The Astoria Project Partners facility is a fully operational, combined cycle generation power plant with a total generation capacity of 550 mega watts.
AMP Capital's Infrastructure Debt Funds (IDF) I and II will invest a pro rata share of US$50 million each, which will be used for the refinancing of the existing subordinated debt.
According to AMP Capital, Astoria Project Partners benefits from its Queens location and operates within the resource-constrained New York City power market.
AMP capital believes 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 the 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,” said Mr Jones.
“We look forward to making additional investments in other high-quality assets in the region,” he said.
This deal follows IDF II’s first subordinated debt investment in ADI Finance, which owns Heathrow, Glasgow, Aberdeen and Southampton airports.
