Electricity Generating Acquires 45% Stake in US-based Astoria Energy

MT Newswires Live

Sep 18

EGCO New York, a wholly-owned subsidiary of Electricity Generating (SET:EGCO), has agreed to acquire a 45% stake in US-based Astoria Energy from Gulf Pacific Power, a private equity fund managed by Harbert Power, according to a Thursday filing to the Thai stock exchange.

Astoria Energy owns a 615 MW combined-cycle natural gas-fired power plant in New York.

EGCO said the investment was accretive and aligned with its strategy of acquiring high-quality gas-fired power assets while strengthening its position in US energy markets.

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