Electricity Generating Public Company Limited or EGCO Group announced today a significant renewable investment in the United States through its entry into definitive co-investment agreements to acquire a 17.46% indirect interest in Apex Clean Energy Holdings, LLC, a leader in clean energy project development, sales and operation.
Mr. Thepparat Theppitak, EGCO Group’s President, said, “EGCO Plus Company Limited (“EGCO Plus”), a wholly owned subsidiary of EGCO, entered into certain definitive agreements on October 5, 2021 to acquire a 17.46% indirect interest in Apex Clean Energy Holdings, LLC (“Apex”) as a co-investor in an investment vehicle managed by Ares Management Corporation’s (NYSE: ARES) Infrastructure and Power strategy. The parties have entered into agreements to acquire a majority stake in Apex. The transaction is expected to close in the 4th quarter of 2021 subject to the completion of all closing conditions.”
“The investment in Apex marks the first renewable investment for EGCO Group in the United States, one of the largest single country markets for installed wind and solar capacity in the world with a vast number of potential investment opportunities from among several hundred gigawatts of renewable capacity expected to enter the market during the next decade. We are very excited about this important opportunity, and we also foresee a number of synergies with our renewable plans in Southeast Asia. In addition, the investment is in line with EGCO Group’s “Cleaner, Smarter and Stronger to Drive Sustainable Growth” strategy which targets carbon neutrality by 2050 in support of the global low-carbon objectives”, added Mr. Thepparat.
Apex is a private utility scale renewable development company headquartered in the State of Virginia in the United States. Apex’s business is based upon the development of renewable projects through the point of Notice to Proceed (NTP) for construction or up to Commercial Operation Date, and the subsequent sale of these projects to third party buyers.
To date, Apex has commercialized more than USD 9 billion of utility scale renewable projects and has established a diversified clean energy portfolio with more than 30,000 MW of projects in development, representing one of the largest renewable project development pipelines in the country. Apex has transacted with utilities, the commercial and industrial (C&I) market, and global financial institutions. The company has been a leader in clean energy project development and sales for C&I customers over the past decade.
The transaction will provide additional equity growth capital to Apex allowing it to strengthen its leadership position in utility-scale clean energy development, own and operate projects as an independent power producer (IPP), and accelerate its strategic expansion into energy storage, distributed energy resources, and green fuels.
About Apex Clean Energy
Apex Clean Energy was founded with a singular focus: to accelerate the shift to clean energy. Through origination, construction, and operation of utility scale wind, solar, and energy storage facilities, distributed energy resources, and green fuel technologies, Apex is expanding the renewable frontier across North America. The company’s mission-driven team of more than 300 professionals uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information about how Apex is building the energy company of the future, visit www.apexcleanenergy.com or follow the company on Facebook, Twitter, and LinkedIn.