EGCO Group completed the acquisition of a 49% stake in RISEC from Cogentrix.

Electricity Generating Public Company, an electric utility holding company, completed the acquisition of a 49% stake in Rhode Island State Energy Center, a 609MW natural gas fired combined-cycle power plant situated in Johnston, Rhode Island, from Cogentrix, a power generation organization. Financial terms were not disclosed. “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," Thepparat Theppitak, EGCO Group President.