Jera exits two Thai gas power projects
Japan’s Jera has concluded an agreement to sell its entire stake in two gas-based power plants in Thailand, it said on October 19 in a statement.
The Japanese joint venture will sell its stake in two operating companies to a subsidiary of Bangkok-based Eastern Power Group. The two companies operate cogeneration facilities at the Lat Krabang industrial estate and Bangpoo industrial estate in the suburbs of Bangkok.
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PPTC Co., in which Jera has a 23.80% stake, operates the Lat Krabang facility. It has a 19.04% stake in SSUT Co., which operates the Bangpoo plant.
The transaction is expected to be completed by early next year. Jera said it will continue to renew its portfolio going forward, selling assets and reinvesting the proceeds as it “optimises its asset allocation for compatibility with a changing business environment and seeks to expand earnings.”
Last month, Jera sold its entire 20% stake in MT Falcon Holdings, which operates five natural gas thermal independent power projects in Mexico. In August, it exited an Indonesian coal-based power project.
While Jera has exited some projects, it has made major investments as well. The company in September said it will acquire 27% of the outstanding shares of Aboitiz Power Corp, a power utility in the Philippines, for about $1.58bn.