Electricity Generating Public Company Limited or EGCO Group continued its success in the acquisition of overseas power plant assets. The Company, together with its strategic partners, successfully acquired shares in 2 geothermal power plants with the aggregate capacity of 402 MW of electricity and 235 MW equivalent of steam.

Mr. Chanin Chaonirattisai, President of Electricity Generating Public Company Limited or EGCO Group revealed that “For this investment, the affiliate of EGCO Group, Star Energy Group Holdings Pte. Ltd., and AC Energy Holdings, Inc. have entered into Share Sales and Purchase Agreements to acquire shares from Chevron’s affiliates in “Salak” and “Darajat” geothermal power plants in Indonesia on December 22, 2016.  Among the Consortium, EGCO Group will hold 20.07% indirect ownership interest in the Project. The share transfer is expected to be completed in the first quarter of 2017.

“Salak” and “Darajat” geothermal power plants are located in West Java province, Java island, Indonesia and composed of several geothermal steam and electricity generating units with the aggregate capacity of 402 MW of electricity and 235 MW equivalent of steam. The power plants have secured long-term energy sales contracts with PT PLN (Persero), the Indonesian government-owned electricity corporation.

“The acquisition fulfills our business plan in enhancing EGCO Group’s presence in Indonesia which we have existing business, and in line with our strategic directions to pursue investment opportunities in asia pacific region” added Mr. Chanin.

EGCO Group started its investment in Indonesia since 2014 by holding 20% indirect ownership interest in “Star Energy” Geothermal Power Plant which has the total installed capacity of 227MW. Such acquisition of Chevron’s geothermal assets reiterates the Company’s strategic investment in Indonesia.