Thai Power Giant EGCO Buys New York Plant for AI Boom
Thai energy giant EGCO has acquired a 45% stake in a 615-megawatt natural gas power plant in New York City to capitalize on growing AI and data center demand, securing stable long-term revenue through a contract with the state's largest uti
EGCO Group has acquired a 45.0549% indirect stake in Astoria Energy II (AE II), a 615-megawatt combined-cycle natural gas power plant in New York City, through its subsidiary EGCO New York LLC, signaling the company's disciplined asset recycling strategy. EGCO CEO Thawatchai Samranjvanich announced the deal, signed on September 16, 2025, with Gulf Pacific Power LLC (managed by Harbert Power), marking a clear execution of the company's strategy to redeploy capital from mature assets into premium infrastructure holdings that generate immediate cash flow and stable returns.
The Astoria Energy II facility offers three strategic advantages: a prime location in Queens, just under two miles from LaGuardia Airport in New York's constrained Zone J transmission zone; stable, price-risk-free revenue through a long-term tolling agreement with the New York Power Authority, the largest public utility in the United States; and efficient technology as one of the newest, highest-efficiency combined-cycle plants in the zone, positioned to support both the energy transition and growing artificial intelligence and data center demand.
The investment represents EGCO's second major growth pillar in the United States, reinforcing the company's presence in one of the world's highest-demand energy markets. By recycling capital from mature assets into this premium, immediately operational facility, EGCO aims to enhance shareholder returns and strengthen the stability of its cash flow generation, cementing its success under the Power4 strategic initiative.
