Electricity Generating Public Company Limited or EGCO Group revealed the successful completion of the acquisition transaction of a 28% ownership interest in Linden Topco which owns a 972MW natural gas-fired cogeneration facility (“Linden Cogen Facility”) situated in Linden, New Jersey, the United States.
Mr. Thepparat Theppitak, EGCO Group’s President, said, “EGCO Linden II, LLC,
a wholly owned subsidiary of EGCO, successfully completed the acquisition of a 28% ownership interest in Linden Topco from AEIF Linden SPV, LLC and Highstar Capital GP IV, L.P. on June 4, 2021.
The Linden Cogen Facility consists of Linden Unit 1-5 (800MW) which sells energy, capacity, and ancillary services into the New York System Operator (NYISO-Zone J) and Linden Unit 6 (172MW) which sells energy and capacity to PJM PS North power market in New Jersey. These are two of the most congested and capacity constrained power markets in the United States. The Facility also enjoys long-term process steam and electricity sales contracts with large investment grade industrial off-takers in the co-located Bayway refinery anchored by Philipps 66. The Facility gets the advantage of fuel supply resulting from its physical location in the city of Linden, New Jersey, and access to abundant sources of natural gas via multiple pipelines
Mr. Thepparat added, “This transaction is an important step for EGCO Group to enter the US market which lay out the foundation towards future investment opportunities in renewable and gas-fired power facilities. In the meantime, the new Facility helps boost EGCO Group’s power generating capacity with 272 megawatts equity out of at least 1,000 megawatts equity which is the expected power capacity target to be completed by this year. Currently, we also have 2-3 projects under negotiation.”