Thai energy firm scouting clean energy investments in the U.S.
A subsidiary of the state-run Electricity Generating Authority of Thailand (EGAT) is searching for more renewable energy investments in the U.S. where it believes the market has great growth potential.
Electricity Generating Company Ltd. (EGCO), listed on the Stock Exchange of Thailand, purchased a stake last month in Apex Clean Energy Holdings LLC, which builds, owns and operates wind, solar and other renewable energy projects in the U.S. EGCO bought nearly 18 percent of the firm for an undisclosed amount.
The purchase is another example of successful Thai companies expanding their global reach and gaining a presence in more advanced and major markets.
Apex Clean Energy Holdings said that it has 2,381 megawatts of renewable energy under its management, and has financed clean energy projects currently producing 7,276 megawatts of power.
Thepparat Theppitak, President of EGCO, said that the investment was its first in renewable energy in the U.S. The company has already invested in a 972-megawatt gas-fired plant in New Jersey. But Thepparat believes that clean energy has more upside for expansion than fossil fuel driven power plants.
He noted that the U.S. is aiming to generate 1,000 gigawatts of electricity from renewable energy sources nationwide during the next 15 years. President Joseph Biden’s recently passed infrastructure investment bill has a strong clean energy component as part of its pillar to fight climate change.
Thailand is the leader in Southeast Asia in solar and wind power.
EGCO has pledged to reach net-zero carbon neutrality by 2050. The company has adopted a “Cleaner, Smarter and Stronger to Drive Sustainable Growth” strategy, with the goal of transforming into a low-carbon business.
Photo courtesy of: https://www.egco.com/en/news-update/2021/apex-investment