Bangkok – Electricity Generating (Egco), the power generation subsidiary of Thailand’s Electricity Generating Authority, is capitalizing on its petrochemical ventures in Indonesia to spearhead clean energy initiatives, focusing on hydrogen fuel development.

Last year, Egco acquired a 30% stake in PT Chandra Daya Investasi (CDI), a subsidiary of PT Chandra Asri Petrochemical Tbk Group (CAP), Indonesia’s leading integrated chemical and infrastructure solutions provider. The remaining 70% ownership remains with CAP.

The investment not only promises substantial returns for Egco but also paves the way for the exploration of new energy avenues, as stated by Thepparat, a company representative.

CDI operates essential infrastructure and utilities in a key industrial zone in western Java, including two gas-fired power plants and a water supply facility. Plans are underway to expand the capacity of its tank farms, which store liquid petroleum products, and to further develop the jetty management business.

Mr. Thepparat highlighted the potential of utilizing hydrogen, a by-product of the petrochemical industry, for producing hydrogen fuel. This move aligns with global efforts to combat carbon dioxide emissions and address climate change.

“We have dispatched teams to Indonesia to assess potential developments supporting our renewable energy ambitions,” he added.

In addition to its Indonesian venture, Egco is eyeing revenue opportunities in the renewable energy sector in the United States through its investment in Apex Clean Energy Holdings LLC. The company acquired a 17.4% stake in Apex in 2021.

The US stands as a major market for wind and solar power, presenting a lucrative landscape for renewable energy ventures. Through collaboration with Apex, Mr. Thepparat noted, Egco stands to benefit from numerous renewable energy projects developed and managed by Apex.

Egco retains the option to continue its investment in Apex until the completion of the concession periods for Apex’s clean energy projects or explore alternative avenues, including the sale of shares.

As of December last year, Apex committed to developing and operating 40 projects with a total capacity of 59,850 megawatts, underscoring the scale and potential of the partnership.