Electricity Generating Public Company Limited or EGCO Group announced today its first successful investment in a 972MW natural gas fired cogeneration facility (“Linden Cogen”) situated in Linden, New Jersey, USA owned by Linden Topco LLC (“Linden Topco”).
Mr. Thepparat Theppitak, EGCO Group’s President, said, “EGCO Linden II, LLC, a wholly owned subsidiary of EGCO, entered into a purchase and sale agreement with AEIF Linden SPV, LLC and Highstar Capital GP IV, L.P. on January 29, 2021 to acquire a 28% ownership interest in Linden Topco. The Transaction is expected to close in the second quarter of this year following successful completion of all closing conditions.
The Linden cogeneration facility sells the energy, capacity and ancillary services into the New York System Operator (NY-ISO Zone J) and the PJM PS North power market in New Jersey; two of the most congested and capacity constrained power markets in the United States. The facility also enjoys long-term process steam and electricity sales contracts with large investment grade industrial off-takers.
EGCO Group’s President added that “This acquisition marked the first investment by EGCO in the US, a large market with over 1,100GW 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 US.”