BANGCHAK Petroleum is acquiring SunEdison Japan, a solar power company in Japan, for Bt2.92 billion as part of its plan to expand its power plant capacity and geographic footprint.
“This acquisition is an important milestone of [wholly-owned subsidiary] BPCG in expanding its growth platform toward its goal to become a regional renewable energy company,” president Chaiwat Kovavisarach said yesterday.
In its filing to the Stock Exchange of Thailand, Bangchak said BPCG had signed an agreement with SunEdison International and SunEdison Energy Holding (Singapore) to acquire all outstanding shares of SunEdison Japan Corporation, SunEdison Japan |Debt Financing and SunEdison TK Investor 1.
The transaction is in accordance with the company’s board of directors meeting on Thursday.
BPCG will buy the entire solar power plant business of SunEdison in Japan with total capacity of 198 megawatts.
SunEdison’s portfolio includes solar power plants in operation with total capacity of 13MW, solar plants under construction with total capacity of 27MW and projects under development with total capacity of up to 158MW.
“It follows Bangchak’s step last year when it stepped into the petroleum exploration and production business with the aims to help strengthen national energy security and diversify into new businesses to create continuity and sustainability for the enterprise,” Chaiwat said.
Bundit Sapianchai, managing director of BPCG, said the acquisition would enable the firm to have an important base in the region for expanding to other countries.
It also supports the firm’s plan to grow in preparation for its listing on the local stock exchange this year.