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 is planned to sell electricity to the New York electricity market. The Project commenced its 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 the years to come.

The Project strengthens the global partnership between GDF SUEZ and Mitsui, which covers power generation and LNG export businesses across 12 countries worldwide. As for power projects in North America, the Project is the second collaboration between GDF SUEZ and Mitsui after Mitsui's participation in a 680MW renewable generation portfolio developed by GDF SUEZ in Canada in 2012. It signals the ambition of both companies to develop existing assets and expand their cooperation globally.

On October 10th, Mitsui announced the acquisition of a 28% equity stake in GDF's subsidiary, International Power (Australia) Holdings Pty Ltd (IPAH), which owns and operates the power generation business as well as the power and gas retail business in Australia.

In the U.S., Mitsui is promoting shale gas related businesses such as the shale gas exploration & production (E&P), liquefied natural gas (LNG) export, chemical manufacturing including methanol as well as gas distribution. Furthermore, on October 1, Mitsui established the Shale Gas Division to exploit shale gas related business opportunities in addition to the current shale gas upstream development.

Mitsui will own a 20.6% stake, GDF SUEZ - 38 %, AE Investor - 25 %, SNC Lavalin - 12.3 % and East River -4.1 %.