Electricity Generating Public Company Limited (EGCO) confirmed successful completion and closing of its acquisition of a 17.46% indirect interest in Apex Clean Energy Holdings, LLC (Apex) which was signed last month. Apex is recognized as a leader in utility-scale clean energy project development – commercializing more than USD10 billion of projects since its founding in 2009 – and in clean energy sales to the commercial and industrial market over the past decade.
Mr. Thepparat Theppitak, EGCO Group’s President, said, “EGCO Group successfully completed the acquisition of the 17.46% Apex indirect interest alongside a consortium of co-investors through investment vehicles managed by the Infrastructure and Power Strategy of Ares Management Corporation (NYSE: ARES) on November 17, 2021.”
“The investment marks the first large- scale investment in renewable energy project development and ownership by EGCO Group in the United States. The Apex investment will enable EGCO Group to support the implementation of a number of new utility-scale renewable energy projects (wind, solar and storage facilities) in one of the largest markets in the world which has over 1,100GW of installed capacity and expanding opportunities in renewable energy. In addition, the investment is consistent with EGCO Group’s “Cleaner, Smarter and Stronger to Drive Sustainable Growth” initiative which targets carbon neutrality by 2050 in support of the global low-carbon goals”, added Mr. Thepparat.
Apex is a private company headquartered in the State of Virginia in the United States. Apex’s business model is based upon the development of renewable projects through the point of Notice to Proceed (NTP) for construction or up to Commercial Operation Date, and the subsequent sale of these projects to third party buyers. The transaction will provide additional equity growth capital to Apex allowing it to strengthen its leadership position in utility-scale clean energy development, own and operate projects as an independent power producer (IPP), and accelerate its strategic expansion into energy storage, distributed energy resources, and green fuels.