EGCO Group is set to drive clean energy projects in the US through its holding in APEX, with over 211 projects of wind, solar, hydrogen power plants, and battery storage systems. The company’s objective is to attain a 30% renewable energy production capacity by the year 2030.
Jiraporn Sirikum, President of Electricity Generating Public Company Limited (SET: EGCO), revealed that Apex Clean Energy Holdings, LLC (APEX) will be the key pushing EGCO to achieve its goal of adding the renewable energy production capacity to 30% of total output by the end of 2030. Currently, the company holds the total equity capacity at 6,993 megawatts (from both active and under-construction power plants) with renewable energy capacity at 1,437 megawatts (21% of total capacity).
In June 2024, APEX had a portfolio of 211 projects with a total capacity of approximately 56,400 megawatts, spanning wind, solar, hydrogen, and battery storage systems. This included three active projects with around 300 megawatts of capacity, seven under-construction projects with nearly 1,100 megawatts of capacity, and 201 under-development projects with 55,000 megawatts of capacity. These projects consist of 51% wind power plants, 27% solar power plants, 15% hydrogen power plants, and 7% battery storage systems.
APEX is known for its role as a developer of renewable energy power plants with a hybrid business model, as the company partly develops projects for their own portfolio and partly sells a portion of the completed projects to outside parties. Following EGCO’s investment in APEX, the company has completed developing and commercially operated power plants with a total capacity of around 300 megawatts and divested five developed projects with a combined capacity of nearly 600 megawatts, including the Mulligan Solar Plant and Great Pathfinder Wind. This hybrid model also strengthens EGCO in the short and long term.
APEX’s main goal in 2024 is to complete and operate seven renewable energy power plants with a total capacity of 1,210 megawatts. The projects can be separated into:
- Three wind power plants with a total installed capacity of 615 megawatts
- Two solar power plants with a total installed capacity of 395 megawatts
- Two battery storage systems with a total installed capacity of 200 megawatts
These projects will add approximately 200 megawatts of total equity capacity into EGCO’s portfolio.
Upon completion, APEX will distribute the energy from its projects to the power pool market or enter into Power Purchase Agreements (PPAs) with clients within the sector, typically reputable organizations with high credit ratings. A recent development includes APEX securing a 15-year PPA with Meta for the Angelo solar power plant, boasting a total installed capacity of 195 megawatts.
