February 23 (Renewables Now) - The Asian Development Bank (ADB) today said it will extend a loan of up to USD 235 million (EUR 191m) to support renewable energy and distributed generation (DG) projects in Southeast Asia of B.Grimm Power Public Company (SET:BGRIM).
As part of its ASEAN Distributed Power Project, the independent power producer (IPP) based in Thailand seeks to build more renewable and DG capacity in countries in the region, including Cambodia, Indonesia, Lao People’s Democratic Republic, Myanmar, the Philippines, and Vietnam. Its plans include distributed and utility-scale solar, wind, biomass, waste-to-energy, gas-fired power and energy storage projects, as well as the associated infrastructure.
B.Grimm Power’s DG capacity is to rise by over 50% to 2.5 GW by 2022, the ADB said. The share of renewables in its portfolio will grow to 30% from 10%.
The Thai company, a unit of B.Grimm Group, has 1,779 MW of power generation capacity, operating 13 gas-fired power plants and 15 solar photovoltaic (PV) parks, as well as some hydropower plants. In the summer of 2017, the ADB bought shares in B.Grimm worth THB 1.97 billion (USD 62.5m/EUR 50.8m), as part of its initial public offering (IPO) on the Stock Exchange of Thailand (SET). At the time the bank said it would also administer a USD-20-million loan for B. Grimm from the Canadian Climate Fund. The ADB and Canadian funds would support the power company’s further diversification into renewables.
(USD 1 = EUR 0.81)
(THB 100 = USD 3.17/EUR 2.58)