SET-listed Electricity Generating (Egco), a power generation arm of Electricity Generating Authority of Thailand, has acquired a 49% share in clean power projects in the US, stepping up efforts to reach its goal of having renewable energy assets account for 30% of the company's total assets within five years.
The company wants renewable assets to form 30% of assets in its portfolio by 2030, up from 22% at present, said Jiraporn Sirikum, president of Egco.
The new share acquisition, which commenced in April, was completed recently.
Egco clinched a deal with Apex Pinnacle II Member Llc to buy a 49% share in its Pinnacle II Portfolio, which comprises a wind farm and a solar farm.
Apex Pinnacle II Member is an affiliate of Apex Clean Energy Holdings Llc.
"The investment in the Pinnacle II Portfolio will support the continued balanced expansion of Egco Group's position in the US power market," said Ms Jiraporn.
In the Pinnacle II Portfolio, the 126-megawatt wind farm, named Downeast Wind, is located in Maine, operating within the ISO New England (ISO-NE) power market.
The solar farm, named Wheatsborough Solar, is under construction in Ohio with a planned capacity of 125MW.
ISO-NE is a wholesale electricity marketplace for the six New England states: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
Downeast Wind supplies clean energy to more than 37,000 households a year, which should help Maine achieve its target of 80% of energy from renewable sources by 2030.
Wheatsborough Solar was designed to serve 21,000 households a year.
The new asset acquisition follows Egco's Triple P strategy announced last year, comprising profitability, power-related businesses, and portfolio and people management.
Downeast Wind will play a key role in helping Egco achieve its renewable energy goal, said Ms Jiraporn.
With the wind farm added to Egco's portfolio, the company's total electricity generation capacity, based on shareholding, increases to 6,653MW, including power supplied by facilities in operation and under construction.