12-3-2024 (BANGKOK) Electricity Generating (Egco), the power generation subsidiary of the Electricity Generating Authority of Thailand, SET-listed, is strategically leveraging its petrochemical investment in Indonesia to bolster its foray into clean energy, particularly hydrogen fuel.
In a move reflecting this initiative, Egco secured a 30% stake in PT Chandra Daya Investasi (CDI) last year, a subsidiary of PT Chandra Asri Petrochemical Tbk Group (CAP), Indonesia’s leading integrated chemical and infrastructure solutions provider. CAP retains the remaining 70% ownership.
CDI operates essential infrastructure and utilities within a western Java industrial zone, including two gas-fired power plants, a water supply facility, a tank farm rental service, and jetty management enterprise.
The President of Egco, Thepparat Theppitak, envisions not only a lucrative return on the investment but also an opportunity to explore new energy ventures. CDI’s plans to expand tank farm capacity and enhance jetty management align with Egco’s focus on utilizing hydrogen, a by-product of the petrochemical industry, to contribute to the global drive against carbon dioxide emissions and combat climate change.
“We have sent our staff to Indonesia to study what can be developed to support a plan to push ahead with a new renewable energy project,” stated Mr Thepparat.
Furthermore, Egco is eyeing revenue potential in the US renewable energy sector through its 17.4% investment in Apex Clean Energy Holdings LLC, completed in 2021. The US stands as a major market for wind and solar power, offering Egco collaborative opportunities with Apex in various renewable energy projects.
According to Mr Thepparat, Egco can maintain its investment in Apex until the end of the concession periods for Apex’s clean energy projects or explore selling the shares as an alternative option.
As of December last year, Apex is committed to developing and operating 40 projects with a combined capacity of 59,850 megawatts. Egco’s strategic investments position the company at the forefront of the evolving landscape in clean and renewable energy, both regionally and globally.
