SET-listed BCPG, the power generation arm of energy conglomerate Bangchak Corporation, has completed the purchase of two more gas-fired power plants in Pennsylvania for 8.9 billion baht as it continues to increase electricity generation capacity in the US.
The company signed an agreement to buy a 25% share in Hamilton Holdings II Llc from Franklin Power Holdings in April, said Niwat Adirek, chief executive and president of BCPG.
The investment was made through BCPG's wholly-owned BCPG USA Inc.
Hamilton Holdings II operates the 848-megawatt Hamilton Liberty combined-cycle power plant in Asylum County and 857MW Hamilton Patriot combined-cycle power plant in Clinton County.
BCPG will have additional capacity of 426MW, based on its shareholding, following the acquisition of the two assets, he said.
Earlier in February, the company bought an 8.7% share in 700MW Carroll County Energy and a 7.6% share in 1,182MW South Field Energy for 3.97 billion baht, both gas-fired power plants.
These two facilities added 151MW of capacity to BCPG's energy portfolio.
Combined with the two new assets, the total power generation capacity based on the company's shareholding stands at 577MW.
BCPG spent part of its 2023 budget worth 39 billion baht on asset acquisitions.
Mr Niwat said 77% of the budget will be spent on new development projects, with 23% going to asset acquisition.
The company allocated the budget for business expansion in domestic and overseas market this year.
BCPG has expanded to China, Japan, Laos, the Philippines and Taiwan thus far.
The company is looking for a new opportunity in Thailand as the government announced it wants to utilise more clean energy as part of its campaign to reduce carbon dioxide emissions.
Energy authorities plan to have renewable energy make up 50% of fuels used for electricity generation in 20 years, up from 12% last year.
The company is also planning to build a battery factory for medium-sized industries, electric motorcycles and households by partnering with Xiamen Ampace Technology Co.
Xiamen Ampace Technology, a joint venture between Hong Kong-based Amperex Technology and Contemporary Amperex Technology Co, runs a lithium-ion battery business, covering R&D, manufacturing, sales and services in three major fields: energy storage systems, micro-electric vehicles and power batteries.