Thailand’s Electricity Generating (Egco) to acquire more assets throughout rest of year

Construction News

Thailand’s Electricity Generating (Egco) to acquire more assets throughout rest of year

The Egco-owned Nam Theun 1 hydropower plant in Laos sold less electricity in the second quarter.

SET-listed Electricity Generating (Egco), the power generation arm of state-run Electricity Generating Authority of Thailand, will acquire more energy assets throughout the rest of this year to achieve its target of increasing electricity generation capacity by 1,000 megawatts per year.

During the first six months of this year, the company added 101MW of new capacity, so it needs almost 900MW more in order to achieve its goal, said president Thepparat Theppitak.

The company wants to acquire two assets in the US and two assets in Asean.

All power generation facilities which are now in operation use natural gas and renewable forms of energy.

Mr Thepparat said Egco is in talks with companies and conducting a review of due diligence of the new assets. The purchases should be concluded within this year.

Egco earlier increased its capacity from investment in an offshore wind farm in Taiwan, with capacity of 44MW, and Apex Clean Energy in the US, with capacity of 57MW.

The company owns a 17.4% share in Apex, which is developing another five renewable energy-related projects — two solar farms, two energy storage systems and a wind farm.

Egco aims to achieve a net-zero target, a balance between greenhouse gas emissions and absorption, by 2050 by increasing its clean energy proportion to 30% of all fuels within 2030.

Egco posted revenue of 15.6 billon baht in the second quarter of this year, a year-on-year increase of 2% from the same period last year.