$983M financing for city's first power plant in 25 years.Astoria Energy LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has closed on $983 million in financing for construction of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City's largest new power plant in more than 25 years. Construction of the project will begin immediately, with commercial operation projected for April, 2006. The Astoria Energy plant will use state-of-the-art, natural gas, combined cycle gas turbines to produce 500 megawatts (MWs) of electricity in its first phase, which represents approximately 5% of the city's peak power requirements. The Astoria Energy project was conceived in 1999, and--in addition to a host of permits and approvals--received formal approval for a 1,000-MW facility from the New York State Board on Electric Generation Siting and the Environment in November 2001. This environmentally progressive project is located on a 23-acre site in northwest Queens which, for the past 50 years, served as an oil storage and distribution facility; it also is approximately 3,000 feet from the Astoria substation complex owned by Consolidated Edison Company of New York to which the new plant will interconnect for transmission of the electricity that it will generate. The financial closing will cover the first 500 MW of generating capacity. The $983 million construction financing package combines $283 million in equity and $700 million in debt. Equity investors include CDP CDP (cytidine diphosphate): see cytosine. (1) (Certificate in Data Processing) An earlier award for the successful completion of an examination in hardware, software, systems analysis, programming, management and accounting, Capital-Americas, a subsidiary of the Caisse de depot et placement duQuebec, SNC-Lavalin Generation Inc., the Energy Investors Funds Group, on behalf of US Power Fund, L.P., and project sponsors SCS Energy LLC and AE Investor. Major institutional investors participated in the debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay , which was raised by Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . Morris Bailey, a principal of AE Investor LLC, who played a significant role in the financing of the project, said, "The financing secured for the Astoria Energy project underscores New York's critical need for the power this plant will generate." Last year, Astoria Energy secured a ten-year contract with Con Ed to purchase the initial 500 megawatts generated by the project. As a state-of-the art facility, Astoria Energy will be able to offer competitive prices. By being located in the heart of the Astoria, Queens load pocket, Astoria Energy will increase the reliability of the city's transmission system and help lower congestion The condition of a network when there is not enough bandwidth to support the current traffic load. congestion - When the offered load of a data communication path exceeds the capacity. costs for all New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ratepayers. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion