
SET-listed Electricity Generating (Egco), the power generation arm of the Electricity Generating Authority of Thailand, has decided to sell its entire stake in Boco Rock Wind Farm Pty in Australia under a plan to restructure its investment portfolio.
The share sale is aligned with Egco's strategy emphasising portfolio management for asset recycling to create long-term continuous growth.
"The proceeds from the divestment will further strengthen our cash flow and enable Egco to reinvest in other high-potential projects", said Jiraporn Sirikum, president of Egco.
Egco invested in the 113-megawatt Boco Rock Wind Farm, which has 67 wind turbines and is located in the state of New South Wales, in June 2013.
The wind farm commenced commercial operations in November 2014. It operates and generates electricity under a 15-year power purchase agreement with EnergyAustralia Pty, one of the country's leading retailers, providing gas and electricity to more than 2.6 million customers.
According to Egco, its exit from the Boco Rock Wind Farm followed an achievement concerning the long-delayed development of the Yunlin Offshore Wind Farm in Taiwan, in which Egco announced the successful operation of all 80 wind turbine generators with a total capacity of 640MW.
This achievement resulted in the Yunlin Offshore Wind Farm being one of Taiwan's largest offshore wind farms, powering over 600,000 homes in the country annually.
"The decision to sell our shareholding in the Boco Rock Wind Farm is part of our 'Triple P' strategy," said Ms Jiraporn.
Under the Triple P strategy, Egco focuses on profitability, power-related businesses as well as portfolio and people management.
Egco is selling the shares via its wholly owned subsidiary to Tilt Renewables.
The transaction process is set to close in the first quarter of this year.
Ms Jiraporn said Egco will continue to focus on expanding power generation capacity domestically and internationally, including renewable energy and gas-fired projects, in support of an energy transition towards cleaner energy.