BGRIM acquires majority stake in Vietnamese wind farm
published : 22 Nov 2021 at 14:30
Marks new renewable energy and net-zero carbon emission milestones
B.Grimm Power PCL (BGRIM), Thailand’s leading industrial power producer with growing regional presence, has stepped up its renewal energy portfolio by acquiring a majority ownership in a key wind power scheme in Vietnam.
BGRIM, through its wholly-owned subsidiary B.Grimm Renewable Power 1 Co.,Ltd., has purchased an 80% stake in Huong Hoa Holding Joint Stock Company, sponsor of the 48-megawatt Huong Hoa Onshore Wind Farm Project in Huong Hoa district, Quang Tri Province.
BGRIM has paid US$7 million (231 million baht) for the stake to Nguyen Van Quan, the Huong Hoa Holding shareholder. The deal was sealed on 16 November 2021, after being endorsed by the relevant regulatory authorities of the Socialist Republic of Vietnam. The transaction is in line with directives by BGRIM’s Board of Directors on 11 August and 11 November 2021.
Huong Hoa Holding has already secured a contract to supply the electrical output from the wind farm in Vietnam’s north central coastal region to the Electricity of Vietnam (EVN).
Truong Thanh Energy and Real Estate Joint Stock Company (TEG), a listed company on the Vietnam Stock Exchange, holds another 20% stake in Huong Hoa Holding, with which BGRIM is in a successful collaboration with a remarkable track record to develop installed capacity under the single PPA of 257-MW Phu Yen TTP JSC Solar PV Project in Phu Yen province. The project gained the renowned international “Best Vietnam Solar Power Plant Developer 2019” award and has secured a US$186 million loan from the Asian Development Bank (ADB), in what is Thailand’s first certified green loan.
Huong Hoa Onshore Wind Power Project is the third major renewable energy venture in Vietnam that BGRIM has engaged in as part of the company’s fledging green energy portfolio at home and abroad.
“The Huong Hoa Onshore Wind Farm acquisition shows BGRIM’s strong readiness to become one of the major developers of renewable energy under Vietnam’s Power Development Plan (PDP) that envisages significant increase in generating capacity from renewable energy platforms,” said Dr Harald Link, Chairman and President of BGRIM.
BGRIM is already involved in two large-scale solar energy projects in Vietnam: the 257-MW Phu Yen TTP Solar PV Project in Phu Yen, and the 240-MW Dau Tieng Project in Tay Ninh, in southwest Vietnam.
“The Huong Hoa Onshore Wind Farm acquisition underlines BGRIM’s commitment to pro-actively expand its renewable energy, in line with the company’s vision of ‘Empowering the World Compassionately’ based on the principles of generosity in business to create value for society and growing alongside Thailand and the region,” added Dr Link. “The expanding renewable energy portfolio also forms an integral part of the company’s long-term goal to become a net-zero carbon emissions organisation by 2050.”