ADB to finance B.Grimm Power’s Asean energy project
The Asian Development Bank (ADB) signed a loan for $235 million to B.Grimm Power, one of the largest power producers in Thailand, to develop and enhance renewable energy capacity in Asean member countries.
ADB’s financing will support B.Grimm Power’s implementation of the Asean Distributed Power Project, which will expand renewable and distributed power generation into new markets in Asean including Cambodia, Indonesia, Laos, Myanmar, the Philippines, and Vietnam, according to ADB’s press release.
The project will involve the execution and operation of distributed and utility-scale solar, wind, biomass, waste-to-energy, and gas-fired power, as well as energy storage.
“The development of renewable energy in Southeast Asia is critical to meet its energy needs and B.Grimm Power is at the forefront of the region’s fast growing alternative energy sector,” said Michael Barrow, director general of ADB’s private sector operations department.
B.Grimm Power’s total distributed power generation capacity is expected to increase by over 50 percent to 2,500 megawatts (MW) by 2022, while the renewable energy share in its portfolio will rise from 10 to 30 percent.
ADB took a $57.7 million equity stake in B.Grimm Power as part of the company’s initial public offering in July 2017.
ADB also administers a $20 million loan provided by the Canadian Climate Fund for the private sector in Asia under the Clean Energy Financing Partnership Facility.
B.Grimm Power is a subsidiary of the 140-year old conglomerate B.Grimm Group, operating in the energy industry since 1993 in Thailand. B.Grimm Power currently has a total capacity of 1,779 MW, operating 13 gas-fired plants, with four more under development.
In recent years, B.Grimm has diversified into renewable energy and is operating 15 solar power plants and two hydro-power plants.