Thailand’s largest private power producer said it is in talks to buy more than 20% of an unidentified Australian power plant as part of a regional hunt for growth opportunities.

Ratchaburi Electricity Generating Holding declined to identify the Australian company but said it has a capacity of more than 100MW, reports Reuters.

“What we aim to buy is a more than 20% stake,” deputy managing director Thawat Vimolsarawong told reporters.

He expects to conclude the deal in the first quarter of 2010.

Ratchaburi, like other major Thai power producers, is looking for growth opportunities abroad to boost capacity, especially in the Asian region.

Ratchaburi has a generating capacity of 4,300MW, or about 15% of Thailand’s total. It has cash flow of around THB10bn ($300m).