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

M&A · PartnershipCommodity
โดย Kaohoon·USTH·Read original
Summary · why it matters

Electricity Generating Public Company Limited, or EGCO, informed the Stock Exchange of Thailand that EGCO New York, LLC, a wholly owned subsidiary of EGCO, signed a share purchase agreement with Gulf Pacific Power, LLC (GPP) on 16 September 2026 to acquire an indirect 45.0549% stake in Astoria Energy II LLC (AE II), the owner of a natural gas-fired combined-cycle power plant with a generating capacity of 615 megawatts located in Queens, New York, United States, which began commercial operation in July 2011 and sells electricity under a long-term tolling agreement with the Power Authority of the State of New York (NYPA) in the NYISO Zone J electricity market. The transaction will be completed after the conditions in the agreement are met and approval is obtained from the relevant regulatory authorities. This transaction qualifies as a Category 2 acquisition of assets, with the maximum transaction size based on the net operating profit criterion at 48.7%, while the total value of consideration criterion does not exceed 7.0% and the net tangible assets (NTA) criterion is 1.3%. However, EGCO has not yet disclosed the transaction value or purchase price at this time, as the amount payable may be adjusted according to the share purchase documents and related factors, which could cause the final value to differ from current figures, and disclosure of information at this stage could affect negotiating leverage and the transaction closing process. As for funding sources, EGCO expects to use internal cash flow together with loans, and expects the investment to allow EGCO to recognize additional revenue immediately, while generating steady cash flow and revenue from the long-term tolling agreement with NYPA, as well as helping to expand EGCO's growth in the United States energy market.

Impact on stocks 1

Energy Transition & Power Demand▲ · 1 stocks

Theme Impact 1

Off-coverage companies 3

Astoria Energy II LLCPrivate± Mixed
Capitalrelevance

Astoria Energy II is the target whose 45.0549% indirect stake is being sold by Gulf Pacific Power to EGCO, but no price or terms are disclosed.

EGCO New York, LLCPrivate▲ Positive
Capitalrelevance

EGCO New York, LLC, the wholly owned EGCO subsidiary, is the signatory acquiring the indirect 45.0549% stake in Astoria Energy II.

Gulf Pacific Power, LLCPrivate± Mixed
Capitalrelevance

Gulf Pacific Power, LLC is the seller signing the share purchase agreement, but the article gives no terms or impact on GPP.

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