BCPG closes over $280m exit deal in Japan

It divested all nine solar plants.

Thailand’s BCPG Public Company Limited has completed the divestment of its solar power projects in Japan to fuel its expansion by reinvesting the proceeds in other renewable projects.

BCPG President and CEO Niwat Adirek said the company achieved a share purchase transaction of THB10.377b ($281.83m) with Danish renewable energy firm Obton. 

Under the transaction, BCPG divested all its nine solar power plants with a production capacity of 117 megawatts, as well as its Asset Management and Operation and Maintenance company.

“The portfolio’s sales transaction, when compared with the book value, brought about a surplus of more than THB2,300m [$62.48m], which will be recognised within Q2/2024,” the company said. 

The company said its divestment is in line with BCPG’s strategy to “recycle” the capital into new high-value renewable assets, boosting growth.

(THB1 = $0.027)