Vietnam solar power project acquired by BGRIM for $35.2m

B Grimm Power Plc has completed a US$35.2 million acquisition of a solar photovoltaic power projects in Vietnam.

BGRIM, through subsidiary B Grimm Renewable Power 2 Ltd, has acquired an 80 per cent stake in Phu Yen TTP Joint Stock Company, the project company investing and developing in a 257MW PV scheme in Phu Yen province on the south central coast of Vietnam.  The Nation reports.

The purchase of 80 million shares in the Phu Yen TTP, concluded on Thursday, forms part of SET-listed BGRIM’s rapid expansion of power generation equity in Thailand and overseas.

Phu Yen will particularly contribute to BGRIM’s growing renewal power portfolio as well as strengthening its presence in Vietnam, according to BGRIM president Preeyanart Soontornwata.

According to Wikipedia, B.Grimm (Thai: บี.กริม) is a multinational conglomerate founded in 1878, based in Bangkok, Thailand. The large-scale conglomerate is active in healthcare, energy, building & industrial systems, real estate, e-commerce, and transport; with 22% annual growth in recent years.

The company is wholly owned and operated by the Link family. The chairman and CEO, Harald Link, is a noted polo player and philanthropist.

BGRIM has recently completed a deal for a 55 per cent stake in the 420MW solar powerhouse in Tay Ninh, southwest Vietnam, billed as the largest of its kind in Southeast Asia.