Electricity Generating Public Company Limited (SET: EGCO) has informed the Stock Exchange of Thailand that EGCO Linden II, LLC, a wholly owned subsidiary of EGCO in the United States, entered into an equity purchase agreement with Rose Capital Investment Inc., one of the investors in Linden TopCo LLC (Linden TopCo), on October 15, 2026 to acquire an additional 12% ownership interest in Linden TopCo.
The transaction was approved by the Board of Directors of EGCO at the Meeting No. 10/2026 held on August 21, 2026. The completion of the transaction will be subject to relevant closing conditions under the equity purchase agreement. Upon the completion of the transaction, EGCO Linden II, LLC will increase its ownership interest in Linden TopCo from 38% to 50%.
EGCO stated that, initially, the company has deferred the disclosure of the transaction to the Thai bourse following the Board of Directors’ approval, because at that time the transaction was uncertain as it was in an ongoing competitive sale process and was also subject to confidentiality obligations to the seller. All disclosure at that stage would have adversely affected EGCO’s competitive position in the sale process.
Linden TopCo owns an operational approximately 980 MW natural gas fueled cogeneration facility (Linden Cogen), situated in the State of New Jersey, USA, which has an electric interconnection to New York City.
Linden Cogen sells electricity, electric capacity and ancillary grid services into the New York Independent System Operator (NY-ISO) Zone J market and the PJM PSEG market in New Jersey, two of the most congested and capacity constrained power markets in the United States. Linden Cogen also has long-term process steam and electricity sales contracts with a large investment-grade industrial off-taker.
In addition, Unit 6 of Linden Cogen has successfully generated electricity using a blend of natural gas and hydrogen, supporting EGCO Group’s Net Zero goals, including its short-term target of reducing carbon dioxide emissions by 10% by 2030 and its efforts to advance the integration of hydrogen technology into power generation. EGCO first invested in Linden Cogen in 2021.
EGCO added that the transaction is well aligned with the company’s “POWER 4” strategy which focuses on Profitability and Performance Energizing, Power and Energy-Related Focus, Portfolio Optimization, and Proactive Organizational Excellence.
The transaction will further expand EGCO’s exposure to the premium NY-ISO Zone J market, a market where electricity demand is expected to grow over the long term, driven by the continued expansion of electrification and adoption of electric vehicles. In addition, the transaction is anticipated to deliver strategic benefits to EGCO, including increased dividend income, immediate incremental net earnings, and improved participation in key decision-making processes.
