July 17 (Renewables Now) - Thai company B.Grimm Power PCL (SET:BGRIM) today said it has agreed to pay THB 1.13 billion (USD 34m/EUR 29m) for a stake in a 420-MW solar project in Vietnam.
In mid-June, the infrastructure developer and power generation firm signed a joint cooperation agreement with Vietnamese conglomerate Xuan Cau Co Ltd for the huge photovoltaic (PV) project. Now B.Grimm is buying 5.5 million shares, at THB 206.3 apiece, in Viet Thai Solar JSC from directors, shareholders or persons related to Xuan Cau. Thus it will secure a stake of 55% in Dau Tieng Ninh Energy JSC, which is developing the solar project. Xuan Cau will own 45% in that company.
The solar park is to enter commercial operations in June 2019. It will be receiving a feed-in tariff (FiT) of USD 0.0935 per kWh for 20 years.
(THB 100 = USD 3.01/EUR 2.57)