EGCO acquires 45.0549% stake in Astoria Energy II power plant in New York City

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Summary · why it matters

Electricity Generating Public Company Limited, or EGCO Group, 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 September 16, 2026. This investment is part of the Asset Recycling strategy under the POWER4 strategy, which directs cash from the recycling of fully matured assets into premium infrastructure assets. The plant holds a long-term Tolling Agreement with the New York Power Authority, or NYPA, guaranteeing immediate and stable cash flow recognition. The AE II plant began commercial operation in 2011 and is located in Queens, less than 2 miles from LaGuardia Airport, within Zone J, the high-demand electricity load center of the New York Independent System Operator, or NYISO, making it one of the newest and most efficient combined-cycle gas turbine plants in Zone J. Thewakchai Samranwanich, President of EGCO Group, stated that this investment will be integrated with the existing asset portfolio, including the Linden Cogen plant, the Compass Portfolio, and the Apex Clean Energy and Pinnacle II renewable power plant groups, giving EGCO Group a strong business position to capture 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 of EGCO's 45.0549% stake acquisition, bringing new ownership investment.

Gulf Pacific Power, LLCPrivate± Mixed
Capitalrelevance

Gulf Pacific Power, LLC is the selling entity in the share purchase agreement, mentioned only as counterparty.

Harbert PowerPrivate± Mixed
Capitalrelevance

Harbert Power's fund GPP is the seller of the Astoria Energy II stake, mentioned only as counterparty.

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

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