Electricity Generating Public Company Limited or EGCO Group has further expanded its power business in the USA through the acquisition of a 49% interest in Rhode Island State Energy Center, LP, ("RISEC"), a 609MW natural gas fired combined-cycle power plant situated in Johnston, Rhode Island.
Mr. Thepparat Theppitak, EGCO Group's President, said, "EGCO RISEC II, LLC, a wholly owned subsidiary of EGCO in the USA, entered into a Purchase and Sale Agreement ("PSA") with Cogentrix RISEC CPOCP Holdings, LLC and Cogentrix RISEC CPP II Holdings, LLC on November 11, 2022 to acquire 49% ownership interest in RISEC. The Transaction is expected to close in the first quarter of 2023 following successful completion of all closing conditions."
RISEC operates in the New England Power market (ISO-NE) and is one of the most efficient natural gas power facilities in the ISO-NE system. 100% of RISEC's capacity and black start ancillary services are under contract to the ISO-NE. 100% of the facility's energy output and other ancillary services are fully contracted to Shell Energy North America ("SENA"), a A/A2-rated investment grade offtaker, through an energy tolling agreement with RISEC.
"This acquisition further builds upon EGCO Group's presence in the US power market. RISEC is located adjacent to the load centers of Boston and Providence and is a critical facility for providing ISO New England grid stability services and optionality for future energy transition initiatives including the potential for co-located Battery Energy Storage and the co-firing of hydrogen in its combustion turbine units. This is aligned with EGCO Group's "Cleaner, Smarter and Stronger to Drive Sustainable Growth" business direction which targets carbon neutral by 2050. EGCO Group anticipates there are a number of business synergies that will come from the RISEC joint venture including additional investment opportunities in other high quality gas and renewable projects in the US market in the coming years", added Mr. Thepparat.
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