B.Grimm Power Invests $35.2 Mn to Pick 80% Stake in Vietnam’s 257MW Solar Proj

The 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 MW, which will make it the largest solar power plant in Southeast Asia when it starts operating in mid-2019.

Thailand-based B.Grimm Power, the largest unit of conglomerate B.Grimm, invested USD 35.2 million to acquire from Truong Thanh Viet Nam Group an 80 percent stake in a solar power plant project located in Phu Yen Province, on Vietnam’s south-central coast, with installed capacity of 257 MW.

The 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 MW, which will make it the largest solar power plant in Southeast Asia when it starts operating in mid-2019.

Commenting on the developments, B.Grimm Power, Chairman, Harald Link said, “We will keep on expending in many different countries in this region, and even beyond Southeast Asia.”

At present, B.Grimm Power has total installed capacity of 2,091 MW, of which over 1,200 MW are sold to more than 300 factories in six 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.

Link further added that, “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 (MoU) to develop an offshore wind power farm with a capacity of 100 MW.

“We are going to build a substantial wind farm in Korea,” said Link.