Another success! EGCO Group acquires 49% stake in “Wheatsborough Solar” in the US, Strengthening its global clean energy portfolio
Electricity Generating Public Company Limited or EGCO Group, has further increased its renewables fleet in the United States with the completed acquisition of a 49% ownership interest in the 125 MW Wheatsborough Solar power plant located in northern Ohio. The Wheatsborough Solar facility is the second of two clean energy projects in the Pinnacle II Portfolio acquired by EGCO Group.
Dr. Jiraporn Sirikum, President of EGCO Group, said, “Following the entry into an Equity Capital Contribution Agreement with Apex Pinnacle II Member, LLC, an affiliate of Apex Clean Energy Holdings, LLC, to acquire a 49% ownership interest in the Pinnacle II Portfolio (a portfolio of two renewable energy projects with a combined capacity of 251 MW), EGCO Group would like to confirm that the acquisition of Wheatsborough Solar was fully completed on 26 September 2025.”
Wheatsborough Solar is a utility-scale solar photovoltaic facility located in Erie County, Ohio, which started commercial operations on 12 August 2025. The facility operates within the PJM power market, which is the largest wholesale electricity market in the US, serving 13 states and the District of Columbia. The project is underpinned by a long-term power and environmental attribute offtake agreement with an investment-grade counterparty. Major equipment has been sourced from leading tier-one manufacturers together with multi-year equipment warranties. The project is further supported by comprehensive, long-term operations and maintenance (O&M) and asset management arrangements overseen by Apex, an experienced O&M service provider.
“The new asset acquisition strengthens the company’s existing presence in the US power market and steps up efforts to reach its goal of having renewable energy assets account for 30% of the company’s total assets by 2030. In addition, the investment in the Pinnacle II Portfolio follows the company’s “Triple P” strategy, prioritizing investments in renewable energy and natural gas-fired projects to grow revenue and profit generation capability within EGCO Group”, concluded Dr. Jiraporn.
EGCO Group has held an investment in Apex Clean Energy Holdings, LLC (Apex) itself since 2021 when it acquired a 17.46% interest in Apex, which is a developer and IPP focused on the US renewable energy market. Besides that investment in Apex at the corporate level, Wheatsborough Solar marks the second renewables project that EGCO Group has invested in that was developed by Apex (the first being the 126 MW Downeast Wind project in Maine that closed in June 2025). Apex will continue to hold a 51% interest in the Pinnacle II Portfolio, including both Wheatsborough Solar and Downeast Wind.
About EGCO Group
As of 30 September 2025, EGCO Group has a total equity capacity of 6,733 MWe in operation and under construction. Total equity capacity from renewable energy is 1,535 MWe (equivalent to 23% of the total portfolio). The renewable energy (RE) portfolio includes biomass, hydropower, solar power, onshore and offshore wind power, fuel cells, and battery storage. EGCO Group’s facilities and other projects are located in 7 countries, namely Thailand, Lao PDR, the Philippines, Indonesia, South Korea, Taiwan and USA. In addition to power business, other energy-related businesses of the company include EGCO Engineering and Service Co., Ltd. (ESCO) providing power plant operations, maintenance, engineering, construction, energy conservation and training services to power and industrial plants in many industries, the infrastructure and utilities company “CDI Group” in Indonesia, Thai Pipeline Network Co., Ltd. (TPN), “Innopower” which is a high tech start up incubator that EGCO Group owns together with its partners EGAT and RATCH Group, and EGCO Rayong Industrial Estate (ERIE). EGCO Group has been listed in the Dow Jones Sustainability Index (DJSI) for the 5th year in a row (2020-2024). Learn more about EGCO Group through our website at www.egco.com or on social media at www.facebook.com/EGCOGroup.
