Thai firm Banpu buys Texas power plant
A major Thai power producer is all in on America. Energy conglomerate Banpu Group has invested $430 million to acquire the Temple 1 power plant in Texas as part of its strategy to expand “high efficiency, low emission” energy technology.
The acquisition is the latest example of the growing profile and global scope of leading Thai corporations. While the Kingdom is known chiefly for its ability to attract foreign investment and as a welcome home for multinational manufacturers, Thai corporations have displayed greater aspirations in recent years than simply dominating their domestic markets.
“The deal was consummated with the purchase of a 100 percent share in Generation Intermediate Holdings II LLC, which runs the Temple 1 power plant in Texas,” said Somruedee Chaimongkol, CEO of Banpu.
According to Somruedee, the Temple 1 power plant is a combined cycle gas-fired power plant with electricity generation capacity of 768 megawatts. The plant began operation in July 2014. It is equipped with gas transportation and gas storage facilities.
These allow for efficient cost management and increases flexibility in power generation,.
She added that the purchase makes Banpu one of the top 20 natural gas exploration and production companies in the U.S.
Banpu was founded in 1983 and has three core businesses: energy resources; energy generation, (conventional and renewable) and energy technology (wind and solar solutions, storage systems).
The company is a member of the Dow Jones Sustainability Index, received the Sustainability Awards Honor and was listed as a Thailand Sustainability Investment by the Stock Exchange of Thailand.
Photo courtesy of https://www.banpupower.com/