“EGCO Group’s investment in APEX represents an investment in a large-scale renewable energy portfolio in the US. APEX business covers the development, construction, operation, and sale of renewable power plants. This is different from other investment projects. In this project, we do not only “generate and sell electricity”, but we also “build and sell renewable power plants,” said Dr. Jiraporn Sirikum, President of Electricity Generation Public Company Limited or EGCO Group, reflecting the significant change after EGCO Group invested in APEX Clean Energy Holdings, LLC (APEX), a private utility scale renewable development company in the US.

EGCO Group acquired a 17.46% stake in APEX in 2021, seeing high potential in investment in the US, one of the world’s largest electricity and energy markets based on its over 300 million population and a position as the largest economy in the world. Moreover, the US has a clear clean energy transformation policy. Considering EGCO Group’s “Cleaner, Smarter and Stronger to Drive Sustainable Growth” direction, the company finds the US market fits well with its business concept.

As of June 2024, APEX has a total of 211 renewable energy projects in its pipeline with a total capacity of over 56,400 MW. Its portfolio includes wind farms, solar farms, hydrogen projects, and standalone battery storage projects. Out of these, three projects have already supplied electricity totaling about 300 MW to the grid. Seven projects with a total of around 1,100 MW capacity are under construction. The rest 201 projects are under development and have combined capacity of over 55,000 MW. Of all projects under development, 51% are wind farms, 27% solar farms, 15% hydrogen projects, and 7% standalone battery storage project.

“APEX’s strength lies in its positioning as a renewable energy project developer with a hybrid business model. That means APEX develops and commercially operates some projects by itself, and sell some completed projects. From day one that EGCO Group invested in APEX until today, APEX’s total completed projects, which have been commercially operated by itself, generate approximately 300 MW. It has also sold five completed projects totaling around 600 MW, including Mulligan Solar Farm and Great Pathfinder Wind Farm. APEX’s hybrid business model has contributed significantly to EGCO Group’s short- and long-term strength and enable EGCO Group to achieve our goal in increasing renewable energy capacity to 30% by 2030,” said Dr. Jiraporn.

In 2024, APEX’s goal is to complete the construction of seven renewable power plants with a combined capacity of 1,210 MW and start transmitting power to the grid. These projects will add approximately 200 MW of total equity capacity into EGCO Group’s portfolio, including three wind farms with a 615 MW of installed capacity, two solar farms with an installed capacity of 395 MW, and two standalone battery storage projects with an installed capacity of 200 MW. When completed, these projects will sell electricity in the power pool market or through power purchase agreements (PPA) with leading business partners with investment grade credit ratings. APEX recently completed construction of Angelo Solar Farm with an installed capacity of 195 MW and a 15-year PPA with Meta.

“Considering all APEX’s projects in the pipeline and the past success, EGCO Group believes that APEX’s commitment and expertise as well as huge opportunity in the US energy market will enable APEX to maximize its growth opportunity. Investing in APEX will become our flagship project to expand EGCO Group’s renewable portfolio from 21% to 30% by 2030 as planned. This will enable us to support and achieve goals in energy transition and development of low carbon society at organization, country and global level in a sustainable manner,” confirmed Dr. Jiraporn.