B.Grimm gas-fired plant starts on time Egat buying output under 25-year deal
Egat buying output under 25-year deal
2 October 2018
SET-listed B.Grimm Power Plc has met its commercial operation date (COD) for a new gas-fired power plant in Rayong this month, as scheduled.
The latest co-generation plant has a capacity of 133 megawatts and operates through a subsidiary, Amata B.Grimm Power Rayong 5 (ABPR5).
ABPR5 is located in Amata City Industrial Estate, and will feed electricity output to the Electricity Generating Authority of Thailand (Egat) under a 25-year contract as a small power producer.
“This is another project executed without a hitch, setting the standard for B.Grimm’s power development this year,” said president Preeyanart Soontornwata.
She said the COD for the ABPR5 allows B.Grimm to achieve revenue and profit projections as well as consolidate the group’s overall power capacity, which will reach 2,045MW.
This also means the ABPR5 helps strengthen power supply security in the country.
The ABPR5 is B.Grimm’s third-largest co-generation facility, built in Amata City Industrial Estate, bringing total installed capacity in the zone to 399MW.
B.Grimm has five co-generation power plants operating in the industrial zone.
The ABPR5 also raised the number of B.Grimm’s power plants for commercial operations to 33 locations domestically and abroad, 15 of which are co-generation projects, and 15 solar power projects, with two projects for hydro power and diesel fuel.
The development of new power plants are underway for a combined capacity of 1,081MW.
B.Grimm has to secure long-term contracts to deliver 3,126MW to buyers.
In addition, B.Grimm has set up a subsidiary in Malaysia — B.Grimm Power Malaysia Sdn Bhd, with a registered capital of 1 million ringgit (7.79 million baht).
In August, it completed a US$35.2-million (1.13 billion baht) acquisition into a large solar power project in Vietnam.
Through its subsidiary, B.Grimm Renewable Power 2, B.Grimm acquired a 80% stake in Phu Yen TTP Joint Stock, which has a licence to develop a 257MW solar project in Phu Yen province in the south-central coast of Vietnam.
The project is a ground-based solar facility and electric output will be sold to state authority Electricity of Vietnam under a 20-year purchasing contract.
The large-scale solar power project approved by Vietnam’s Ministry of Industry and Trade is in line with policymakers’ efforts to promote environmentally-friendly power generation over the next two decades.
The purchase was for a combined 80 million shares in the Phu Yen TTP Joint Stock.
B.Grimm said the acquisition is part of the company’s rapid expansion in the power generation business across Indochina. The solar power project in Phu Yen will contribute to B.Grimm’s renewable power portfolio and strengthen its presence in Vietnam, said Miss Preeyanart.