Suez.
The $1 billion Astoria 1 facility, in New York’s borough of Queens, operates a gas-fired station and began operation in 2006. It delivers 575 megawatts of power to a subsidiary of Consolidated Edison under a purchase agreement that runs through May 2016, after which Astoria 1 will sell electricity directly into the New York market. It is expected to support further growth of New York’s power grid well into the future.
Milbank partner John Franchini, a member of the firm’s Corporate group, and associate Suni Sreepada worked on the deal.
“We’re happy to have once again worked with Mitsui in its follow-on investment in the Astoria 1 plant, a major source of power generation in the New York market,” Mr. Franchini said. “Mitsui is a substantial stakeholder in the project and its added equity interest reflects the company’s continuing commitment to supporting the US power industry.”
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