Egco Bags US$485 Mln from Geothermal Stakes Divestment in Indonesia

By Editorial Team 02/01/2023
Geothermal
Summary

Electricity Generating (Egco), a power generation arm of the state-run Electricity Generating Authority of Thailand, has divested its entire stake worth US$485 million in three geothermal power plants in Indonesia in order to make new investments in renewable energy. "The divestment gives Egco more opportunity to shape its future," Egco President Thepparat Theppitak said.

Phoenix Power BV, Egco's wholly-owned subsidiary, sold a 20 percent share in Star Energy Geothermal Pte (SEG) to Star Energy Group Holdings Pte. The company also divested a 30.25 percent Star Phoenix Geothermal JV BV (SPG) share. The share sale agreements were made on Nov 16, and the transaction process was completed on Dec 22.

"The decision to sell all the shares is part of Egco's strategy to rationalize the company's asset portfolio," Thepparat said, as quoted by Bangkok Post. Egco will be able to gain profit from the share disposal and strengthen its financial position to support new investment opportunities in the future, especially in renewable and clean energy projects with superior growth potential.

Register now and get free access.

If you want to get free access to our Daily Insights and Weekly Digest, please click "Sign up" button below. If you already have an account, please login.

Sign up
Log in
What do subscribers receive?

As a subscriber, you'll receive daily insights, weekly business digests, and quarterly industrial reports.

What kind of pieces will i get?

In-depth reports on assumption and impact analysis, as well as update and trends mapping, written by our credible and experienced analysts.

And, there is something else…

Register now and get free access, click here to register. Feel free to contact us with any additional questions you have.