Electricity Generating : EGCO Group Joins Forces with DGA to Study and Develop Hydrogen Value-Chain Related Business and Renewable Energy in Australia

In a move towards low-carbon society, Electricity Generating Public Company Limited or EGCO Group and Diamond Generating Asia, Limited ("DGA"), Mitsubishi Corporation's wholly owned subsidiary in Hong Kong, signed a Memorandum of Understanding (MoU) to study and assess the possibility of both parties to join forces in developing hydrogen value-chain related businesses and renewable energy projects. This includes green hydrogen production at Boco Rock Wind Farm, New South Wales, Australia, an EGCO Group's 100%-owned facility.

Mr. Thepparat Theppitak, President of EGCO Group, said that EGCO Group realizes the importance of clean energy during the energy transition period in the power industry. Hydrogen, in particular, has high potential to drive the transition of energy source from fossil to green energy. Considering the rapid development of hydrogen market, EGCO Group has seen high potential of the investment in hydrogen value-chain related businesses. This will not only ignite the New S-Curve but also support continuous business growth and drive the company towards its long-term goal which is to achieve net zero by 2050 and its business commitment of achieving "Cleaner, Smarter, and Stronger to Drive Sustainable Growth".

"EGCO Group and our long-time partner DGA are ready to put together our expertise in the power and energy markets to conduct feasibility study of renewable energy and the development of hydrogen value-chain related businesses in Australia. The country has very high potential for green hydrogen industry development. The study will include the production of green hydrogen at 113-MW Boco Rock Wind Farm in New South Wales, Australia, which is 100% owned by EGCO Group. The main objective of this cooperation is to support the transition of the energy industry and drive the sustainable development of low carbon society," Mr. Thepparat said.

Mr. Shinichiro Suzuki, Chief Executive Officer of DGA said, "At DGA, we place high importance to reduce carbon dioxide emission, which supports the power industry transition and the development of low carbon society. We also focus on strengthening of the entire supply chain of clean energy, such as hydrogen. Under this MoU, DGA will support EGCO Group's initiative to reduce CO2 emission. We are committed of using our expertise and experience in helping EGCO Group to achieve its Net Zero 2050 ambition as planned."

About EGCO Group
EGCO Group currently has a total contracted capacity of 6,202 MWe (including both power plants that already started commercial operations, and projects under construction). Total capacity from renewable energy is as high as 1,249 MWe (or 20% of the total power capacity), which includes biomass, hydropower, solar power, wind power, and fuel cells. The company has been included in the Dow Jones Sustainability Index (DJSI) for 3 consecutive years. Its power plants and other projects are located in eight countries, namely Thailand, Laos PDR, Philippines, Indonesia, Australia, South Korea, Taiwan and USA. In addition, its energy-related businesses include the Extension of Petroleum Pipeline System in Northeastern Project ("TPN"), "EGCO Rayong" Industrial Estate Development Project, the license to source and supply natural gas in Thailand, financial technology company ("Peer Power"), innovation research and development company ("Innopower").

About DGA
Established in 2009, DGA is a Mitsubishi Corporation's wholly owned subsidiary. Headquartered in Hong Kong, the company serves as Mitsubishi Corporation's power generation business hub for Southeast Asia, Oceania and the Middle East. The company aims to expand its business in this region which has continuously high demand. As of December 2022, DGA holds approximately 1,470 MW of power generation assets on an equity basis.