Bangkok (VNA) - Thailand's biggest coal mining company Banpu has invested 430 million USD to acquire a 100 percent stake in a large-scale gas-fired power plant in the US, hurrying to move away from its main business, which has a large environmental impact, to a green business.
The company acquired the power plant in Texas from Temple Generation I and signed the contract on August 10. The transaction is expected to be completed by the fourth quarter of 2021.
Banpu also invested 770 million USD in December 2019 to acquire a shale gas operation in Texas. It can provide gas to the power plant that the company bought in Texas at competitive prices.
The investment is part of the company's business plan to go greener.
The company acquired the power plant in Texas from Temple Generation I and signed the contract on August 10. The transaction is expected to be completed by the fourth quarter of 2021.
Banpu also invested 770 million USD in December 2019 to acquire a shale gas operation in Texas. It can provide gas to the power plant that the company bought in Texas at competitive prices.
The investment is part of the company's business plan to go greener.
Somruedee Chaimongkol, Banpu's chief executive officer, said that the company would gradually cut the role of the coal business and instead shift business resources toward natural gas and renewable energy. The company is aiming to have low-carbon green businesses contribute more than half of overall income by 2025.
Banpu's power plant in Texas is a combined cycle gas-fired power plant with generating capacity of 768 MW and started commercial operation in July 2014. With the new investment, the company's total equity-based capacity will total 3,300 MW from 34 gas-fired, co-generation and renewable power plants in Thailand and abroad./.
Banpu's power plant in Texas is a combined cycle gas-fired power plant with generating capacity of 768 MW and started commercial operation in July 2014. With the new investment, the company's total equity-based capacity will total 3,300 MW from 34 gas-fired, co-generation and renewable power plants in Thailand and abroad./.
VNA
