AMP Capital completes $100M debt financing in US power plant
AMP Capital has completed a subordinated debt financing for a power generation facility based in New York. The transaction is valued at $100 million, according to Investor Daily.
The Astoria Project Partners facility is 550-megawatt fully operational combined cycle generation power plant, the report detailed.
Under the terms of the said deal, the Infrastructure Debt Funds (IDF) I and II of AMP Capital will invest $40 million each in pro rata share. These will be used to refinance the plant's existing subordinated debt, the report explained.
AMP Capital said Astoria Project Partners benefits from its location in Queens. The Sydney-based investment manager also said the facility operates within the power market of New York City, which lacks resources, the report stated.
Andrew Jones, infrastructure debt global head of AMP Capital, said of the deal: "Investors are attracted to this investment as the facility features state-of-the-art, commercially-proven generation equipment and technology combined with a long and successful operating history. We look forward to making additional investments in other high-quality assets in the region."
The Australian firm believes the US power plant is one of New York City's cleanest and most efficient power generation facilities, Investor Daily reported.