Calyon acted as mandated lead arranger and administrative agent for the American project Astoria Energy II. The financial arrangements, totalling more than USD 1 billion, were lead arranged by Calyon, Export and Development in Canada, Natixis Bank and WestLB AG. They were subsequently joined by Bank of Tokyo-Mitsubishi UFJ and Société Générale Americas Securities.

One of the largest project financings in the North American market this year, the Astoria Energy II financial closing occurred on July 2, 2009 and included the participation of twelve financial institutions.

This project involves the construction and operation of a new natural gas power plant in the New York metropolitan area. The plant will supply electrical power to the clients of New York Power Authority (NYPA) once the construction, which has already begun and is scheduled for completion in the summer of 2011, is completed.

The group responsible for the project is made up of SNC-Lavalin Generation Inc., Suez Energy Astoria II (a GDF Suez subsidiary), EIF Astoria IV (an Energy Investors Funds vehicle), and JEMB Astoria II.