September 2026 - Gulf Pacific Power Agrees to Sell 45% Stake in New York Power Plant

Birmingham, AL September 18, 2026 – Gulf Pacific Power (“GPP”), a fund managed by Harbert Power, today announced that it has entered into an agreement to sell a 45% indirect equity interest in Astoria Energy II LLC (“AE II”), a 615 MW combined-cycle natural gas-fired power plant in New York.

Located in Queens, New York City, AE II supplies energy, capacity, and ancillary services under a tolling agreement with the New York Power Authority.

“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 the potential to deliver attractive risk-adjusted returns for our investors.” 

On September 16, 2026, GPP entered into a Purchase and Sale Agreement with EGCO New York, LLC, a wholly owned subsidiary of EGCO Group, to sell its 45.0549% indirect ownership interest in AE II. The transaction remains subject to closing conditions. Morgan Stanley & Co. LLC served as financial advisor to GPP.

Harbert Power has invested in the power sector for four decades and has deployed more than $13 billion in capital across power generation assets. Harbert Power focuses on investing in North American assets utilizing proven technologies that have the potential to deliver attractive risk-adjusted returns, reliable income and opportunities for long-term growth.

About Harbert Management Corporation

Harbert Management Corporation is an alternative asset manager with approximately $7.8 billion in Regulatory Assets Under Management as of August 31, 2026. Formed in 1993, the firm is privately owned and serves a variety of institutional investors across multiple asset classes. Investment strategies include seniors housing, European and U.S. real estate, power, growth capital, and credit solutions. For additional information, visit www.harbert.net.

Media Contact: Danny Isralowitz/Ellie Stevens | Dukas Linden Public Relations | HMC@dlpr.com