Egco acquires fourth solar power project
Electricity Generating (Egco), the country's first independent power producer, has announced investment in a fourth solar-power project through the acquisition of the SPP5 project.
“The company has invested approximately Bt450 million to purchase a 99.99-per-cent stake in SPP5 with the capacity of 8 megawatts from SunEdison Energy Holding (Singapore) Pte Ltd,” said Sahust Pratuknukul, president of Egco Group.
The share purchase agreement was signed on Monday, and accounts for 0.3379 per cent of Egco Group’s consolidated assets. Previously, Egco Group invested in three other solar-power projects, known as SPP2, SPP3 and SPP4. The first two power plants have capacities of 8MW, and the third 6MW.
With the latest acquisition of SPP5, total capacity of the four plants amounts to 30MW.
The four plants are equipped with a solar tracking system, increasing their generating efficiency by 20 per cent compared with photovoltaic modules with fixed systems, Egco says.
SPP5 developed and owns a solar power plant in Roi Et province. SPP5 has entered a non-firm power purchase agreement with the Provincial Electricity Authority. The project is subsidised with an adder of Bt8 per megawatt for 10 years.
“This investment through the acquisition of SPP5 from SunEdison will increase Egco Group’s equity in solar power projects to 94.5MW,” Sahust said.
“The investment is in line with Egco Group’s goal to expand its business towards renewable energy with an aim to increase its generating capacity to 300MW 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.”
