MONTREAL—SNC-Lavalin announced Aug. 28 that it has reached an agreement to sell its remaining 6.3 percent minority interest in the Astoria II power plant in New York City.
In 2008, SNC-Lavalin and its partners began work on Astoria II, a 575-megawatt natural gas-fired, combined-cycle generation facility. It went into commercial operation in 2011, under a 20-year full tolling agreement to sell its power output to the New York Power Authority.
The purchaser, NM Harbert Astoria LLC, is a limited liability company, owned by affiliates of Milwaukee-based Northwestern Mutual and Harbert Management Corporation of Birmingham, Alabama.
The transaction is subject to customary power sector regulatory approvals.
“The agreement to sell SNC-Lavalin’s interest in Astoria II is indicative of our approach to managing our asset portfolio so that it creates value in line with the company’s strategic objectives,” said Chantal Sorel, executive vice-president and managing director, Capital, SNC-Lavalin.