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|B.Grimm spent $7.1 million to acquire a 48MW wind farm project in Vietnam|
Specifically, B.Grimm has bought into a majority stake in Huong Hoa Holding JSC, which owns a 100 per cent stake in the Huong Hoa 1 wind project in Quang Tri province. The project is being developed under a power purchase agreement with Electricity of Vietnam (EVN).
Truong Thanh Energy and Real Estate JSC (TEG), a subsidiary of Vietnam's TTVN Group, owns the remaining 20 per cent.
B.Grimm and TEG will begin collaborating on the wind project in the fourth quarter of 2021, as reported by newswire RenewableNow.
TEG and B.Grimm previously collaborated on the Hoa Hoi solar facility, which has been operational since mid-2019.
BGRIM's overseas investment started in 1999 in Vietnam by trading electricity purchased from an EVN subsidiary and supplying it to industrial users in Amata City Industrial Estate, Bien Hoa City, through its power network.
The developer also owned two solar farms, commercially operated in June 2019, namely Dau Tieng 1 and 2, with installed capacity of 420MW and Phu Yen TPP with installed capacity of 257MW.