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Thailand’s EGCO Group to invest in US power market
- 3 years ago (2021-02-10)
- David Flin
Electricity Generating Public Company Limited (EGCO), the Bangkok-based energy firm, has made its first investment in the US market, with the acquisition of a stake in Linden CoGen, a power plant in New Jersey, USA.
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The 972 MW natural gas-fired cogeneration facility is located in Linden, New Jersey, and is majority-owned by Linden Topco. EGCO will acquire a 28 per cent stake in Linden Topco as a result of this deal.
The facility sells energy, capacity, and ancillary services into the New York System Operator and the PJM PS North power market in New Jersey, which are two of the most capacity-constrained power markets in the USA. It also has long-term steam and electricity sales contracts with large industrial users.
Thepparat Theppitak, President of the EGCO Group, said: “This acquisition marks the first investment by EGCO in the USA, a large market with over 1100 GW of installed capacity and vast opportunities in renewable and supporting gas-fired power facilities. The investment will allow EGCO to enter the US market and position it for new investment opportunities in the country.”