BANGKOK, Aug. 21, 2018 /PRNewswire/ -- Thailand's B.Grimm Power PCL's recent investments in two solar energy projects in Vietnam underline the company's commitment to accelerate its overseas expansion through ventures with local partners and to increase its output in renewable energy.
"We will keep on expending in many different countries in this region, and even beyond Southeast Asia" said Harald Link, Chairman of B.Grimm Power.
B.Grimm Power announced on Aug 10 that it was investing 35.2 million dollars to acquire from Truong Thanh Viet Nam Group an 80% stake in a Solar Power Plant Project located in Phu Yen Province, on Vietnam's south-central coast, with installed capacity of 257 megawatts.
That announcement came just weeks after B.Grimm Power had signed an agreement with Vietnam's Xuan Cau Group to build and operate a solar farm in Tay Ninh Province with total capacity of 420 megawatts, which will make it the largest solar power plant in Southeast Asia when it starts operating in mid-2019.
B.Grimm Power is the largest unit of B.Grimm, Thailand's oldest infrastructure developer which is this year celebrating 140 years of existence. B.Grimm, which is the long standing partner in Thailand of world leading engineering and equipment firms, entered the power generation business a little over 20 years ago in the Amata Industrial Parks in partnership with Amata Corp., when Thailand opened the power sector to private companies.
At present, B.Grimm Power has total installed capacity of 2,091 megawatts, of which over 1,200 megawatts are sold to more than 300 factories in 6 industrial parks across Thailand and Vietnam.
"Now we are quite strong in renewable projects and we plan to increase the portion of renewable output to 30% by 2022, from 12% currently," Link said. "With our expertise, businesses in several countries that have power plant concessions are looking for B.Grimm to be their partner."
The next country on B.Grimm's expansion plan is South Korea. Earlier this year, the company signed with Korea Electric Power Corporation a memorandum of understanding to develop an offshore wind power farm with a capacity of 100 megawatts.
"We are going to build a substantial wind farm in Korea," Link said. "We are quite happy the Koreans have so much trust in a Thai company, which I think shows that our company is technologically advanced, and that we have really capable people, very good systems to build and execute, our own team to operate all our plants."
B.Grimm Power generated a consolidated profit of 1.1 billion baht (33 million dollars) for the first six month of this year, up from 938 million baht in the year earlier period.
B.Grimm Power is listed on the Stock Exchange of Thailand, under the Power and Utility sector (ticker: "BGRIM") since last year, when it raised about 11 billion baht (330 million dollars) in an initial public offering.