Thailand’s B.Grimm Power and Vietnam’s Xuan Cau have signed a development cooperation agreement for a 420 MW solar photovoltaic (PV) project located in Tay Ninh, south-west of Vietnam. The project is expected to commence operations in June 2019.
The agreement was signed by Dr. Harald Link, Chairman of B.Grimm Power PCL., Preeyanart Soontornwata, President of B.Grimm Power PCL., To Dung, Chairman of Xuan Cau, and Dao Trong Khanh, CEO of Xuan Cau
The event was witnessed by Thai Prime Minister General Prayut Chan-ocha and Vietnamese Prime Minister Nguyen Xuan Phuc.
In February 2018, the Asian Development Bank (ADB) announced that it will provide a $235 million loan to B. Grimm Power Public Company Limited for the expansion of renewable energy projects in the member countries of the Association of Southeast Asian Nations (ASEAN).
According to a press release issued by the ADB, the bank had a $57.7 million equity stake in B. Grimm Power as part of the company’s Initial Public Offering (IPO) in July 2017. This investment by the ADB will help B. Grimm Power’s implementation of the ASEAN Distributed Power Project, which is aimed at expanding renewable and distributed power generation into new markets in ASEAN. These new countries include Cambodia, Indonesia, Lao People’s Democratic Republic, Myanmar, the Philippines, and Vietnam. Vietnam has pivoted to solar power in a big way to meet its increasing energy requirements.
Recently, JA Solar Vietnam, a wholly-owned subsidiary of Chinese solar manufacturer JA Solar, completed a long-term buyer credit loan agreement of $68.4 million from China Minsheng Bank Corporation Limited. The long-term credit agreement will be used to finance the procurement of equipment for JA Solar Vietnam’s 1.5 GW solar wafer manufacturing facility.
Mercom recently reported that Siemens, a Germany-based supplier of transmission, distribution and smart grid solutions, announced it will supply equipment for Vietnam’s largest solar park in operation. The solar project is located in the southern province of Ninh Tuan and expected to be completed by mid-2019.
Image credit: Greenskies
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.