BCPG Plc, the clean power generation arm of energy conglomerate Bangchak Group, continues to expand its business in the US by acquiring a 40% share in Carroll County Energy LLC, which operates a combined-cycle power plant in Ohio.
The company, through its wholly-owned BCPG USA Inc, bought shares from 730 Carroll LLC, which holds a 100% stake in Carroll County Energy.
The acquisition was approved by the BCPG board on May 22 and the share purchase deal, with a value not exceeding 5.03 billion baht, was completed on Aug 4, said Niwat Adirek, chief executive and president of BCPG.
"The investment in Carroll County Energy is a good opportunity to gain stable revenue, thanks to the power plant serving the energy needs of the PJM [Pennsylvania-New Jersey-Maryland]," he said.
PJM is the wholesale electricity market for 13 states -- Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia -- and the District of Columbia.
The newly acquired power plant, located in Carroll County, is based on combined-cycle technology, which uses both gas and steam turbines to generate electricity.
Its power generation capacity stands at 700 megawatts.
Capacity based on BCPG' shareholding is 280MW.
Mr Niwat said the facility has efficient power generation and uses low fuel consumption, making it more competitive in terms of energy prices in the market.
BCPG has so far invested in four natural gas-fired power plants in the US, operated by Carroll County Energy and South Field Energy LLC in Ohio, as well as Hamilton Liberty LLC and Hamilton Patriot LLC in Pennsylvania.
According to BCPG, the company's total capacity of power plants in all countries it invested in is 2,024MW.
Earlier BCPG also acquired the entire shareholding in Asia Link Terminal Co, a provider of oil storage services, in a move aimed at expanding its businesses related to oil terminal and seaport projects.
Asia Link is a unit of Singapore-based Pan Asia Storage & Terminal Co, a logistics service provider that runs businesses across Asia.
Asia Link operates oil terminal and seaport businesses in Phetchaburi.