Thailand's EGCO buys Australian wind farm for $129m
BANGKOK (REUTERS) - Electricity Generating Pcl , Thailand's second-largest private power producer, has spent A$110 million (S$129 million) to buy a 113-megawatt wind farm in Australia, in its first foray into the resource-rich country, the company said on Thursday.
EGCO, which has interests in power plants in Laos and the Philippines and in a coal mine in Indonesia, is seeking opportunities to invest overseas and at home to boost its earnings growth.
The company said in a statement that it had signed a deal to buy a 100 per cent stake from Asia Pacific Renewables Ltd, which is owned by Continental Wind Partners, the developer of Boco Rock Wind Farm.
The wind farm, located about 160 km (99 miles) south of Australia's capital Canberra, has signed a 15-year deal to supply electricity to EnergyAustralia Pty Ltd and is expected to begin commercial operations in February 2015.