Electricity Generating Public Company Limited (EGCO) announced that EGCO Linden II, LLC, a wholly owned subsidiary of EGCO, entered into a purchase and sale agreement with AEIF Linden SPV, LLC and Highstar Capital GP IV, L.P. on January 29, 2021 to acquire a 28% ownership interest in Linden Topco LLC (Linden Topco).
This investment was approved by the Board of Directors of EGCO in the Meeting held on December 1, 2020. The Transaction is expected to be closed in early Q2 2021 subject to successful completion of all closing conditions.
Linden Topco owns a 972MW natural gas cogeneration facility, sited in the State of New Jersey, USA. Linden Power Plant sells the energy, capacity and ancillary services into the New York System Operator (NY-ISO Zone J) and the PJM PS North power market in New Jersey; two of the most congested and capacity constrained power markets in the United States. The Linden Cogen Facility also enjoys long-term contracted steam and electricity sales offtake contracts with large investment grade industrial off-takers.