Apex Clean Energy Enters Strategic Partnership with EGCO Group Through Partial Sale of U.S. Energy Portfolio
Apex Clean Energy, a leading renewable energy developer and operator, has announced a significant agreement with Electricity Generating Public Company Limited (EGCO Group), marking another major milestone in Apex’s ongoing strategy to recycle capital and scale its portfolio of clean energy assets across the United States. Under the terms of the agreement, EGCO Group will acquire a 49% equity interest in a strategic portfolio of energy assets known as the “Pinnacle II” portfolio. This diversified collection includes two renewable energy projects with a total combined capacity of 251 megawatts (MW).
Apex Clean Energy will retain the controlling 51% ownership of the portfolio and will continue to serve as the long-term operator and asset manager. The company emphasized that this transaction reflects its commitment to optimizing asset value while continuing to execute on its mission of accelerating the shift to clean energy at scale.
The Pinnacle II portfolio consists of two projects: the 126 MW Downeast Wind project located in Maine and the 125 MWac Wheatsborough Solar project based in Ohio. Both facilities are currently in advanced stages of construction and are expected to enter commercial operation in 2025.
Strategic Alignment and Industry Significance
The collaboration between Apex and EGCO Group represents a strategic alignment of shared goals between two experienced players in the global energy sector. Apex brings deep expertise in project development and operations in the U.S. renewables space, while EGCO Group, a Thai-based electricity utility with growing international presence, continues to expand its global footprint by investing in high-quality clean energy projects.
Ken Young, Chief Executive Officer of Apex Clean Energy, commented on the partnership by saying:
“In today’s rapidly evolving energy landscape, partnerships like this one with EGCO Group underscore the enduring value of delivering high-integrity, well-structured renewable energy projects. This transaction represents our second major capital recycling initiative and further enhances our ability to reinvest into our growing pipeline of best-in-class wind, solar, and energy storage projects.”
The transaction underscores Apex’s ability to develop attractive and bankable projects that align with investor demand for low-carbon infrastructure assets. The company’s ability to form and maintain strategic relationships with capital partners is a central pillar of its business model and growth strategy.
Project Highlights
Downeast Wind (Maine)
Located in the state of Maine, Downeast Wind is a 126 MW wind energy facility designed to harness the region’s robust wind resources. As a key project in the Pinnacle II portfolio, Downeast Wind will play a central role in Maine’s clean energy transition. The project is projected to generate significant environmental and economic benefits, including reducing reliance on fossil fuels, improving air quality, and delivering substantial local tax revenue and job creation.
Wheatsborough Solar (Ohio)
Wheatsborough Solar, with a nameplate capacity of 125 MWac, is located in Ohio and reflects Apex’s strategic approach to diversifying across renewable energy technologies and geographies. The solar project has been designed with a focus on maximizing energy efficiency and minimizing land use impacts. Once operational, it will provide clean, affordable electricity to the regional grid and support state and national goals for decarbonization.
Both Downeast Wind and Wheatsborough Solar have secured commercial arrangements with leading energy buyers, ensuring long-term revenue certainty and further demonstrating the projects’ financial viability. These agreements are a testament to the strength of Apex’s origination capabilities and its ability to structure deals that meet the needs of both energy buyers and investors.
Economic and Community Impact
Beyond their contributions to renewable energy targets and grid reliability, the projects within the Pinnacle II portfolio are delivering meaningful local economic benefits. During the construction phases, the Downeast and Wheatsborough projects collectively created approximately 350 jobs, supporting local contractors, engineers, and technicians.
In addition, the two facilities are expected to generate approximately $55 million in local tax revenues over the duration of their operational lifespans. These funds will provide critical support for public services such as schools, emergency response, and infrastructure improvements in the host communities.
The dual economic and environmental impact of these projects illustrates the holistic value proposition of clean energy development—providing not just emissions reductions but also tangible benefits to the communities in which the projects are located.
Apex’s Continued Leadership in Renewable Energy
The transaction with EGCO Group represents a continuation of Apex Clean Energy’s impressive growth trajectory. With more than 2.2 gigawatts (GW) of renewable energy assets either operating or under construction across the United States, Apex has emerged as a leading independent power producer (IPP) focused on transforming the U.S. energy system.
Through a combination of development expertise, financial discipline, and innovative partnership models, Apex continues to bring new projects online while recycling capital to fuel future development. The company’s growing portfolio spans wind, solar, battery storage, and hybrid solutions, all aimed at meeting the dynamic needs of utilities, corporations, municipalities, and other energy users.
In addition to its project development capabilities, Apex is also known for its community-centered approach. The company routinely engages with local stakeholders, landowners, and municipal leaders to ensure that projects reflect local values and provide long-lasting benefits.
EGCO Group’s Global Renewable Strategy
For EGCO Group, the acquisition aligns with its broader strategic goal of expanding its renewable energy investments and enhancing its presence in high-growth international markets, particularly in North America. The company’s interest in the U.S. market reflects confidence in the long-term outlook for clean energy and its role in helping global partners achieve net-zero targets.
By securing a minority stake in the Pinnacle II portfolio, EGCO gains access to operational excellence and market familiarity through its collaboration with Apex, while also participating in the substantial upside of clean energy investments.
Carl Jackson, Partner at EGCO Group, expressed optimism about the partnership:
“This transaction reflects our commitment to strategic investment in renewable energy and strengthens our global portfolio. We are pleased to work with Apex Clean Energy, a trusted and experienced partner, to accelerate our growth and contribute to global decarbonization efforts.”
