MONTREAL, Aug, 28, 2018 /CNW
Telbec/ - SNC-Lavalin (TSX: SNC) announced today that it has
reached an agreement to sell its remaining 6.3 percent minority
interest in Astoria Project Partners II LLC, the legal entity that
owns and operates the Astoria II power plant in New York City. The purchaser, NM Harbert
Astoria LLC, is a limited liability company, owned by affiliates of
Northwestern Mutual and Harbert Management Corporation. This
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. "The development and
divestment of Astoria II is also an example of our consistent
customer focus and how we deliver projects that generate stable,
long-term, reliable returns. The project has been a success since
its launch over a decade ago and throughout the lifecycle of the
facility. We plan to build on this development, investment and
divestment experience by focusing on future opportunities."
In 2008, SNC-Lavalin and its partners began work on Astoria II,
a 575-megawatt natural gas-fired, combined-cycle generation
facility, which provides affordable, clean and reliable power to
New York City and its customers.
It went into commercial operation in 2011, under a 20-year full
tolling agreement to sell its output of power to the New York Power
Authority (NYPA). The NYPA has recognized Astoria II as one of the
cleanest and most efficient power plants in New York City's history.
About SNC-Lavalin
Founded in 1911, SNC-Lavalin is a global fully integrated
professional services and project management company and a major
player in the ownership of infrastructure. From offices around the
world, SNC-Lavalin's employees are proud to build what matters. Our
teams provide comprehensive end-to-end project solutions –
including capital investment, consulting, design, engineering,
construction, sustaining capital and operations and maintenance –
to clients across oil and gas, mining and metallurgy,
infrastructure, clean power, nuclear and EDPM (engineering design
and project management). On July 3,
2017, SNC-Lavalin acquired Atkins, one of the world's most
respected design, engineering and project management consultancies,
which has been integrated into our sectors.
www.snclavalin.com
SOURCE SNC-Lavalin