Japan’s Mitsui & Co. Ltd. said Oct. 31 that it has acquired a 20.6% interest in the Astoria I power generation project in New York City from GDF SUEZ Energy North America, a subsidiary of the global energy group GDF SUEZ S.A.
The 575-MW (nameplate) project overall is valued at about US$1bn. It is an independent power producer that operates a gas-fired combined cycle power station in New York City, one of the major power consuming regions in the U.S.
The project currently supplies power to a subsidiary of Consolidated Edison under a power purchase agreement (PPA) through May 2016. After the term of the PPA, the project is planned to sell electricity to the New York market.
The project commenced commercial operation in May 2006, and is anticipated to contribute to the stable power supply as a state-of-the-art power plant, supporting the expected further growth in electricity demand in the region for years to come, Mitsui noted.
This project deal strengthens the global partnership between GDF SUEZ and Mitsui, which covers power generation and liquefied natural gas (LNG) export businesses across 12 countries worldwide. As for power projects in North America, this project is the second collaboration between GDF SUEZ and Mitsui after Mitsui’s participation in a 680-MW renewable generation portfolio developed by GDF SUEZ in Canada in 2012.