Mitsui & Co., a Japanese trading company, bought a 20.6 percent stake in a $1 billion power station in New York City from GDF Suez of France.
The project will supply electricity from the 575-megawatt gas-fired power plant to a unit of Consolidated Edison Inc. until May 2016, the Tokyo-based company said in a statement on its website. After that, it will sell power to the city’s electricity market.
The deal is part of an effort to deepen its global alliance with GDF Suez in electricity and liquefied natural gas, Mitsui said. The Japanese company is also expanding in U.S. shale gas production, LNG exports and petrochemicals manufacturing.
The Astoria power plant in New York started commercial operation in May 2006, Mitsui said. GDF Suez will now hold a 38 percent stake in the project and three local investors the remaining 41.4 percent, it said.