Astoria Phase II Project Deal Completed

On July 11, 2008, CDPQ Investments (US) Inc. (CDP), SNC Lavalin Generation Inc. (SLG), EIF Astoria IV, LLC (EIF), JEMB Astoria II LLC (JEMB), AE Investors II LLC (AE) and Suez Energy Astoria II (SUEZ) completed a US$160.4 million deal concerning a project for the development, ownership, construction, operation and maintenance of a combined-cycle electric generating facility of approximately 500 MW net capacity in Queens, New York. This deal concerns Phase II of the previous Phase I Astoria deal (2003).

Parties entered into limited liability partnerships (Astoria Project Partners II and Astoria Energy II) to implement the project and made available a US$60.4 million loan facility to finance the development of the project. Other arrangements were made between the Phase II parties and the Phase I parties to facilitate the transition from Phase I to Phase II of the project.

CDP was represented by Kim Thomassin (lead), Marc Dorion, QC, Marc-André Laflamme and Pierre-Hugues Vallée of McCarthy Tétrault LLP. SLG was advised by in-house counsel André Papillon, and by Anne Falvey, Stephanie McLeod and Andrew Nelson of Sidley Austin LLP. Andrea Satty (lead) and Peter D. Dahm of Chadbourne and Parke LLP advised SUEZ. EIF was represented by a team from Thelen Reid Brown Raysman & Steiner LLP led by Deborah A. DeMasi.

Astoria Project Partners II was advised by Mitchell D. Caroll (lead), Matthew J. Cohen, Michael Muller, Kathleen M. Phelps, Marc A Reardon and Brent T. Salmons of Bingham McCutchen LLP. AE and JEMB were represented by Andrew M. Ray, also of Bingham McCutchen.