In addition, the company last year acquired a 30% ownership interest in the new 575MW Astoria Energy II project, a natural gas-fired facility currently under construction. The Astoria Energy II facility will supply 100% of its generating capacity to the New York Power Authority (NYPA) under a 20-year power purchase agreement (PPA).
GDF Suez serves as the plant operator and asset manager of Astoria Energy I and will do the same for Astoria Energy II when it begins commercial operation.
Zin Smati, president and CEO of GDF Suez Energy North America, said: “Our increased investment in Astoria I puts us on a path toward building an even more meaningful participation in the high-value electricity market of metropolitan New York.
“The technology, location, and long-term supply contracts of the Astoria Energy facilities are all solid assets, and are well positioned to meet a strong demand for environmentally sound, in-city power production.”
The majority of Astoria Energy I’s capacity will be purchased by ConEdison of New York under a 10 year PPA.
