Electricity Generating Public Company Limited (SET: EGCO) kicks off the construction and successfully enters into financial agreements of “EGCO Cogeneration SPP Replacement” power project with a net capacity of 74 MW. The project will enhance the Company’s business growth in the country, support industrial users’ activities as well as promote efficient fuel consumption which partly strengthen the country’s power security.
Mr. Thepparat Theppitak, President of EGCO Group, said, “EGCO Group has emphasized its solid foundation in power business by introducing the new development of “EGCO Cogeneration SPP Replacement” project in Rayong province with a net capacity of 74 MW. The project has recently entered into the financial agreements with three banks with the funding amount of approximately 2,700 million baht. Those banks are Bangkok Bank Public Company Limited, Government Savings Bank, and Industrial and Commercial Bank of China (Thai) Public Company Limited. The total investment is approximately 3,600 million baht. The project has started the construction activities since May 2022 and is scheduled to start commercial operation in January 2024.”
The “EGCO Cogeneration SPP Replacement” project, owned by EGCO 80% and J-Power Holdings (Thailand) Co., Ltd. 20%, will be located at the site adjacent to the existing EGCO Cogeneration power plant in Rayong Industrial Park, Map Kha Sub-district, Nikhom Pattana District, Rayong Province. It will replace the existing power plant after its PPA expires in 2024. The new facility is driven by gas-fired cogeneration system with the latest and advanced technology which will help improve the energy utilization efficiency and be environmentally friendly. The new facility will sell electricity to EGAT under a 25-year PPA for SPP replacement scheme while the rest of the electricity output and stream from electricity generating process will be sold to the industrial users in the Rayong Industrial Park and nearby area.
“According to EGCO Group’s expertise in power generation, the new power plant will supply reliable electricity and stream to serve the demand of industrial users in order to support Thailand’s economic growth and contribute to the national energy security. Furthermore, the power plant’s latest and advanced technology will promote operational efficiency and reduce carbon emissions which is in line with EGCO Group’s “Cleaner, Smarter and Stronger to Drive Sustainable Growth” business direction,” concluded Mr. Thepparat.