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For Immediate Release: |
Contact: |
ENERGY INVESTORS FUNDS INCREASES INTEREST IN ASTORIA ENERGY
NEW YORK, NY (May 30, 2006) Energy Investors Funds (“EIF”), an established private equity fund manager that invests in the U.S. energy and electric power sector, today announced affiliates of the firm have increased their ownership interest in Astoria Energy, LLC (“Astoria Energy”), which recently began operations. Financial terms of the transaction were not disclosed.
EIF previously held an 18.5 percent interest in Astoria Energy and has acquired an additional 31 percent stake in the project from the owner of Sigma AE Investor LLC and Leonard Riggio.
Astoria Energy is developing a new 1,000 megawatt gas-fired, combined-cycle electric generating facility in Queens, New York in two phases. The first phase recently commenced commercial operations and provides 500 megawatts of electricity to Consolidated Edison under the terms of a 10-year power purchase agreement. Construction of the 500 MW second phase of Astoria Energy has not yet started.
“The completion of Astoria Energy marks a major milestone as the first new generation facility to be constructed in 25 years in New York City,” said Herb Magid, a Managing Partner of Energy Investors Funds. “The project will be a key supplier of energy to Consolidated Edison to meet its growing demand requirements.”
“We are very excited to increase EIF’s consolidated ownership stake in Astoria Energy, which will benefit from New York City’s growing demand and tight supply for electricity,” said Andrew Schroeder, Partner of Energy Investors Funds.
About Energy Investors Funds
Energy Investors Funds was founded in 1987 as the first private equity fund manager dedicated exclusively to the independent power and electric utility industry. The firm’s consistent, proven investment strategy is to create geographically and technologically diversified portfolios of electric power-related assets that provide superior risk-adjusted equity returns with current cash flow and capital appreciation. Energy Investors Funds provides equity capital for development, construction finance, and operational stage investments. As investment managers, the firm seeks to mitigate commodity risk (fuel and electricity) by focusing primarily on acquiring power assets with long-term off-take contracts. Energy Investors Funds has mobilized over $1.75 billion in capital, and currently manages six private equity funds from its offices in Boston, New York, and San Francisco. These funds have made over 87 diversified investments, with a combined underlying asset value exceeding $5 billion. For more information visit www.eifgroup.com.
