SNC-Lavalin sells stake in New York gas plant

US engineering and construction group SNC-Lavalin is to sell its 66 per cent stake in the Astoria II gas-fired power plant in New York City.

SNC-Lavalin began building the 550 MW Astoria II in September 2011, a job it said “required skilled design and construction work” given the plant’s “dense urban setting”. (Part of the plant’s equipment is pictured being shipped to its site).

Gerry Grigoropoulos, acting executive vice-president of infrastructure concession investments at SNC-Lavalin, today said: “From overseeing financial close and construction, to several years of successful operation, SNC-Lavalin has now come full circle with Astoria II.”

He said the sale of the company’s stake “would provide a good return on our monetized investment and represents the creation of value by selling certain investments when strategically and financially appropriate, and in rebalancing our portfolio of infrastructure concessions.”

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