The rating reflects the company’s position as one of the leading private power producers in Thailand, its well-diversified portfolio of cogeneration power units under the Small Power Producer (SPP) scheme and reliable cashflows from long-term power purchase agreements (PPAs) with the Electricity Generating Authority of Thailand (EGAT) and reputable clients.
The rating also reflects BGRIM’s proven record of operating gas-fired combined cycle co-generation units and its opportunities for further growth. These strengths are partially offset by a highly leveraged balance sheet while it pursues its growth strategy.