AMP Capital, the Australian fund manager, has invested $100 million through its Infrastructure Debt Funds I and II (IDF I and IDF II) in Astoria Project Partners, a combined cycle power generation facility in New York, that is fully operational and has a generating capacity of 550 megawatts (MW).
The funds are investing $50 million each, which will be used to refinance the existing subordinated debt, the firm said in a statement.
“This transaction complements AMP Capital’s existing portfolio while adding a core infrastructure asset in North America,” said Andrew Jones, the fund manager’s global head of infrastructure debt. “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.”
Astoria Project Partners is the second investment for IDF II. The fund made its first subordinated debt investment of £50 million in ADI Finance, the owner of Heathrow, Glasgow, Aberdeen and Southampton airports, in August 2013 when it completed its first close on more than $300 million. IDF II is targeting a final close of $1 billion.
Based in Sydney, AMP Capital is a specialist investment manager with more than A$135 billion ($120.16 billion; €88.28 billion) in funds under management as of September 30, 2013. The firm also specialises in infrastructure debt and has invested over $1.7 billion in 37 infrastructure assets since 2001.