SNC-Lavalin (TSX:SNC) announced today that it has reached an agreement to sell its remaining 6.3 percent minority interest in Astoria Project Partners II LLC, the legal entity that owns and operates the Astoria II power plant in New York City. The purchaser, NM Harbert Astoria LLC, is a limited liability company, owned by affiliates of Northwestern Mutual and Harbert Management Corporation. This transaction is subject to customary power sector regulatory approvals.
“The agreement to sell SNC-Lavalin’s interest in Astoria II is indicative of our approach to managing our asset portfolio so that it creates value in line with the company’s strategic objectives,” said Chantal Sorel, Executive Vice-President and Managing Director, Capital. “The development and divestment of Astoria II is also an example of our consistent customer focus and how we deliver projects that generate stable, long-term, reliable returns. The project has been a success since its launch over a decade ago and throughout the lifecycle of the facility. We plan to build on this development, investment and divestment experience by focusing on future opportunities.”
In 2008, SNC-Lavalin and its partners began work on Astoria II, a 575-megawatt natural gas-fired, combined-cycle generation facility, which provides affordable, clean and reliable power to New York City and its customers. It went into commercial operation in 2011, under a 20-year full tolling agreement to sell its output of power to the New York Power Authority (NYPA). The NYPA has recognized Astoria II as one of the cleanest and most efficient power plants in New York City’s history.
Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. From offices around the world, SNC-Lavalin's employees are proud to build what matters. Our teams provide comprehensive end-to-end project solutions – including capital investment, consulting, design, engineering, construction, sustaining capital and operations and maintenance – to clients across oil and gas, mining and metallurgy, infrastructure, clean power, nuclear and EDPM (engineering design and project management). On July 3, 2017, SNC-Lavalin acquired Atkins, one of the world’s most respected design, engineering and project management consultancies, which has been integrated into our sectors. www.snclavalin.com