•  
  •  
  •  

UPDATE - ADB buys B.Grimm green bonds to back Thai solar capacity

Image by: jola miziniak.

This article has been updated on December 27.

December 11 (Renewables Now) - Thailand’s B.Grimm Power PCL (SET:BGRIM) will receive THB 5 billion (USD 152.5m/EUR 133.8m) from the Asian Development Bank (ADB) in support of almost 100 MW of Thai solar capacity.

The bank said today it has subscribed for the Thai company's maiden five- and seven-year green bonds, the first certified climate bonds to be issued in the country. The proceeds will go for nine operational solar power plants with a total capacity of 67.7 MW and seven solar plants currently under construction with a combined capacity of 30.8 MW.

The table contains details on the bonds, as released by B.Grimm Power on December 20.

Bond size THB 1,500 million THB 3,500 million
Bond term 5 years 7 years
Issue date December 20, 2018 December 20, 2018
Maturity date December 20, 2023 December 20, 2025
Coupon payment date June 20 and Dec 20 of each year

June 20 and Dec 20 of each year

Unit Holder ADB ADB

"This issuance will foster the development of the green bond market in Thailand by showcasing international best practice for genuine green and climate bonds," said B.Grimm Power president Preeyanart Soontornwata. The company, which currently operates 15 solar and 15 gas-fired power plants, has a goal to boost the renewables share in its portfolio from 10% to 30% by 2021.

Overall, this is ADB’s third deal with B.Grimm Power. Back in 2017, the bank participated in the Thai company's initial public offering (IPO), while early this year it extended a loan to support B.Grimm Power's expansion into the Southeast Asian renewable and distributed generation (DG) markets.

(THB 10 = USD 0.31/EUR 0.27)

More stories to explore
Share this story
Tags
 
About the author
Browse all articles from Lucas Morais

Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription