Gulf Pacific Power Sold Astoria Energy II Stake
The firm agreed to divest its 45 percent interest in the Queens natural gas plant to EGCO New York.
Updated on Sept. 22, 2026 in Oil and Gas
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Gulf Pacific Power has entered an agreement to sell a 45.0549 percent indirect equity interest in the Astoria Energy II power plant to EGCO New York. The 615-megawatt facility in Queens provides power and capacity to the New York Power Authority.
Why it matters
The divestment represents a significant shift in ownership for one of the city's key power generation assets. By offloading this stake, Harbert Management Corp. is adjusting the portfolio of the Gulf Pacific Power fund.
The transaction concerns a 45.0549 percent stake in the Astoria Energy II facility. The plant operates as a 615-megawatt combined-cycle natural gas-fired site.
The players
Gulf Pacific Power
This investment fund is managed by Harbert Management Corp. and held the stake in the Astoria energy facility.
EGCO New York
The company is a subsidiary of EGCO Group and serves as the purchaser of the equity interest.
New York Power Authority
This entity acts as the primary recipient of energy and capacity supplied by the Astoria Energy II power plant.
The details
EGCO New York, a subsidiary of the Thailand-based EGCO Group, finalized the purchase agreement with Gulf Pacific Power on September 16. The plant remains a critical supplier for the New York Power Authority.
Timeline
September 16, 2026: The purchase and sale agreement was officially signed.
Market Landscape
The sale follows a pattern where private equity funds shift assets within the complex regulatory and transition landscape established by the state's climate legislation. This acquisition allows EGCO New York to expand its footprint in the regional energy sector through the ownership of established generation capacity.
The change in ownership is not expected to disrupt the daily operations or energy supply provided to the New York Power Authority. Customers should notice no immediate changes to their utility services or pricing as a result of this corporate transaction.
The takeaway
This transaction underscores the ongoing turnover of power generation assets among institutional investors. Stakeholders should monitor whether such ownership changes influence long-term operational strategies at local power facilities.
Further reading
Learn more about local utility transitions in the Oil and Gas section.
Source note: This article includes information reported by Institutional Real Estate, Inc..
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