Japan's largest power company JERA has agreed to sell its entire stake in two companies running cogeneration facilities in Thailand. The two natural gas-fired combined cycle power generation facilities are relatively new, both having started operations in 2016.

JERA is selling its 23.80% stake in PPTC Co, which owns the Lat Krabang 120 megawatt, 30 tonnes per hour facility at the Lat Krabang Industrial Estate, and its 19.04% stake in SSUT Co, which owns the 240MW, 60 tonnes per hour plant at the Bangpoo Industrial Estate. Both are located in the suburbs of Bangkok.

The buyer is a subsidiary of Stock Exchange of Thailand-listed Eastern Power Group PCL.

JERA is a joint venture between Tepco Fuel & Power and Chubu Electric Power Company to implement a comprehensive alliance covering the entire supply chain from upstream fuel investment and fuel procurement to power generation.

The Japanese firm says it 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.