EGCO buys stake in SEG Indonesia

Thailand’s second-largest private power producer, Electricity Generating PCL, said it spent $215 million to buy a 20 percent indirect stake in Indonesia’s Star Energy Geothermal Pte (SEG) as part of its regional expansion.

SEG owns a 227 megawatt geothermal power plant located in Indonesia. It is also developing another two power plants and wants to expand the power generation business into Southeast Asia, EGCO said in a statement on Monday.

EGCO, like other Thai power producers, is looking for opportunities to expand overseas as a slowing economy dampens demand at home.