Electricity Generating Public Company Limited (SET: EGCO) has informed the Stock Exchange of Thailand that on January 31, 2025, the Millennium Energy B.V. (Millennium), a wholly owned subsidiary of EGCO in the Netherlands, had entered into a purchase and sale agreement to divest its 100% ownership interest in Boco Rock Wind Farm (BRWF) to Tilt Renewables, a renewable company in Australia.
The Transaction was approved by EGCO’s Board of Directors in the Meeting no.1/2025, held on January 24, 2025, and is expected to be completed by 1Q25, subject to obtaining the required regulatory approval. As a result, Tilt Renewables will become the sole owner of BRWF and EGCO will fully withdraw from the project.
BRWFis a 113-MW wind farm with 67 wind turbines, located in New South Wales, Australia. The power purchase agreement commenced in November 2014, and the construction was completed in February 2015.
This divestment aligns with EGCO’s “Triple P” strategy for optimizing its investment portfolio, allowing the company to reinvest the proceeds into high-potential projects. This strategic asset management approach enhances investment efficiency and drives EGCO’s long-term growth.
“The decision to sell our shareholding in the BRWF in Australia aligns with and is part of EGCO Group’s “Triple P” strategy to emphasize portfolio management for asset recycling to create long-term continuous growth. The company continues to focus on expanding power generation capacity both domestically and internationally, including renewable energy and gas-fired projects, in support of the energy transition towards cleaner energy. The proceeds from the divestment will further strengthen our cash flow and enable EGCO Group to reinvest in high-potential projects that support its long-term growth”, added Dr. Jiraporn Sirikum, President of EGCO Group.
EGCO Group invested in the 113-MW BRWF with 67 wind turbines, located in the state of New South Wales, Australia in June 2013, and the wind farm commenced commercial operation in November 2014. It operates and generates electricity under a 15-year Power Purchase Agreement with EnergyAustralia Pty Ltd.
