B.Grimm Power Plc (BGRIM) acquired a 45% stake in Univentures BGP Co (UVBGP), a subsidiary of Univentures Plc, a SET-listed property developer, in order to pursue energy ventures in the real estate sector.
On Tuesday, BGRIM paid 22.25 million baht for 2.25 million newly-issued ordinary shares of UVBGP at a par value of 10 baht per share, whilst Univentures (UV) holds the remaining 55% in UVBGP.
The partnership will facilitate investments in power projects related to real estate developments such as rooftop solar power, floating solar farms, combined cycle generation, hybrid power systems, biomass, energy solution services and smart grid schemes.
UVBGP aims to put in place 400-500 megawatts in combined generation capacity over the next three years, said BGRIM president Harald Link.
He said the partnership with UVBGP will improve the opportunity for BGRIM to invest, develop, manage and execute energy projects involving property businesses in association with the UV group.
UV president Khumpol Poonsonee described the deal as a significant synergy that taps the expertise of both sides for sustainable growth in the future.
For UV, the partnership with BGRIM allows the firm to enter into a new sector and balance its project portfolio, he said.
BGRIM has 48 power plants in operation with a total installed capacity of 3,058MW. It plans to raise its combined generating portfolio to 7,200MW by 2025.