JERA Co. Inc. , the Japanese power giant and largest importer of LNG, has sold up its stakes in two companies that operate cogeneration and gas-fired power plants at two industrial estates in the suburbs of the Thai capital Bangkok as it reorganizes its portfolio.
JERA has found a buyer for its stakes in the Lat Krabang Industrial Estate and Bangpoo Industrial Estate power facilities as they no longer fit the profile of ventures it wants to be involved in.
JERA said it had concluded an agreement to sell the stakes in the gas-fired combined cycle power generation companies to a unit of Eastern Power Group, listed on the Stock Exchange of Thailand.
The Tokyo-based company is selling 23.80 percent of the Lat Krabang project company comprising 120-megawatts of electric power and steam generation capacity.
It is additionally selling its 19.04 percent shareholding in Bangpoo Co., the operator of a 240MW plant, also on the outskirts of the capital Bangkok.
Both of the Thai plants have been in operation since 2016. JERA said completion of the sales are expected before the end of 2021.
“JERA will continue to renew its portfolio going forward, selling assets and reinvesting the proceeds as it optimizes its asset allocation for compatibility with a changing business environment and seeks to expand earnings,” said a statement.
JERA as the largest Japanese LNG buyer has 35 million tonnes per annum of volumes and controls a fleet of 20 LNG carriers.
It also recently sold power stakes in Mexico while also setting up a new venture in the Philippines.
JERA said in September 2021 it was acquiring a 27 percent stake in Aboitiz Power Corp. for $1.58 billion to partner with the major utility in the Philippines as the Asian nation builds out LNG and gas-fired power projects.
