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| SNC-Lavalin invests in New York City power plant Canadian engineering firm SNC-Lavalin announced that its wholly owned subsidiary, SNC-Lavalin Generation Inc., has signed an agreement to invest approximately US$70 million for a 20% interest in Astoria Energy II to develop, own and operate a new natural gas power plant in greater New York City. Financing for over US$1 billion has just been closed with 13 international financial institutions jointly led by Natixis, WestLB AG, Export Development Canada, Calyon, Societe Generale Americas Securities, Bank of Tokyo-Mitsubishi UFJ and Union Bank, NA. In July last year, Astoria Energy II was awarded a 20-year tolling agreement by the New York Power Authority ("NYPA"), a New York State public authority, for the supply of energy and capacity of an approximately 550 MW combined cycle thermal power plant at the Astoria site in New York. Construction has begun and is expected to be completed by summer 2011. Once completed, the new facility will provide electrical power for NYPA customers. write your comments about the article :: © 2009 Construction News :: home page |