Mitihoon – Electricity Generating Public Company Limited or EGCO Group has continually expanded its renewables fleet in the United States with the successful acquisition of a 49% ownership interest in “Pinnacle II Portfolio”, a portfolio of two renewable energy projects with a combined capacity of 251 MW. This acquisition has further strengthened EGCO Group’s presence in the US power market and aligned with the company’s “Triple P” strategy, with a particular focus on investments in natural gas-fired and renewable energy projects to create long-term growth and to support the energy transition towards cleaner energy.
Dr. Jiraporn Sirikum, President of EGCO Group, said, “EGCO Pinnacle II, LLC, a wholly owned subsidiary of EGCO in the US, entered into an Equity Capital Contribution Agreement with Apex Pinnacle II Member, LLC, an affiliate of Apex Clean Energy Holdings, LLC, on March 31, 2025 to acquire a 49% ownership interest in the 251 MW Pinnacle II Portfolio. The Pinnacle II Portfolio comprises Downeast Wind, LLC (Downeast), a 126 MW wind farm located in the state of Maine, and Wheatsborough Solar, LLC (Wheatsborough), a 125 MW solar facility located in the state of Ohio.”
Downeast and Wheatsborough have secured long-term power and environmental attribute offtake arrangements with a diverse group of investment-grade offtakers. The Downeast is expected to generate enough clean energy to supply for more than 37,000 households per year as well as respond to Maine’s energy goal of achieving 80% of its energy from renewable sources by 2030. While, Wheatsborough is expected to generate enough energy to supply for up to 21,000 households per year and help address the limitations of existing high-voltage power lines that require new infrastructure. Both projects are presently in the final stages of construction. The 49% ownership interest in each project will be transferred to EGCO when it completes commercial operation date.
The investment in the Pinnacle II Portfolio will be accretive and support the continued balanced expansion of EGCO Group’s position in the US power market. Additionally, the acquisition aligns with EGCO Group’s “Triple P” strategy, which focuses on continuously growing revenue and profit generation capabilities and prioritizing investments in natural gas-fired and renewable energy projects to create long-term growth. The new renewable energy megawatts will also help EGCO Group to reach its short-term goal of increasing renewables capacity up to 30% of total power capacity by 2030.
“Although Thailand is currently significantly affected by the US reciprocal tariffs, EGCO Group has strong strategic partners in the United States who are ready to collaborate and invest in potential projects there. This reinforces that EGCO Group still has growth opportunities in the US power market”, added Dr. Jiraporn.
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