BGrimm gets ADB funding for boost to Asean energy
THE ASIAN Development Bank (ADB) has signed a loan equivalent of up with $235 million to BGrimm Power Public Company Limited (BGrimm Power), one of the largest power producers in Thailand, to develop and enhance renewable energy capacity in member countries of the Association of Southeast Asian Nations (Asean).
“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 Operation’s Department. “ADB is proud to once again partner with BGrimm Power as it continues its expansion strategy in Asean member countries.”
ADB’s financing will support BGrimm 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, Lao People’s Democratic Republic, Myanmar, the Philippines, and Viet Nam. The project will involve the execution and operation of distributed and utility-scale solar, wind, biomass, waste-to-energy, gas-fired power, energy storage, as well as associated infrastructure in Asean countries.
BGrimm Power’s total distributed power generation capacity is expected to increase by over 50 per cent to 2,500 megawatts (MW) by 2022, while the renewable energy share in its portfolio will rise from 10 per cent to 30 per cent.
ADB took a Bt1,968 million ($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.
BGrimm Power is a subsidiary of the 140-year old conglomerate BGrimm Group, operating in the energy industry since 1993 in Thailand.
It currently has a total capacity of 1,779 MW, operating 13 gas-fired plants, with 4 more under development or construction.
In recent years, B.Grimm has diversified into renewable energy and is operating 15 solar power plants and 2 hydro power plants.
