Press Release
January 17, 2020

Holland & Knight Represents Energy Consortium in Major Investment in New York’s Astoria Energy Facilities

NEW YORK (January 17, 2020) – Holland & Knight advised a consortium of equity investors including APG, MEAG, and Clal Insurance Company, along with other U.S. institutional investors, in its acquisition of 100 percent of Astoria Energy I and a 55 percent interest in Astoria Energy II. The deal was announced on January 17.

Located in Queens, New York, the facilities total 1.2 GW of combined-cycle generation. The plants are expected to provide reliable baseload electricity to New York City and system stability as New York transforms its energy sector. The facilities are critical infrastructure assets and two of the most efficient natural gas plants in New York City.

APG is the largest pension delivery organization in the Netherlands and has been an active infrastructure investor since 2004, investing approximately €14 billion to date. MEAG, located in Munich, has an investment portfolio of more than €278 billion and manages the assets of Munich Re and ERGO Group. Clal Insurance Company is primarily engaged in the insurance industry and the management of different long-term saving plans. As one of the largest insurance companies in Israel, Clal manages approximately $65 billion in assets.

The transaction is subject to regulatory approval and is expected to close in the first half of 2020.

Holland & Knight’s representation of the investor consortium is led by Partners Roth Kehoe and Stephen Humes. They are assisted by Partners Brian Hanafin, Mark Kalpin, Chris Buch, Doug Youngman, Robert Lorndale and Marc Druckman; Senior Counsels Rachel Fink and Jennifer Froehlich; and Associates Graham Coates, Meaghan Colligan, Yoni Fisch and Nicole Martini.

More information about the transaction can be found here.

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