EGCO Group Continues Asset Recycling Strategy, Expands US Base with 45% Acquisition of 615 MW CCGT Power Plant “Astoria Energy II” in the Heart of New York City
Electricity Generating Public Company Limited or EGCO Group underscores the success of its “POWER4” strategy and expertise in asset recycling by announcing the indirect acquisition of a 45.0549% stake in Astoria Energy II (AE II), a 615-megawatt combined-cycle gas turbine (CCGT) power plant in New York City, USA, through its subsidiary EGCO New York, LLC. This acquisition reflects the company’s proactive capital allocation capability - deploying cash proceeds from asset recycling into high-quality core assets secured by a long-term Tolling Agreement with the New York Power Authority (NYPA). The deal guarantees immediate and stable cash flow generation, strengthening EGCO Group’s investment portfolio in the United States, which serves as the company’s second growth platform.
Mr. Tawatchai Sumranwanich, President of EGCO Group, stated, “This investment in Astoria Energy II (AE II) clearly demonstrates EGCO Group’s disciplined execution of our asset recycling strategy. We are redeploying capital and liquidity generated from mature assets into high-quality and operational assets that deliver immediate revenue. This approach enhances our return on equity and reinforces the stability of our overall cash flow.”
“EGCO New York, LLC, a wholly owned subsidiary of EGCO, entered into a Purchase and Sale Agreement with Gulf Pacific Power, LLC (GPP), a private equity fund managed by Harbert Power, the power investment vertical of Harbert Management Corporation, on 16 September 2026 to acquire an indirect 45.0549% interest in Astoria Energy II LLC (AE II). This investment not only creates immediate value for our shareholders but also secures a strategic footprint in one of the world’s highest-demand energy markets,” Mr. Tawatchai added.
3 Strategic Highlights: AE II, a Premium Asset in the Heart of New York City
Astoria Energy II (AE II) is a 615-MW combined-cycle gas-fired power plant (CCGT) that commenced commercial operations in 2011. It possesses three key financial and operational strengths:
- Strategic Location: Situated in the heart of New York City’s borough of Queens, less than 2 miles from the LaGuardia Airport. The plant is located in the heart of Zone J under the New York Independent System Operator (NYISO) - a key load center characterized by significant spatial constraints.
- Price-Risk-Free Revenues via NYPA Tolling Agreement: AE II supplies energy, capacity and ancillary services under a tolling agreement to the New York Power Authority (NYPA), the largest state public power organization in the United States. This contract ensures steady, reliable revenue and cash flows for EGCO Group, fully insulated from fuel price fluctuations.
- High-Efficiency Power Plant Supporting Energy Transition & AI Demand: As one of the newest and most efficient CCGT power plants in NYC’s Zone J, AE II serves as a significant baseload facility providing essential grid flexibility.
Extending the New S-Curve in the US Toward Gold-Standard Growth
Mr. Tawatchai concluded “The United States represents EGCO Group’s second key strategic market. Acquiring a stake in AE II - when combined with our existing asset portfolio, including the Linden Cogen power plant, Compass Portfolio and our renewable energy plants - Apex Clean Energy and Pinnacle II - establishes a strong business position for EGCO Group. This enables us to capitalize on surging power demand driven by AI technology and Data Centers, as well as the ongoing transition to clean energy in the US.”
“This transaction reaffirms the strong leadership and execution capabilities of EGCO Group’s management team, who remain agile in driving growth while maintaining strict financial discipline to maximize shareholder value and investor confidence over the long term.”
About EGCO Group
As of 18 September 2026, EGCO Group has a total equity contract capacity of 6,791 MWe (comprising both operating assets and projects under construction), with renewable energy accounting for 1,648 MWe (representing 24% of the total capacity) across biomass, hydropower, solar, onshore and offshore wind, fuel cells, and battery energy storage systems. Beyond the power business, EGCO Group operates energy-related businesses covering fuel and utilities infrastructure, customer solutions, and startup businesses. Its power and energy-related investments span 7 countries: Thailand, Lao PDR, the Philippines, Indonesia, South Korea, Taiwan, and the United States. EGCO Group has been selected for the global Dow Jones Best-in-Class Indices (DJ BIC) 2026 in the Electric Utilities category for the Emerging Markets Index, achieving the highest score in its peer group. It has also been included in the Dow Jones Sustainability Index (DJSI) for five consecutive years.
