AMP Capital's Infrastructure Debt Funds I and II (IDF I and IDF II) have successfully closed a US$100 million subordinated debt financing for New York City-based Astoria Project Partners, a fully operational, combined cycle power generation facility, with a total generating capacity of 550MW.
Astoria Project Partners benefits from a premium location in Queens and operates within the resource constrained New York City power market. The facility is one of the cleanest and most efficient power facilities in New York City.
AMP Capital Global Head of Infrastructure Debt Andrew Jones said:
"This transaction complements AMP Capital's existing portfolio while adding a core infrastructure asset in North America. 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."
AMP Capital has been investing in infrastructure debt since 1998 and focuses on defensive, non-cyclical,cash-flow producing assets. Its first fund, IDF I, was closed to new investment in 2012 after raising US$503 million from 30 global institutional investors. IDF II completed its first close in August 2013 after attracting more than US$300 million from 17 global institutional investors. This deal follows IDF II's first subordinated debt investment in ADI Finance, which owns Heathrow, Glasgow, Aberdeen and Southampton airports.