BCPG expands its clean territory in the US with two new natural gas power plants in Pennsylvania, with acquisition of 426 MW to portfolio.
On March 31, 2023, BCPG USA Inc., a subsidiary of BCPG Public Company Limited, has signed Purchase and Sale Agreement with Franklin Power Holdings, L.L.C. with an investment amount of USD 260 million (THB 8,919 million), subject to the satisfaction of customary conditions and regulatory approvals, to acquire 25% of the equity interest in Hamilton Holdings II, LLC. Upon closing of the transaction, the agreement will leas to the investment by BCPG USA Inc. in two natural gas power plants in Pennsylvania, United States.
This will increase BCPG's production capacity in the United States by 426 MW.
1. Hamilton Liberty LLC ("Liberty”): An 848 MW combined cycle gas turbine (CCGT) power plant in Asylum County, Pennsylvania, United States. The transaction will result in 212 MW of net capacity owned by BCPG.
2. Hamilton Patriot LLC ("Patriot”): An 857 MW combined cycle gas turbine (CCGT) powerplant in Clinton County, Pennsylvania, United States. The transaction will result in 214 MW of net capacity owned by BCPG.
To date, BCPG has invested and reached production capacity of 577 MW in the United States
Mr. Niwat Adirek said “This investment is in line with the Company's strategy in expanding the power generation business as well as generating immediate cash flow to the Company.These two projects achieved commercial operation in 2016 andsell electricity in PJM market which is the largest and most liquid power market in the U.S. Their strategic location provides access to the cheapest gas in PJM that when combined with their advanced gas turbine technology gives these projects competitive advantage in bidding for electricity sales in PJM market”
Hamilton Holdings II, LLC is owned by funds managed by global fund investment firm, The Carlyle Group Inc. (NASDAQ: CG) and managed by Cogentrix Energy Power Management (“Cogentrix”). Carlyle and Cogentrix have deep expertise in having owned and managed over 10,000 MW of power asset across the United States
“BCPG is still thriving to invest in the power business from clean energy. We believe that investing in natural gas together with renewable energy supports energy transition, serves electricity demand, helps preserve the environment and creates sustainability for our world” Mr. Niwat said