Egco’s Apex purchase to increase renewable capacity

Electricity Generating Plc (Egco) expects its share purchase of US-based Apex Clean Energy Holdings Llc to increase its renewable power proportion to 30% by 2030 as it seeks to promote clean energy.
Renewable power comprises 21% of almost 7 gigawatts of electricity generated by Egco’s power plants globally, both in operation and under construction.
With the additional capacity from Apex, Egco can rapidly increase its renewable power generation capacity over the next six years, said Jiraporn Sirikum, president of Egco.
The investment in the US matches Egco’s long-term business development campaign to become “cleaner, smarter and stronger to drive sustainable growth,” she said.
The US also has a clean energy promotion policy that aligns with Egco’s business direction, said Ms Jiraporn.
The company acquired a 17.46% share in Apex in 2021, believing the renewable energy business has growth potential, based on a US population of more than 300 million.
As of June this year, Apex has a total of 211 renewable energy projects, with combined capacity of 56,400 megawatts. The projects include solar and wind farms, hydrogen energy development and energy storage systems.
Three of these projects already started commercial operation, supplying 300MW to the state grid.
Most of the projects under development are wind farms, representing 51% of the total, followed by solar farms (27%), hydrogen energy (15%) and energy storage systems (7%).
According to Ms Jiraporn, Apex is carrying out all renewable energy projects under a hybrid business model. The company not only develops the projects to increase its power generation capacity, but it also sells some completely developed projects to other investors.
So far the company has sold five projects, including wind and solar farms, with combined capacity of nearly 600MW.
“This hybrid model enables Apex to sell electricity to the grid and receive monthly revenue under long-term power purchase agreements, while also earning a lump sum by selling power generation facilities to investors,” she said.