Overview:

To address power shortages in and around New York City, local utility ConEd (Consolidated Edison Company of New York, Inc.) executed a power purchase agreement (PPA) with Astoria Energy, LLC, which agreed to construct the first half – 500 megawatts (MW) – of a planned 1,000 MW electric generating facility. The approximately $800MM in financing was the first refinancing of a Term B Loan transaction. Construction started in April 2004 and was completed in May 2006.

E3 Services Provided:

• Provided support in the full and sole underwriting of financing by an international bank, including the due diligence review for the underwriting 

• Provided Astoria and its lenders comprehensive monitoring services during construction and start-up phases of the project 

Project Spotlights:

• E3 project team secured private equity, construction financing, including permanent debt for the first new large power plant built near New York City in 25 years.

• Refinancing took place while the project was under construction 

• Utilized 100 percent New York union labor

• Complete demolition and removal of a previously existing fuel oil terminal on the site

• Installed two heat recovery steam generators delivered prefabricated to the site

• Installed prefabricated pipe racks fully loaded with insulated pipe

• Installed air-cooled condenser delivered prefabricated to the site in easily erected modules
  
  
• Completed the project using an engineering, procurement and construction (EPC) contract