BGRIM wins green certification for loan

BGRIM wins green certification for loan

The Dau Tieng solar farm in Vietnam, operated by a subsidiary of B.Grimm Power Plc.
The Dau Tieng solar farm in Vietnam, operated by a subsidiary of B.Grimm Power Plc.

B.Grimm Power Plc's (BGRIM) Dau Tieng solar farm project in Vietnam received a "green" borrowing certification from the Climate Bonds Initiative (CBI), an independent international environmental agency, on Oct 1.

The financing of the Dau Tieng solar farm worth US$161 million falls under the CBI's green loan certificate category. The award was given to BGRIM subsidiary Dau Tieng Tay Ninh Energy Joint Stock Co following the finalisation of a syndicated loan for the amount on Aug 31, 2021.

Harald Link, chairman and president of BGRIM, said the achievement highlighted the company's potential in developing projects that contribute to environmental and climate protection.

"BGRIM is committed to expanding its business sustainably following the principles of good governance and responsible value chain management," he said. "We pursue our business by taking into account the impact on the economy, society and the environment through the clean energy development."

The financing of the 240-megawatt Dau Tieng Tay Ninh Energy Joint Stock Co solar scheme comprises two components: a $32.5 million loan funded by the Asian Development Bank and Leading Asia's Private Infrastructure Fund (LEAP), and a $128 million syndicated loan (B loan) financed by commercial banks, including Bangkok Bank, Kasikornbank, Kiatnakin Phatra Bank, ICBC (Thai) and Standard Chartered Bank (Thai).

Dau Tieng is BGRIM's second green loan for a large solar farm in Vietnam following the 257MW Phu Yen TTP facility in Phu Yen province.

Mr Link said the certification is in line with the company's philosophy of "doing business with compassion for the development of civilisation, in harmony with nature".

"BGRIM's investment in renewable energy ventures in Thailand, Vietnam, Cambodia, Laos and many other countries are a testimonial to its contribution in reducing global warming and taking care of the environment in a sustainable way," he said.

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