Four massive Thai conglomerates to ink Myanmar pact to develop an 800-square-kilometre industrial estate
Massive industrial estate in the works for B.Grimm Group, Amata Corporation, PTT and Global Power Synergy
Four massive Thai conglomerates — B.Grimm Group, Amata Corporation, PTT and Global Power Synergy — have entered into an agreement to develop an 800-square-kilometre industrial estate in Myanmar.
A memorandum of understanding is expected to be signed by the beginning of next year, said B.Grimm chairman Harald Link.
Mr Link said B.Grimm’s role in the partnership is to operate a power plant in the industrial estate, which will feed power primarily to the estate, but also sell excess energy to the Myanmar government.
He declined to offer additional details regarding the project.
Mr Link said B.Grimm Group’s power business will be a key driver of revenue over the next eight years, aiming to reach total revenue of 150 billion baht by 2028.
This year, 70% of the group’s total projected revenue (60 billion baht) came from its energy arm, SET-listed B.Grimm Power Plc.
B.Grimm operates power businesses in Thailand, Laos and Vietnam, with a transmission system in Cambodia. It has a total capacity in operation of 3,019 megawatts supplied from co-generation, solar, energy storage backup for power trading and waste to energy.
The company also has 1,200MW worth of projects in development, which include 16MW of wind power and 95MW of hydropower.
He said the company is studying the feasibility of an additional 3,000MW in Vietnam and a partnership with a US firm for 2,000MW of supply.
B.Grimm recently signed deals for an additional 3,000MW of liquid natural gas (LNG) projects.
“Vietnam is a high potential market,” Mr Link said. “We are the largest power operator there and have projects from 1,000-3,000MW in the pipeline, and have received a licence to import 650,000 tonnes of LNG annually from Vietnam.”
He said the group has plans for an energy storage system in industrial estates for both existing and new plants, as well as a joint venture to develop a natural gas power plant in Malaysia. They also plan green energy projects in hydrogen, solar rooftops and floating solar steam power.
“We are joining with South Korea to study the possibility to produce algae oil, an oil from natural raw material,” said Mr Link. “The study will determine if the technology is possible.”
The group also has an air conditioning business, and a healthcare business, still in its early stage.