Thailand’s B.Grimm Power has acquired an 80 percent stake in Vietnamese firm Phu Yen TTP Joint Stock Company.

Phu Yen TTP Joint Stock Company is involved in developing solar photovoltaic (PV) projects totaling 257 MW in Vietnam. The project is located in Phu Yen Province of Vietnam.

B.Grimm Power purchased 80,000,000 shares, calculated to be 80 percent of ordinary shares of the Phu Yen TTP Joint Stock Company. The value of the sale and purchase transaction is equivalent to $35,200,000. Another 20 percent of ordinary shares in Phu Yen TTP Joint Stock Company are held by the Truong Thanh Viet Nam Group Joint Stock Company (TTVN).

The scheduled commercial operating date of the project is expected to be June 30, 2019.

For this investment, B.Grimm Power has considered selecting China Energy Engineering Groups Shanxi Electric Power Engineering Co., Ltd., a state enterprise of the People’s Republic of China (PRC), as a project contractor under the engineering, procurement, and construction (EPC) contract.

Recently, B.Grimm Power and Vietnam’s Xuan Cau also signed a development cooperation agreement for a 420 MW solar PV project located in Tay Ninh, south-west of Vietnam.

Vietnam has become an important destination for investment in renewable energy for companies seeking new markets.

Earlier this month, the Vietnamese arm of Trina Solar, a Chinese module and cell manufacturer, signed a $30 million credit agreement with VietinBank in the province of Bac Giang, Vietnam. The money will be primarily used to fund and finance the production and operation of Trina solar assets in Vietnam.

Recently, in a similar deal, JA Solar Vietnam, a wholly-owned subsidiary of Chinese solar manufacturer JA Solar, completed a long-term buyer credit loan agreement for $68.4 million from the China Minsheng Bank Corporation Limit.

Siemens, a Germany-based supplier of transmission, distribution and smart grid solutions, recently won a contract with Trung Nam Group to supply equipment to Vietnam’s largest solar park in operation.