B.Grimm deepens sustainability footprint in Vietnam’s energy sector

The deal was one of the 10 Outstanding M&A Deals in Vietnam for the 2021-2022 period that were honoured at the 2022 Vietnam M&A Forum.

B.Grimm secured an Outstanding M&A Deal Award at 2022 Vietnam M&A Forum

The 420MW Dau Tieng Tay Ninh Solar Power Complex started commercial operations in June 2019. The deal separated the complex into two power plants held by two independent companies, each wholly owned by B.Grimm and Xuan Cau Group respectively.

It was a complex demerger conducted concurrently with the arrangement, due diligence, and documentation for the financing of these projects, in which the B.Grimm power plant received Asia Development Bank (ADB) financing and the Xuan Cau power plant received funding from Vietcombank.

On completion, this was the first ever successful demerger of a solar power complex that was already in commercial operation in Vietnam.

Shortly after the completion of the demerger, B.Grimm secured financial closure for the B.Grimm power plant with $161 million syndicated loan facilities arranged and provided by ADB, Leading Asia’s Private Sector Infrastructure Fund (LEAP), Bangkok Bank, Kasikornbank, Kiatnakin Phatra Bank, ICBC, and Standard Chartered Bank.

B.Grimm's industrial power plants

The power plant received a green loan certificate from the Climate Bonds Initiative (CBI), which was B.Grimm’s second CBI green loan for its solar farm projects in Vietnam.

B.Grimm is one of the pioneers in Thailand’s private power generation industry with a track record of successfully developing, financing, constructing, and operating green-field power plants, with a commitment to development that is in harmony with nature and the UN’s sustainable development goals.

The company strives to become a world-class electricity and steam producer in support of infrastructural development and energy security – a major factor driving both domestic and regional economies.

B.Grimm’s mission is to support high-quality business growth with social, economic, and environmental sustainability. It aims to grow its power purchase agreements to 7,200MW by 2022 and 10,000MW by 2030, with a focus on no-pollutant power plants for sustainable development in line with its goal of becoming a net-zero carbon emissions organisation by 2050.

Country director of B.Grimm Power (Vietnam) Somkiet Pongpiyapaiboon said, “Vietnam has immense potential and optimal conditions for investors to develop renewable, clean energies. As Vietnam is one of the highest-growth countries in the region, we are determined to invest more here to become a high-quality partner to the country, allowing it to catch up with the need for infrastructure during this booming period of its economy.”

“We believe that our vision of Empowering the World Compassionately, together with our goal of becoming a net-zero carbon emissions entity by 2050, is in sync with the development policies and directions of the Vietnamese government. B.Grimm aspires to become a valued investor in Vietnam and Vietnamese people in the near future.”

Dau Tieng complex is the largest solar power project in Southeast Asia

B. Grimm’s first overseas investment began in Vietnam in 1999 through an electricity purchase from a subsidiary of Electricity of Vietnam. It was then supplied to industrial users based in the Amata City Industrial Zone located in Bien Hoa city in the southern province of Dong Nai through B.Grimm’s power grid connection.

Following that, B.Grimm began investing in renewable-energy power projects in 2015 with a plan to expand the generation capacity of renewable energy projects.

The company also owns two solar farms that have been commercially operated since June 2019, namely Dau Tieng 2 with an installed capacity of 240MW and Phu Yen TTP with 257MW.

In November 2021, B.Grimm began investing in the HH1 wind power project with an installed capacity of 48MW – the project is now under construction.

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