B.Grimm steps up overseas growth with 420-MW solar deal in Vietnam
19 June 2018
Thai infrastructure developer and power generation firm B.Grimm Power Public Company (SET:BGRIM) has struck a deal with Vietnamese conglomerate Xuan Cau to build a 420-MW solar park in Vietnam.
The joint cooperation agreement was signed on Friday, B.Grimm Power said in a press release. The photovoltaic (PV) park, which the Thai firm says will be the largest of its kind in the Association of Southeast Asian Nations (ASEAN), will be located in the city of Tay Ninh, southwestern Vietnam. It is planned to kick off commercial operations in June 2019.
According to a report by the Bangkok Post, construction of the facility will require an investment of some USD 420 million (EUR 362.6m) and an engineering, procurement and construction (EPC) contractor has already been hired. Meanwhile, talks are ongoing with local and international lenders to secure financing for the project.
According to the report, the scheme is in line with B.Grimm Power’s objective to source 30% of its revenues from overseas operations by 2022. The Thai firm also targets to lift the share of renewables in its power generation mix to 30% by the same year. It says on its website it has 1,646 MW of installed capacity, including renewables, and an additional 872 MW under development.
(USD 1.0 = EUR 0.863)