Thailand-headquartered Independent Power Producer (IPP) B Grimm Power has secured a $235 million loan from the Asian Development Bank.
The loan will be used to develop and enhance distributed energy capacity in member countries of the Association of Southeast Asian Nations (ASEAN).
ADB’s financing will support B Grimm Power’s implementation of the ASEAN Distributed Power Project.
Under the project, the IPP will expand renewable and distributed power generation into new markets in the ASEAN region.
The project focus regions include; Cambodia, Indonesia, Lao People’s Democratic Republic, Myanmar, the Philippines, and Vietnam.
The project will involve the execution and operation of distributed and utility-scale solar, wind, biomass, waste-to-energy, gas-fired power and energy storage.
“The development of renewable energy in Southeast Asia is critical to meet its energy needs and B Grimm Power is at the forefront of the region’s fast growing alternative energy sector,” said Michael Barrow, director general of ADB’s Private Sector Operation’s Department.
Barrow further states:“ADB is proud to once again partner with B Grimm Power as it continues its expansion strategy in ASEAN member countries.”
B. Grimm Power’s total distributed power generation capacity is expected to increase by over 50% to 2,500MW by 2022, while the renewable energy share in its portfolio will rise from 10% to 30%.
ADB took a B1,968 million ($57.7 million) equity stake in B Grimm Power as part of the company’s initial public offering in July 2017. ADB also administers a $20 million loan provided by the Canadian Climate Fund (CCF) for the Private Sector in Asia under the Clean Energy Financing Partnership Facility.
B Grimm Power is a subsidiary of the 140-year old conglomerate B.Grimm Group, operating in the energy industry since 1993 in Thailand. The power company currently has a total capacity of 1,779 MW, recently diversifying into renewable energy.
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