EGCO achieves “A” credit rating with “Stable” outlook from JCR reflecting strong business and financial fundamentals
Electricity Generating Public Company Limited or EGCO has been assigned an “A” credit rating with a “Stable” outlook by Japan Credit Rating Agency, Ltd. (JCR), one of Japan’s leading credit rating agencies. The rating is equivalent to Thailand’s sovereign rating, reaffirming confidence in EGCO as an investment-grade leader in power and energy-related businesses at the international level. The rating is supported by EGCO’s well-diversified power generation portfolio across both domestic and international markets, as well as its stable cash flows underpinned by a long-term power purchase agreement (PPA).
JCR considers EGCO’s rating to be equivalent to the group’s creditworthiness, given its control over subsidiaries and JVs, its central role in group strategy and funding. The group's creditworthiness is supported by its strategic importance in the Thai power market and its ability to generate stable cash flows under a long-term PPA with the Electricity Generating Authority of Thailand (EGAT). In addition, JCR expects the company to continue expanding its investments in both domestic and international projects to increase power generation capacity, which is expected to support sustainable growth in revenue and profitability in the future.
Mr. Tawatchai Sumranwanich, EGCO’s President, said, “Receiving a credit rating from JCR, a leading credit rating agency in Japan, enhances EGCO’s credibility at the international level and increases opportunities to expand our overseas investor base, supporting the company’s continued growth and business expansion in the future. EGCO currently has diversified investments in power and energy-related businesses in Thailand and six countries across the Asia-Pacific region and the United States. In addition, the company maintains financial stability through investments in power projects with long-term power purchase agreements with creditworthy off-takers.”
Japan Credit Rating Agency (JCR) is a leading credit rating agency in Japan, accredited by Japan’s Financial Services Agency (FSA). It is widely recognized in global financial markets and holds over 60% market share of domestic issuer ratings in Japan. Furthermore, JCR is the only Japanese credit rating institution registered in the United States, the European Union, and the United Kingdom, making its credit ratings broadly accepted internationally.
About EGCO Group
As of 26 December 2025, EGCO Group has a total equity capacity of 6,836 MWe in operation and under construction. Total equity capacity from renewable energy is 1,538 MWe (equivalent to 22% of the total portfolio). The renewable energy portfolio includes hydropower, solar power, onshore and offshore wind power, biomass, fuel cells, and battery storage. EGCO Group has investments in seven countries, including Thailand, Lao PDR, the Philippines, Indonesia, South Korea, Taiwan and USA. In addition to its power business, EGCO Group has other energy-related businesses including fuel and utilities infrastructure as well as customer solution and start-up businesses. The associated subsidiaries include EGCO Engineering and Service Co., Ltd. (ESCO) which provides power plant operations, maintenance, and engineering services, the infrastructure and utilities company CDI Group in Indonesia, Thai Pipeline Network Co., Ltd. (TPN), Innopower, which is a high-tech energy start-up incubator, and EGCO Rayong Industrial Estate (ERIE). Learn more about EGCO Group through our website at www.egco.com or on social media at www.facebook.com/EGCOGroup.
