Electricity Generating Public Company Limited or EGCO Group (SET: EGCO) confirmed the completion of the sale of its 49% ownership interests in RISEC Holdings, LLC (RISEC), the parent company to an entity that holds a 609 MW natural gas fired combined-cycle power plant located in the state of Rhode Island, USA, to Shell Energy North America (US), L.P. (SENA). This divestment marks the withdrawal of EGCO Group from RISEC, aligned with the Company’s strategy emphasizing portfolio management for asset recycling to create long-term continuous growth.
Dr. Jiraporn Sirikum, President of EGCO Group, said that EGCO RISEC II, LLC, a wholly owned subsidiary of EGCO Group in the USA, entered into a purchase and sale agreement with SENA and Cogentrix RISEC CPOCP Holdings, LLC and Cogentrix RISEC CPP II Holdings, LLC, subsidiaries of the Carlyle Group (collectively referred to as Carlyle) on October 18, 2024.
Under the agreement, EGCO RISEC II, LLC divested its 49% ownership interest in RISEC to SENA and Carlyle divested its 51% ownership interest in RISEC to SENA. Subsequently, the transaction was fully completed and effective on 24 January 2025. This marks the sole ownership of SENA in RISEC and the withdrawal of EGCO Group and Carlyle from RISEC.
“The sale of shareholding in the RISEC power plant follows EGCO Group’s “Triple P” strategy announced last year to emphasize portfolio management for asset recycling to create long-term continuous growth. The Company continues to focus on increasing a number of power generation capacity in both domestically and internationally, including from both gas-fired and renewable energy projects in support of the energy transition towards cleaner energy. The proceeds from the divestment will allow EGCO Group for new investments in the USA to support its continued long-term growth”, added Dr. Jiraporn.
EGCO Group made its investment in the RISEC power plant in early 2023. The facility generates electricity in the New England power market (ISO-NE) with 100% of its capacity and black start ancillary services contracted to ISO-NE. Additionally, the facility’s entire energy output and other ancillary services are fully contracted to SENA through an Energy Supply Agreement.
