BCPG Public Company Limited’s (SET: BCPG) stated that it had entered into a Purchase and Sale Agreement to acquire additional 40% of total shares in Carroll County Energy Holdings, in which the subsidiary operates a 700 MW combined cycle power generation plant project.
BCPG published a statement through the Stock Exchange of Thailand, stating that its Board of Directors’ meeting on 22 May 2023 has passed a resolution to approve the acquisition of shares in a combined cycle power generation plant project in the United States. Subsequently, on 4 August 2023, BCPG USA Inc., a subsidiary of BCPG entered into a Purchase and Sale Agreement with 730 Carroll LLC to acquire additional 40% of total shares in Carroll County Energy Holdings (Target Company) with an amount not exceeding USD 145 million (or equivalent to THB 5,031 million) in which the Target Company holds 100% of shares in Carroll County Energy LLC (CCE), which operates a 700 MW combined cycle power generation plant project located in Carroll County, Ohio, United States.
CCE recorded a net profit of $18.21 million in 2022, a turnaround from a net loss of $8.21 million in 2021. In 2021, CCE had a plant outage due to major maintenance in March 2021 resulting in lower energy revenue. Furthermore, the net losses in 2021 is solely driven by the major maintenance expenses.
This investment is in accordance with BCPG’s business plan, which focuses on expanding the business of power generation from renewable energy which is the core business of BCPG. The combined cycle gas turbine project has already commenced commercial operations, enabling BCPG to realize its income and profits immediately after the investment and the project can generate recurring income and profits for BCPG.
