BGRIM Acquires Majority Stake in Vietnamese Wind Farm to Meet Net Zero Emission Goal

B.Grimm Power Public Company Limited (BGRIM), Thailand’s leading industrial power producer with growing regional presence, has stepped up its renewable 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, the 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 the directive given by BGRIM’s Board of Directors on 11 August and 11 November.

Huong Hoa Holding has already secured a contract to supply the electrical output from the wind farm in Vietnam’s north central coast 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, to whom BGRIM has been in a successful collaboration with in the development of the remarkable track record of the first national largest installed capacity under the single PPA of 257-MW Phu Yen TTP JSC Solar PV Project in Phu Yen province. The project also gained the renowned international award, namely the Best Vietnam Solar Power Plant Developer 2019, as well as securing Asian Development Bank (ADB)’s $186 million loan, through the country’s first  

Huong Hoa Onshore Wind Power Project is the third major renewable energy venture in Vietnam which BGRIM has engaged 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 has been secured for significant increase of generating capacity in renewable energy platform, said Dr Harald Link, Chairman and President of BGRIM.

BGRIM has already been involved in two large-scale solar energy projects in Vietnam. They are, first, the 257-MW Phu Yen TTP Solar PV Project in Phu Yen, and another the 240-MW Dau Tieng Project in Tay Ninh, south-west of Vietnam.

Dr Link said that 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. 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.