Thailand’s EGCO anticipates major returns from US clean energy investment
Electricity Generating (EGCO), a subsidiary of the state-run Electricity Generating Authority of Thailand, anticipates significant revenue from its investment in Apex Clean Energy Holdings LLC. The company’s president, Thepparat Theppitak, expressed optimism about the potential benefits generated by Apex in the coming years, especially since the United States, where Apex runs its projects, is one of the world’s largest markets for clean energy.
In 2021, EGCO secured a 17.4% share in Apex, paving the way for a strategic alliance and promising new revenue streams from Apex’s existing and future projects. Thepparat believes that, in collaboration with Apex, EGCO will reap dividends from numerous clean and renewable energy projects developed and operated by Apex.
Apex is currently committed to developing and operating 242 projects with a combined electricity generation capacity of 53,767 megawatts. Among these are the Great Pathfinder wind farm and the Mulligan solar farm, which are already in operation.
Additionally, Apex is developing 19 energy storage systems, 139 solar farm projects, and 77 wind farm projects. The company is also gearing up to develop another five projects, including one wind farm, two solar farms, and two energy storage systems, reported Bangkok Post.
Thepparat disclosed that EGCO has the option to maintain its investment in Apex until the end of the concession periods for Apex’s clean energy projects or to sell its shares.
According to EGCO, the US government aims to increase its renewable power capacity to 1,000 gigawatts by 2030. In line with this objective, EGCO had earlier announced plans to purchase two more energy assets in the US to boost its electricity generation capacity by 1,000MW annually. One of these assets will be a fossil fuel-fired power plant and the other a renewable power plant.
In the first half of this year, EGCO added 101MW of new capacity, meaning it requires almost 900MW more to achieve its annual target.
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