Thailand’s EGCO Group says that it will use its first successful investment in Australia as a springboard for further expansion in the country.
The Bangkok-based independent power producer has closed a deal to purchase Asia Pacific Renewables Limited, which is building a 113 MW wind farm in New South Wales.
The firm says that it has paid A$110 million for the 100 per cent equity share in Asia Pacific Renewables, which was formerly owned mainly by Continental Wind Partners.
The first phase of the Boco Rock wind farm is expected to start operating in 2015 and will be equipped with 67 GE wind turbines. The project company has already signed a 15-year power purchase agreement with EnergyAustralia for the wind farm’s output.
EGCO Group President Sahust Pratuknukul said that the investment was in line with the company’s plan to expand in Thailand and overseas. "The project is expected to partly help maintain the company’s growth momentum while offering the best possible long-term returns for shareholders.
"Furthermore, the project is the company’s first successful investment in Australia which will provide a strategic platform for the future growth."
