B.Grimm inks deal for 80% stake in 257-MW PV project in Vietnam

Thai company B.Grimm Power PCL (SET:BGRIM) has struck a deal to purchase an 80% stake in a 257-MW solar project in Vietnam for USD 35.2 million (EUR 30.7m).

Through its subsidiary B.Grimm Renewable Power 2 Ltd, the Tahi company has acquired the particular interest in the project company Phu Yen TTP from Truong Thanh Viet Nam Group (TTVN) and Nquyen Anh Tuan and Dang Tran Quyet. The latter two are also shareholders in the company that is developing the photovoltaic (PV) scheme in Phu Yen province, B.Grimm Power said in a bourse statement on Friday. The remaining 20% of Phu Yen TTP will be held by TTVN.

The 257-MW solar project has a 20-year power purchase agreement (PPA) for 214.16 MW with Electricity of Vietnam (EVN). The plant is slated for commissioning in June next year.

B. Grimm will be conducting a final legal, accounting and financial due diligence, and it is yet to sign the material agreements related to the project, such as an engineering, procurement and construction (EPC) contract and PPA.

The acquisition comes a month after the infrastructure developer and power generation firm said it has signed a joint cooperation agreement with Vietnamese conglomerate Xuan Cau Co Ltd to take a stake in a 420-MW solar project in Vietnam.

(USD 1.0 = EUR 0.874)

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