B.Grimm Power Plc (BGRIM), an energy developer with the largest capacity in the small power producer segment, has bought the Italian renewable energy developer and operator RES Company Sicilia.
BGRIM acquired a 100% share in RES Company Sicilia for €10,000, said Harald Link, president of BGRIM.
The asset acquisition is aimed at developing BGRIM's power generation from renewable resources in Italy.
RES Company Sicilia is conducting a feasibility study on a solar farm project with electricity generation capacity of 100-200 megawatts and is searching for new business opportunities in Spain, Greece and Poland.
BGRIM has gone through a rapid business expansion over the past two years. Last December it established partnerships by taking partial stakes in four wind farm projects in South Korea.
The company obtained an interest in Jodo Wind Power Generation, Shinan-Eoui Wind Power, Cheonsa-Eoui Wind Power and Goni Gunghung, with a total value of US$4.07 million and 955MW in total installed generating capacity.
The partnership investment represents BGRIM's efforts to penetrate the South Korean energy market, where the firm took a 49.9% stake in a 75.6MW wind power development in 2021.
Mr Link said earlier the investment in South Korean wind energy, at a total of 1,031MW so far, aligns with the company's sustainable and renewable energy principles in Asia, supporting its drive towards achieving net-zero carbon emissions by 2050.
The net-zero campaign refers to efforts to strike a balance between greenhouse gas emissions and absorption.
In 2021, B.Grimm Power Korea, a wholly-owned subsidiary of BGRIM, took a 49.9% stake at par in KOPOS Co, which has already begun work on a 75.6MW inland wind power farm.
The investments are part of BGRIM's goal to increase its power generation capacity to 10 gigawatts by 2030, up from 3.3GW at the end of last year.