Electricity Generating Public Company Limited or EGCO Group, Thailand's first independent power producer today signs a share purchase agreement with Gunkul Engineering Public Company Limited to acquire 4,500,000 shares or 60% of 7,500,000 paid up share capital in G-Power Source Company Limited (GPS), a subsidiary of Gunkul. The Company will invest more than 7 million baht to jointly develop 4 solar power plants.
Sahust Pratuknukul, President of EGCO Group disclosed that “GPS is a solar power generator which has 4 Power Purchase Agreements (PPA) with the Provincial Electricity Authority (“PEA”) with capacity of 6.5 MW each, totaling 26 MW capacity worth 3.1 billion baht. GPS is subsidized with adder of 8 baht for 10 years from the Power Department Fund Management Division, Office of the Energy Regulatory Commission. GPS has started supplying the electricity to the Electricity Generating Authority of Thailand in the beginning of March 2012 according to 3 PPAs from the following solar power plants namely 1) Ta Khit Solar Power Project, Nakhon Sawan Province 2) Ta Sang Solar Power Project, Nakhon Sawan Province 3) Dong Khon Solar Power Project, Chai Nat Province. Additionally, the commercial operation of the 4th Solar Power Plant is expected to be in December 2012.”
“EGCO Group will invest approximately 738 million baht, for purposing of share purchase of 630 million baht and the construction of the fourth project. The investment is in line with EGCO Group's strategies to expand its business towards the renewable energy and also responds to the Company’s responsibility towards society and the environment as well as the government's policy regarding renewable and green energy.” Sahust said
EGCO Group currently has 28 operating and developing plants with total installed capacity of 5,029 MW which 110 MW is from 12 renewable power plants comprising of Roi-Et Green (Rice Husk), Yala Green (Parawood), Lopburi Solar, SPP 3 and SPP4 (Solar), Theppana Wind Farm and 6 solar power projects developed by Yanhee EGCO Holding Company Limited.