Washington, D.C. Energy Investors Funds (“EIF”), a private equity firm specialized in the power sector, has completed the sale of certain indirect interests in Astoria Energy LLC (“Astoria Energy”), a 575 MW gas fired power plant in Queens, New York, to the French-based energy giant, GDF SUEZ. Astoria Energy supplies critically needed electric capacity to New York City. The sale of interests by EIF to GDF SUEZ was part of a broader sale of various indirect ownership interests in Astoria Energy by several other investors.
Serving as counsel to EIF during this complex transaction was the Nixon Peabody team headed by Washington D.C. energy partner Deborah DeMasi and Washington D.C. global business & transactions associate Alexandra López-Casero. The cross-office, cross-practice team also included Albany partner Andrew Gansberg, Washington D.C. partners Gordon Lang, Christian McBurney, John Partigan and Elizabeth Whittle and San Francisco associate Graham Beck.
Previously, in July 2009, Ms. DeMasi represented EIF in connection with its investment in Astoria Energy II LLC (“Astoria Energy II”), which was created to develop, construct, own and operate a new natural gas-fired power plant in Queens, New York, and in connection with a companion $1 billion project financing for Astoria Energy II. This was one of the largest project financing transaction for an energy project closed in 2009. For additional information on the 2009 project financing for Astoria Energy II, please click here.