EGCO Invests in US-Based Renewable Development Company “APEX”

Electricity Generating Public Company Limited (EGCO) announced that the company has indirectly invested in Apex Clean Energy Holdings, LLC (Apex) via EGCO Plus Company Limited (EGCO Plus), its wholly owned subsidiary. EGCO Plus entered into certain definitive agreements on October 5, 2021 to acquire a 17.46% indirect interest in Apex as a co-investor in an investment vehicle managed by Ares Management Corporation’s (NYSE: ARES) Infrastructure and Power strategy. The parties have entered into agreements to acquire a majority stake in Apex.     

This investment was approved by the Board of Directors of EGCO in the Meeting held on September 30, 2021. The transaction is expected to close in Q4 2021 subject to the completion of all closing conditions.

Apex is a private utility scale renewable development company headquartered in the State of Virginia in the United States. Apex’s business is based upon the development of renewable projects through the point of Notice to Proceed (NTP) for construction or up to the project’s Commercial Operation Date (COD), and the subsequent sale of these projects to third party investors. To date, Apex has commercialized more than USD 9 billion of utility scale renewable projects and has established a diversified clean energy portfolio with more than 30,000 MW of projects in development, representing one of the largest renewable project development pipelines in the country. Apex has transacted with utilities, the commercial and industrial (C&I) market, and global financial institutions. The company has been a leader in clean energy project development and sales for C&I customers over the past decade.

The transaction will provide additional equity growth capital to Apex, allowing it to strengthen its leadership position in utility-scale clean energy development, own and operate projects as an independent power producer (IPP), and accelerate its strategic expansion into energy storage, distributed energy resources, and green fuels. In addition, the investment is in line with EGCO’s “Cleaner, Smarter and Stronger to Drive Sustainable Growth” strategy which targets carbon neutrality by 2050 in support of the global low-carbon objectives.