Valued at $1bn, the New York City-based gas-fired combined cycle power station currently supplies power to a subsidiary of Consolidated Edison, under a power purchase agreement (PPA) that runs until May 2016.
Following the term of the PPA, the 500MW plant, which commenced its commercial operation in May 2006, will sell electricity to the New York electricity market.
Aimed at strengthening the global partnership between GDF SUEZ and Mitsui, the transaction represents the second collaboration between the two companies following Mitsui’s participation in a 680MW renewable generation portfolio developed by GDF SUEZ in Canada in 2012.
With the latest acquisition, GDF Suez now owns 38% of Astoria I, while the remaining 41.4% is held by three local investors, including AE Investor, 25%, SNC-Lavalin Group, 12.3%, and East River, 4.1%, Reuters reports.
