Energy Consortium’S Investment in New York’s Astoria Energy Facilities

Milbank LLP advised leading Japanese trading company Mitsui & Co., Ltd. in its agreement to sell to a consortium of equity investors its interests in the Astoria Energy I Facility. Holland & Knight advised a consortium of equity investors including APG, MEAG, and Clal Insurance Company, along with other U.S. institutional investors. Sidley Austin LLP represented a consortium of equity investors including APG Asset Management, MEAG, and Clal Insurance Company.

The Energy Consortium executed the acquisition of 100 percent of Astoria Energy I and a 55 percent interest in Astoria Energy II.  The transaction is subject to regulatory approval and is expected to close in the first half of 2020.

Located in Queens, New York, the facilities total 1.2 GW of combined-cycle generation. The plants are expected to provide reliable baseload electricity to New York City and system stability as New York transforms its energy sector. The facilities are critical infrastructure assets and two of the most efficient natural gas plants in New York City.

APG is the largest pension delivery organization in the Netherlands and has been an active infrastructure investor since 2004, investing approximately €14 billion to date. MEAG, located in Munich, has an investment portfolio of more than €278 billion and manages the assets of Munich Re and ERGO Group. Clal Insurance Company is primarily engaged in the insurance industry and the management of different long-term saving plans. As one of the largest insurance companies in Israel, Clal manages approximately $65 billion in assets.

Holland & Knight’s representation of the investor consortium is led by partners Roth Kehoe (Picture) and Stephen Humes. They are assisted by partners Brian Hanafin, Mark Kalpin, Chris Buch, Doug Youngman, Robert Lorndale and Marc Druckman; senior counsels Rachel Fink and Jennifer Froehlich; and associates Graham Coates, Meaghan Colligan, Yoni Fisch and Nicole Martini.

The Milbank team was led by Global Corporate partner and practice group leader John Franchini, with associates Daniel Valenza and Zachary Shepperd, and tax advice was provided by partner Max Goodman.

The Sidley team was led by Brien Wassner and included,  David Zhao,  Immanuel Kim, Laura Barzilai, Kristina Nordlander and Ellen Thomson.

Involved fees earner: Christopher Buch – Holland & Knight; Graham Coates – Holland & Knight; Meaghan Colligan – Holland & Knight; Marc Druckman – Holland & Knight; Rachel Fink – Holland & Knight; Jonathan Fisch – Holland & Knight; Jennifer Froehlich – Holland & Knight; Brian Hanafin – Holland & Knight; Stephen Humes – Holland & Knight; Mark Kalpin – Holland & Knight; Roth Kehoe – Holland & Knight; Robert Lorndale – Holland & Knight; Nicole Martini – Holland & Knight; Douglas Youngman – Holland & Knight; John Franchini – Milbank; Max Goodman – Milbank; Daniel Valenza – Milbank; Laura Barzilai – Sidley Austin LLP; Immanuel Kim – Sidley Austin LLP; Kristina Nordlander – Sidley Austin LLP; Ellen Thomson – Sidley Austin LLP; Brien Wassner – Sidley Austin LLP; David Zhao – Sidley Austin LLP;

Law Firms: Holland & Knight; Milbank; Sidley Austin LLP;

Clients: APG ; Clal Insurance Enterprises Holdings Ltd.; MEAG MUNICH ERGO AssetManagement GmbH; Mitsui & Co. Ltd;

Author: Ambrogio Visconti