AMP Capital invests in debt of New York City power generation facility

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
AMP Capital invests in debt of New York City power generation facility

AMP Capital's Infrastructure Debt Funds I and II (IDF I and IDF II) have successfully closed a US$100 million subordinated debt financing for New York City-based Astoria Project Partners, a fully operational, combined cycle power generation facility, with a total generating capacity of 550MW.

IDF I and IDF II are investing a pro rata share of US$50 million each, which will be used to refinance the existing subordinated debt.

Astoria Project Partners benefits from a premium location in Queens and operates within the resource constrained New York City power market. The facility is one of the cleanest and most efficient power facilities in New York City.

AMP Capital Global Head of Infrastructure Debt Andrew Jones said:

"This transaction complements AMP Capital's existing portfolio while adding a core infrastructure asset in North America. Investors are attracted to this investment as the facility features state-of-the-art, commercially-proven generation equipment and technology combined with a long and successful operating history. We look forward to making additional investments in other high-quality assets in the region."

AMP Capital has been investing in infrastructure debt since 1998 and focuses on defensive, non-cyclical,cash-flow producing assets. Its first fund, IDF I, was closed to new investment in 2012 after raising US$503 million from 30 global institutional investors. IDF II completed its first close in August 2013 after attracting more than US$300 million from 17 global institutional investors. This deal follows IDF II's first subordinated debt investment in ADI Finance, which owns Heathrow, Glasgow, Aberdeen and Southampton airports.

List of country news

Country news

  • January 13, 2014

    OHL Mexico refinances US$1.4 billion Conmex project debt

    OHL México announced in late December that today its subsidiary Concesionaria Mexiquense, S.A. de C.V. (Conmex) has completed a U.S.$1.4 billion debt refinancing. Read more
  • January 13, 2014

    Goldman fund sells stake in port operator SSA Marine

    Goldman Sachs's infrastructure private equity arm, Goldman Sachs Infrastructure Partners (GSIP), Read more
  • January 14, 2014

    Florida Accepts Unsolicited Proposal for SR-54&56 Toll Road

    Florida state transportation officials have accepted an unsolicited proposal from private investors who want to build and operate an elevated toll road in the State Road 54/State Road 56 corridor in southern Pasco County, Florida. Read more
  • January 14, 2014

    CIBC Boosts Infrastructure Finance Team

    The Financial Post reported in its Tuesday, Jan. 14, edition that Canadian Imperial Bank of Commerce (CIBC) is boosting its Global Infrastructure Finance group. Read more
  • January 15, 2014

    Indiana receives six proposals for Illiana Corridor P3 project

    The Indiana Finance Authority (IFA) and Indiana Department of Transportation (INDOT) announced yesterday the receipt of six responses to the Request for Qualifications (RFQ) to develop, design, build, finance, operate and maintain the Indiana portion of the Illiana Corridor and I-65 added capacity projects. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.