Electricity Generating Public Company Limited or EGCO Group, the Thailand’s first Independent Power Producer today announced the investment in the solar power project through the acquisition worth THB450 million of SPP5, after the acquisition of SPP4, SPP3 and SPP2.
Mr.Sahust Pratuknukul, President of EGCO Group revealed that “The company has invested approximately 450 million baht to purchase 99.99 percent stakes in SPP5 with the capacity of 8 MW from SunEdison Energy Holding (Singapore) Pte. Ltd. The Share Purchase Agreement was signed on June 18, 2012, which accounts for 0.3379 percent of EGCO Group’s consolidated assets.
Previously, EGCO Group had invested in the three solar power plant projects, namely SPP2, SPP3 and SPP4. Those power plants have the capacities of 8 MW at the first two, and 6 MW at the latter plant. The total capacities of the three power plants plus the latest acquisition of SPP5 amount to 30 MW. Moreover, the four private solar power plants are also equipped with the tracking system, increasing 20% more efficiency in electricity generation, compared to the photovoltaic modules with the fixed systems.
SPP5 owns and develops the solar power plant project, located in Roi Et Province, with the capacity of 8 MW. SPP5 has entered into a non-firm power purchase agreement with Provincial Electricity Authority (“PEA”). The project is subsidized with adder of 8 baht/MW for 10 years.
“This investment through the acquisition of SPP5 from SunEdison will increase EGCO Group’s equity MW in solar power plant projects up to 94.5 MW. The investment is in line with EGCO Group’s goal to expand its business towards the renewable energy with an aim to increase its generating capacity to 300 MW by 2015. It also meets the government policy regarding renewable and green energy. In addition, it represents the company’s responsibility towards society and the environment.” Mr. Sahust concluded.