BGRIM, Singha Estate complete acquisitions

BackSep 08, 2021

B.Grimm Power (BGRIM) and Singha Estate have formalised and completed shareholding transactions in two power generation companies.

This follows the completion of another transaction in a third power generation company in July 2021.

BGRIM now holds 70% and Singha Estate holds 30% of the three power generation companies located in the S Industrial Estate Angthong.

With a combined generation capacity of 403 megawatts, the three companies are B.Grimm Power (Angthong) 1, operating a 123MW combined cycle co-generation power plant; and two greenfield operations that have licences owned by B.Grimm Power (Angthong) 2 and B.Grimm Power (Angthong) 3, each with 140MW capacity and a 90MW power purchase agreement with the Electricity Generating Authority of Thailand for 25 years.

Harald Link, chairman and president of BGRIM, said that as the utilities solution provider, BGRIM saw opportunities to collaborate for smart eco industrial estate including the solutions for electricity and transmission & distribution; gas distribution; smart solution together with solar rooftop and floating for efficiency improvement and energy saving of industrial users, energy trading for peer-to-peer; renewable energy certificate to assist industrial users in reducing greenhouse gas emissions and achieving sustainable goals; and energy storage system to support the reliability and efficiency of renewable.

"We are delighted to have powerful strategic partners like Singha Estate as we advance on that journey," said Mr Link.

Thitima Rungkwansiriroj, chief executive of Singha Estate, said her company was proud to have rapidly become a major player in Thailand's power generation sector through these joint ventures with one of the country's most respected names in power generation.

"The businesses have attractive returns and, even more importantly, give Singha Estate synergies with our three core property businesses of commercial property, residential property, and resorts and hotels," she said.

Mrs Thitima said that during 2021 Singha Estate has been developing alliances with businesses that complement its core property business and which are all leaders in their respective sectors.

"We intend purposefully to pursue that strategy, regardless of Covid-19, and fulfil our long-term growth ambitions," she added.

The three joint ventures are expected to generate at least 7.8 billion baht in revenue during 2024.

Source : bangkokpost