Bangkok – B.Grimm Power Plc (BGRIM) has completed a 1.13-billion-baht deal for a majority stake in the company sponsoring a US$420-million scheme to build the largest photovoltaic solar power facility in Southeast Asia.
B.Grimm Renewable Power 1 Ltd, a wholly-owned subsidiary of SET-listed BGRIM, has acquired 100% shares of Viet Thai Solar Joint Stock Company (VTS) which holds a 55% interest stake in the 420-megawatt solar power plant located in Tay Ninh in the south-west of Vietnam. The acquisition represents a major commitment of BGRIM in the venture that forms a key part of the company’s move in consolidating its renewable energy portfolio, said BGRIM President Preeyanart Soontornwata.
Following the BGRIM acquisition, Xuan Cau Company Ltd, one of the largest conglomerates in Vietnam, holds a 45% share in this solar power project. Implementation of the project is proceeding as scheduled to meet the commercial operation start-up of the facility in June next year.
The Thai-Vietnamese joint venture has recently awarded PowerChina International Group, a leading player in power generation projects based in Beijing, a contract to build the facility. Soontornwata said the Vietnamese solar power scheme forms part of BGRIM’s target to raise its generating equity to 5,000 MW by 2022.The electrical output from the project will be sold in Vietnam at 9.35 US cent per kWh for a period of 20 years.