Gulf Pacific Power (GPP), a fund managed by Harbert Management Corp.’s power strategy, has agreed to sell a 45 percent indirect equity interest in Astoria Energy II (AE II).
AE II is a 615-megawatt combined-cycle natural gas–fired power plant located in the Queens borough of New York City. AE II supplies energy, capacity and ancillary services under a tolling agreement with the New York Power Authority.
On Sept. 16, GPP entered into a purchase and sale agreement with EGCO New York, a wholly owned subsidiary of EGCO Group, to sell its 45.0549 percent indirect ownership interest in AE II. Financial terms were not disclosed.
“This transaction reflects our approach to investing in high-quality power assets and working alongside our partners to support their performance over time,” said Claude Estes, head of Harbert Power. “We continue to see attractive opportunities across the North American power sector to invest in assets that support growing load and th
