EGCO closes deal to buy 45.05% stake in 615 MW Astoria Energy II gas-fired power plant in the US

M&A · PartnershipIndustry
โดย InfoQuest·USTH·Read original
Summary · why it matters

Electricity Generating Public Company Limited, or EGCO, announced the indirect acquisition of a 45.0549% stake in the 615-megawatt Astoria Energy II natural gas combined-cycle power plant, or AE II, in New York City, United States, through its subsidiary EGCO New York, LLC. The company signed a share purchase agreement with Gulf Pacific Power, LLC, or GPP, a private equity fund managed by Harbert Power, the energy investment arm of Harbert Management Corporation, on September 16, 2026. Thawatchai Samranwanich, Chief Executive Officer of EGCO Group, said the investment aligns with the company's Asset Recycling strategy, channeling capital from fully matured assets into high-quality assets that are already in commercial operation. The AE II plant began commercial operation in 2011 and is located in Queens, less than 2 miles from LaGuardia Airport, within the Zone J load center of the New York Independent System Operator, or NYISO. It holds a long-term tolling agreement with the New York Power Authority, or NYPA, the largest state public power organization in the United States, which provides stable revenue and cash flow that is not subject to fuel price volatility. The investment will strengthen the company's US asset portfolio, its second growth base alongside the Linden Cogen plant, the Compass Portfolio, and the Apex Clean Energy and Pinnacle II renewable power plant groups, in order to serve growing electricity demand from AI technology and data centers, as well as the transition to clean energy.

Impact on stocks 1

Energy Transition & Power Demand▲ · 1 stocks

Theme Impact 2

Off-coverage companies 5

Astoria Energy II LLCPrivate▲ Positive
Capitalrelevance

Astoria Energy II is the target asset being acquired, with its 45.05% stake sold to EGCO, bringing new ownership capital into the plant.

EGCO New York, LLCPrivate▲ Positive
Capitalrelevance

EGCO New York, LLC is the subsidiary through which EGCO makes the acquisition of the 45.05% AE II stake.

Gulf Pacific Power, LLCPrivate± Mixed
Capitalrelevance

Gulf Pacific Power is the seller of the 45.05% AE II stake to EGCO, a divestment whose impact on the fund is unclear.

Cogen Technologies Linden Venture, L.P.Private± Mixed
relevance

Harbert PowerPrivate± Mixed
relevance

Related news

2impact 4

Trump Signs Russia-Iran Sanctions Law, Authorizing Tariffs of Up to 100%

US President Donald Trump signed into law a Russia sanctions bill on Friday, September 18. The law grants authority to expand sanctions, impose customs duties and various prohibitions against Russia, while renewing existing sanctions on Iran. The law, named the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, imposes sanctions on Russian officials, Russian banks and vessels used to transport energy from Russia, and gives Trump the authority to levy tariffs of up to 100% on goods from the five countries that import the most oil or natural gas from Russia. It also extends the Iran Sanctions Act for another five years to maintain sanctions targeting Iran's energy and weapons sectors. The US House of Representatives passed the bill on Wednesday, September 16, after the Senate approved it on August 7. The law is a major achievement carrying on the legacy of Lindsey Graham, the former senator who championed the bill and died in July after a sudden illness. However, the bill faced more division in the House than in the Senate, with three Democratic members of the House saying in a joint statement recently that the law may do more harm than good because it greatly increases Trump's power to set tariffs but does not compel him to impose sanctions on Russia.
Energy Transition & Power Demand Defense & Geopolitical Fragmentation
InfoQuest·1hRead more →
▼impact 4

Eknat Unveils Energy Restructuring Plan, Reserving 10,000 Megawatts of Rooftop Solar for the Public

Energy Minister Eknat Prompan has unveiled a major energy restructuring plan, under which the government will reserve 10,000 megawatts of rooftop solar generating capacity specifically for the public, set at roughly 5 kilowatts per household, to spread the right across households nationwide. Under the new approach, the state will buy back surplus power and apply it as a discount on the same billing cycle's electricity bill. A 5-kilowatt system can generate about 600 to 700 units per month, worth roughly 2,000 baht or more, and the state will provide a subsidy of 50,000 baht, with the income from the generated power used to pay it off. The equipment is expected to be fully paid off in about 7 to 10 years. On cutting permitting steps, coordination will be handled solely through the distribution utilities, with a target of about 1 week for inspection and acceptance in self-consumption installations, and no more than 1 month in cases of selling power back. For the new Power Development Plan, or PDP, three goals are set: cleanest, most stable, and fairest. It targets raising the share of clean energy from the current level of just over 20% to close to 50% within 10 years, and no less than 65% in the long term, while reducing reliance on spot-market LNG in favor of long-term contracts, and opening the door to future technologies including hydrogen, geothermal, solid oxide fuel cells, and small modular nuclear reactors, or SMRs. Meanwhile, the public electricity cost that has been embedded in the power tariff structure for 30 to 40 years amounts to a burden of about 18 billion baht per year. The government has removed this burden from the structure and has already implemented a measure capping the first 200 units of household electricity at 3 baht per unit.
Energy Transition & Power Demand ▲
InfoQuest·2hRead more →
2impact 4

US Enacts Sanctions Law Against Russia, Tariffs of Up to 100% on Crude Oil Buyers

A law imposing sanctions tariffs of up to 100% on major countries that purchase crude oil and natural gas from Russia, which continues its invasion of Ukraine, was enacted in the United States on the 18th, and President Trump signed the bill. It imposes tariffs of up to 100% on the top five countries purchasing Russian crude oil and natural gas, with China and India in mind. Sanctions will also be imposed on countries that help Russia evade energy sanctions. For natural gas, a special exception was established to exempt from sanctions countries whose imports of Russian gas remain below 15% of Russia's annual exports and which are taking measures to reduce their purchases.
BRENT ▲WTI ▲NATGAS
Energy Transition & Power Demand Defense & Geopolitical Fragmentation
Jiji Press·4hRead more →
© 2026 MarketDXNews