B.Grimm Power Public Company Limited has announced that its wholly-owned subsidiary, B.Grimm Solar Power 1 Company Limited, has completed the acquisition of Ray Power Supply Company Limited.
In a filing to the Stock Exchange of Thailand, the company has announced that the deal now been granted approval from the relevant authorities in Cambodia. B.Grimm is one of the oldest and largest infrastructure developers in Thailand.
In a letter dated November 18, 2019, the company had announced that B.Grimm Solar had entered into a share purchase agreement to acquire all the shares of Ray Power.
Cambodia is grappling with an ever-increasing demand for electricity. Despite having an abundance of solar radiation, Cambodia is lagging in the generation of power from renewable sources, and the country has a solar generation capacity of only 10 MW.
This latest announcement comes in the wake of the company’s investment in a ground-mounted solar project being developed in Serie Saophoan, Banteay Meanchey Province of Cambodia.
In 2018, the Asian Development Bank (ADB ) had announced that it would invest 5 billion Thai baht ($155 million) in B.Grimm Power through 5-year and 7-year green bonds. These green bonds were the first certified climate bonds to be issued in Thailand. The proceeds from the bond were to help finance renewable energy projects in Thailand. The proceeds were to be reserved for nine operational solar power projects with a total capacity of 67.7 MW and seven solar projects under construction with a total capacity of 30.8 MW.
In the same year, B.Grimm Power also entered into a power purchase agreement with Electricity of Vietnam for solar projects totaling 257 MW in the country. The project is located in Phu Yen Province of Vietnam. B.Grimm Power had acquired an 80% stake in Vietnamese firm Phu Yen TTP Joint Stock Company. Phu Yen TTP, Joint Stock Company, is involved in developing the 257 MW solar PV project.
In July 2018, B.Grimm Power and Vietnam’s Xuan Cau also signed a development cooperation agreement for the 420 MW solar PV project located in Tay Ninh, south-west of Vietnam.
Image credit: B.Grimm Power