EGCO buys 45% of New York gas plant to expand US power reach

What's the deal? Electricity Generating Public Company (EGCO)Dealroom has a profile for this one. Try Dealroom → is acquiring a 45.0549% indirect interest in Astoria Energy II LLCDealroom has a profile for this one. Try Dealroom →, which owns a 615MW natural gas-fired power plant in Queens, New York. The Thai power producer's US subsidiary, EGCO New YorkDealroom has a profile for this one. Try Dealroom →, signed a Purchase and Sale Agreement with Gulf Pacific PowerDealroom has a profile for this one. Try Dealroom → on September 16, 2026. The deal value was not disclosed.

What's the endgame? The move fits EGCO's strategy of acquiring high-quality gas-fired power facilities. It also deepens the company's footprint in US power markets, where it says it is engaging with the country's energy security goals.

Why now? The plant, a combined-cycle facility that began operating in July 2011, supplies energy, capacity, and ancillary services under a long-term tolling agreement. That contract runs with the Power Authority of the State of New York (NYPA)Dealroom has a profile for this one. Try Dealroom →, a public benefit corporation wholly owned by the state.

The signal: EGCO called the purchase an "accretive investment," pointing to steady, contracted cash flows from a state-backed offtaker. For a Thai utility, buying into a New York plant underscores how Asian power producers are looking abroad for stable, long-term assets in mature markets.

Image credit: (vincent desjardins)