Mitsui acquires additional stake in Astoria power project I

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Mitsui acquires additional stake in Astoria power project I

Mitsui & Co., Ltd. has acquired an approximately 16% economic interest in the 500-MW Astoria I power generation project from a subsidiary of SNC-Lavalin Group Inc..

Mitsui has been participating in the project since October 30, 2013 and hold an approximately 37% economic interest in total by this acquisition. GDF Suez holds a 45% stake in the project, East River holds a 13% stake and the remaining 5% is holding by AE Investor-

The project is an IPP (independent power producer) business 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, a utility of the region, under a power purchase agreement (PPA) through May 2016. After the term of the PPA, the project plans to sell electricity to the New York electricity market.

The project commenced commercial operation in May 2006, and is anticipated to contribute to a 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.

In the U.S., Mitsui is promoting shale gas related businesses such as shale gas exploration & production (E&P), liquefied natural gas (LNG) export, chemical manufacturing including methanol as well as gas distribution. Given the project's flexibility in gas procurement, project funding and power sales arrangement, Mitsui will pursue new business opportunities by exercising and leveraging Mitsui's comprehensive strengths and functions in different business fields, such as a potential fuel management service for the project via our subsidiary that is engaged in the gas distribution business.

Share this news