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
"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)