EGCO acquires 45.0549% stake in the 615 MW Astoria Energy II gas-fired power plant in New York

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Summary · why it matters

Electricity Generating Public Company, or EGCO, announced the indirect acquisition of a 45.0549% stake in the Astoria Energy II natural gas combined-cycle power plant, or AE II, with a capacity of 615 megawatts, in New York City, United States, through its wholly owned 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 16 September 2026. This investment is part of EGCO's Asset Recycling strategy, which channels capital from the rotation of fully matured assets into premium infrastructure assets that are already in commercial operation. The AE II plant 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, and sells electricity under a long-term tolling agreement with the New York Power Authority, or NYPA, the largest state public power organization in the United States. This gives EGCO stable revenue and cash flow that is not subject to fuel price volatility. Thawatchai Samranwanich, President of EGCO, said the investment will be integrated with the company's existing US asset portfolio, including the Linden Cogen power plant, the Compass Portfolio, and the Apex Clean Energy and Pinnacle II renewable power plant groups, to serve growing electricity demand from AI and data center technologies, as well as the transition to clean energy in the United States, which is the company's second growth base.

Impact on stocks 1

Energy Transition & Power Demand▲ · 1 stocks

Theme Impact 1

Off-coverage companies 4

Astoria Energy II LLCPrivate▲ Positive
Capitalrelevance

Astoria Energy II is the target asset whose 45.0549% stake is being acquired by EGCO, bringing new ownership capital into the plant.

Gulf Pacific Power, LLCPrivate± Mixed
Capitalrelevance

Gulf Pacific Power, LLC is the seller of the 45.0549% AE II stake, but no financial terms or impact on GPP are disclosed.

Harbert PowerPrivate± Mixed
Capitalrelevance

Harbert Power's affiliate GPP is the seller of the AE II stake, but the article gives no detail on the impact to Harbert Power itself.

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

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