Electricity Generating Public Company Limited (SET: EGCO) revealed on Monday that it had closed on its investment to acquire a 49% stake in Cogentrix RISEC Holdings.
This investment was approved by the EGCO Board of Directors at its meeting on August 26, 2022. EGCO has engaged into a purchase and sale agreement with Cogentrix RISEC CPOCP Holdings, LLC and Cogentrix RISEC CPP II Holdings, LLC on 11 November 2022 through its fully owned subsidiary in the United States, EGCO RISEC II, LLC.
Cogentrix RISEC Holdings, LLC owns Rhode Island State Energy Center, LP (RISEC), an operational 609MW gas fueled combined-cycle power facility, sited in Johnston, the State of Rhode Island, USA. RISEC operates in the New England Power market (ISO-NE) and is one of the efficient natural gas power facilities in the ISO-NE system. 100% of RISEC’s capacity and blackstart ancillary services are sold under contract to the ISO-NE. 100% of the facility’s energy output and other ancillary services are also fully contracted to Shell Energy North America, which is an A/A2-rated investment grade offtaker, through an Energy Tolling Agreement.
The investment in RISEC is aligned with EGCO’s strategic plan for high quality gas fired and renewable power facilities investment and further builds upon EGCO’s presence in the US power market. RISEC has the technical capability and locational benefits necessary to support the large-scale energy transition ambitions of ISO-NE.
