Astoria seeks non-approval from New York PSC on outside investors

Astoria Generating Co. LP, Eastern Generation LLC, Eastern Generation Holdings LLC and Eastern Generation Investors Holdings LLC on Feb. 8 petitioned the New York State Public Service Commission for a declaratory ruling that the commission need not review under Public Service Law (PSL) Section 70 the indirect transfer of control of generating facilities directly owned by Astoria Generating.

The generating facilities, which are subject to the commission’s lightened regulation, are:

  • the Astoria Generating Station, an approximately 1,337 MW (summer rating) facility located in Astoria, Queens, New York;
  • Gowanus Generating Station, an approximately 549 MW (summer rating) facility located in Brooklyn, New York; and
  • Narrows Generating Station, an approximately 283 (summer rating) MW facility located in Brooklyn, New York.

The indirect transfer of control of these plants is a result of a transaction that involves the transfer of certain units and interests in Eastern Holdings, which indirectly owns 100% of Astoria Generating, to Camboume Investment Pte. Ltd., A1 Sariya Commercial Investments LLC, investment vehicles managed and controlled by Pantheon Ventures (US) LP and GCM Augusta SPY LLC (called collectively the “Co-Investors”). Camboume, Al Sariya, and Pantheon US also will each obtain the right to appoint a member of the board of managers of Eastern Holdings.

ArcLight Energy Partners Fund VI LP, which currently is the majority owner and managing member of Eastern Holdings through its wholly-owned subsidiary Eastern Generation Fund VI Holdings LLC, will continue to manage and control Eastern Generation and Astoria Generating following the transaction. ArcLight Fund VI is affiliated with ArcLight Capital Partners LLC.

Following consummation of the transaction, none of the Co-Investors will have the ability to manage or control the day-to-day operation of Eastern Generation or Astoria Generating.

Cambourne is an indirect wholly-owned subsidiary of GIC (Ventures) Pte. Ltd. and a wholly-owned subsidiary of GIC Infra Holdings Pte. Ltd. GIC Ventures and GIC Infra are affiliated with GIC Private Ltd., an investment company that manages the Government of Singapore’s foreign reserves. Cambourne is not currently affiliated with any electric generation facilities located in New York, the PJM Interconnection or ISO New England.

A1 Sariya is a wholly-owned subsidiary of Abu Dhabi Investment Council (ADIC). ADIC is an investment arm of the government of Abu Dhabi, which is responsible for investing part of the government’s financial resources through a globally diversified investment strategy. ADIC is not currently affiliated with any electric generation, transmission, or distribution facilities in the United States.

Pantheon US, together with its affiliates Pantheon Ventures (UK) LLP, Pantheon Holdings Limited, Pantheon Ventures Inc., and Pantheon Ventures (HK) LLP, is a leading global private equity fund investor. Pantheon US is not currently affiliated with any electric generation, transmission, or distribution facilities in the United States. 

GCM SPY is an investment vehicle managed and controlled by GCM Customized Fund Investment Group LP, an independent alternative asset management firm.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.