Bangkok--22 Aug--EGCO Group
Mr. SahustPratuknukul, President of Electricity Generating Public Company Limited or EGCO Groupreported EGCO Group’s profit before foreign exchange (FX) for the second quarter ended 30 June2013 was 2,041 million baht. This was251 million baht higher than the same period of last year, an increase of 14% year on year.
“In the second quarter, EGCO Group made severalprogressinits business initiatives. We have acquired assets in new projects, which have continued to focus mainly in power generating business, and invested in projects withPowerPurchaseAgreements(PPA). Additionally,we have soldall existing sharesin ajoint venture companywhichits PPAs have a few years left for the valid dateto earn money for further investment in new projects,” said Mr. Sahust.
Considering business operationsin thesecond quarter of 2013untilnow, the“Lopburi Solar” expansion projectin Lopburi province started commercial operation on May 2, 2013. Also, the “Theppana” wind power plant project in Chaiyaphumprovince,commenced its commercial operation on July 18, 2013. For new investment, EGCO Group invested in the 113-MW “Boco Rock Wind Farm” in New South Wales, Australia, through the acquisition of100% equity interest in Asia Pacific Renewables Limited on June 26, 2013. The project has entered into a 15-year PPA with EnergyAustralia Pty Ltd.
In addition, the Company entered into the Sale and Purchase Agreement to divest its 40% of shares in Conal Holding Corporation (Conal) to Alson Consolidated Resources,Inc. (ACR) on July 2, 2013. For progress of the new Khanom power plant project located at the site adjacent to the existing Khanom power plant in Nakhon Si Thammarat province, Khanom Electricity Generating Co., Ltd., a wholly owned subsidiary of EGCO Group signed a 25-year PPA with EGAT with a total contracted capacity of 930 MW, on July 25, 2013.
Three projects under construction have made good progress in the Q2/2013. The “Solarco” project, comprising six solar power plants in NakhonPathom and Suphanburi province, was from 37% to 88% and expected to start commercial operation from September to December 2013.The construction of the “Hat Yai Municipality” waste power plant project in Songkla province was about85% completion and is expected to startcommercial operation in January 2014.The “Xayaburi” project, a run-of-the-river dam in Laos PDR has been preparing area and starting in construction work with about10% completion, which the commercial operation is scheduled in January 2019.
For other business development, Mr.Sahust said, “Domestically, three Small Power Producer (SPP) projects, namely the “TJ Cogen” in PathumThani province, “TP Cogen” and “SK Cogen” in Ratchaburi province with total installed capacity of 375 MW, are on process of the EIA study and EPC preparation. Overseas, we are negotiating the investment agreement for the development of the 500-MW “Quezon Expansion” coal-fired power plant project in the Philippines. Besides these under development projects, the Company will continue to seek new opportunities to invest in other new potential projects to maintain its business growth momentum.”
EGCO Group currently runs 19operating plants which have already started commercial operationsin Thailand and overseas with a total contracted capacity of 4,510 MW equity, and9 projects under construction and developmentwith a total contracted capacity of 1,754 MW equity. The total contracted capacity is 6,264 MW equity.