Electricity Generating Public Company Limited or EGCO Group, completed the acquisition of a 49% ownership interest in the 126 MW “Downeast Wind” wind farm which is located in the state of Maine in the United States. The Downeast Wind facility is the first of two renewable energy projects in the “Pinnacle II Portfolio” to be acquired by EGCO Group. The facility started commercial operations on 2 April 2025. The power generated by the wind farm will help EGCO Group move closer towards its goal of increasing the portfolio’s renewable capacity up to 30% by 2030.
Dr. Jiraporn Sirikum, President of EGCO Group, said, “Following the entry into an Equity Capital Contribution Agreement with Apex Pinnacle II Member, LLC, an affiliate of Apex Clean Energy Holdings, LLC, to acquire a 49% ownership interest in the Pinnacle II Portfolio on 31 March 2025, EGCO Group would like to confirm that the Downeast Wind investment was closed on 13 June 2025.”
Downeast Wind is located in northern Maine and it operates within the ISO-NE power market. This region of the state benefits from high wind energy potential and the project supports the state’s long term renewable energy goals. Downeast Wind has long-term power and environmental attribute offtake agreements with two investment-grade counterparties, ensuring long term revenue stability and consistency. The project’s main equipment comes from reputable manufacturers and day to day operations will be supported through long-term operations and maintenance (O&M) and asset management contracts, enhancing operational efficiency and ensuring consistent performance. The wind farm 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.
“The investment in the Pinnacle II Portfolio will 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 project investments as the means to achieve long-term growth. The new renewable energy megawatts of Downeast Wind will also help EGCO Group to reach its short-term goal of increasing the portfolio’s renewable capacity up to 30% by 2030”, concluded Dr. Jiraporn.
About EGCO Group
Following the completion of Downeast’s equity acquisition, EGCO Group has a total equity capacity (as of 19 June 2025) of 6,653 MWe in operation and under construction. Total equity capacity from renewable energy is 1,450 MWe (equivalent to 22% of the total portfolio). The renewable energy (RE) portfolio includes biomass, hydropower, solar power, onshore and offshore wind power, fuel cells, and battery storage. EGCO Group’s facilities and other projects are located in 7 countries, namely Thailand, Lao PDR, the Philippines, Indonesia, South Korea, Taiwan and USA. In addition to power business, other energy-related businesses of the company include EGCO Engineering and Service Co., Ltd. (ESCO) providing power plant operations, maintenance, engineering, construction, energy conservation and training services to power and industrial plants in many industries, the infrastructure and utilities company “CDI” in Indonesia, Thai Pipeline Network Co., Ltd. (TPN), EGCO Rayong Industrial Estate (ERIE), “Innopower” which is a high tech start up incubator that EGCO Group owns together with its partners EGAT and RATCH Group, and “Peer Power” which is a new financial technology company. EGCO Group has been listed in the Dow Jones Sustainability Index (DJSI) for the 5th year in a row (2020-2024). Learn more about EGCO Group through our website at www.egco.com or on social media at www.facebook.com/EGCOGroup.
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