SET-listed Electricity Generating Plc (Egco), a subsidiary of state-run Electricity Generating Authority of Thailand, looks forward to bright business prospects in its renewable power business in the US, following the latest investment in Apex Clean Energy Holdings LLC, a leader in clean energy project development, sales and operation.
Egco purchased a 17.46% share in the company in October.
Thepparat Theppitak, president of Egco, said the purchase agreement not only makes Egco a partner of Apex but also enables Egco to gain benefits from assets to be developed and operated by Apex in the future.
The value of the deal was not disclosed.
Mr Thepparat said the investment in Apex marks the first renewable energy investment by Egco in the US, one of the largest single country markets for installed wind and solar capacity.
The US has a vast number of potential investment opportunities from among several hundred gigawatts of renewable capacity expected to enter the market during the next decade.
Washington aims to produce 1,000 gigawatts of electricity from renewable energy sources nationwide in the next 15 years.
Egco earlier invested in a 972MW gas-fired plant in Linden Cogen in New Jersey.
The Apex and Linden Cogen investments are expected to give Egco a rapid growth in utility-scale power development.
The investment in Apex is also in line with Egco's "Cleaner, Smarter and Stronger to Drive Sustainable Growth" strategy, which targets carbon neutrality by 2050 in support of global low-carbon objectives.
"We have set a goal to become carbon neutral within 2050 and reduce carbon emission by 10% by 2030, " said Mr Thepparat.
