TOKYO, Oct 3 (Reuters) - Japan’s Tokyo Gas Co said on Monday it has taken a 28-percent stake in the operating company of a 350-megawatt natural gas-fired power plant in Thailand, marking its first foray into power generation in Southeast Asia.
The Tokyo-based city gas supplier said in a statement that it had acquired the stake in Eastern Power and Electric Co from Total Gas & Power Thailand.
It expects stable earnings due to a power supply contract until 2023 with state-run Electricity Generating Authority of Thailand (EGAT).
A company spokeswoman said the purchase cost “several billions of yen”. One billion yen is about $10 million.
Eastern Power and Electric’s Bang Bo power plant, about 50 km (30 miles) east of Bangkok, started commercial operations in 2003. ($1 = 101.4700 yen) (Reporting by Osamu Tsukimori; Editing by Joseph Radford)