JEMB Family, which has been an investor in the Astoria project since 2003 and is affiliated with JEMB Realty of New York City, contributed its direct and indirect interests in Astoria Energy and Astoria Energy II into a partnership with a subsidiary of Harbert Power Fund III. This Harbert fund is affiliated with Harbert Management, based in Birmingham, Alabama.

Astoria Energy went into service in 2006 in Astoria, Queens, with a generating capacity of 550MW of natural gas-fired energy into the New York City power grid.

Astoria Energy II, which closed a $1.5bn debt and equity financing in July 2009, is scheduled to go into service in 2011, and will double the facilities total output.